Nelson Inc. recorded salaries expense of $54,000 during a year when the balance of Salaries Payable decreased
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Nelson Inc. recorded salaries expense of $54,000 during a year when the balance of Salaries Payable decreased from $8,000 to $2,000. How much cash did Nelson Inc. pay to employees during the year? Where on the cash flow statement should Nelson Inc. report this item?
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Solution At the time of payment of Salary Salary account Dr 54000 Cash Ac Cr 54000 At the ...View the full answer
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Mohammed Nisath
I am a CA inter qualified with 5 years of professional experience in the field of accounting, auditing and taxation. Also having experience with perfect blend of corporate as well as audit firms.
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I am currently working as a finance executive with CMA CGM, one of the leading shipping organization.
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