Question
Patty company paid or collected during 2020 the following items: insurance premiums paid. 30,800 interest collected....
Patty company paid or collected during 2020 the following items:
insurance premiums paid. 30,800
interest collected. 69,800
salaries and wages paid 280,400
The following balances have been excerpted from Patt's balance sheets:
December 31, 2020. December 31, 2019
prepaid insurance. 2,400 3,000
interest receivable 7,400 5,800.
Salaries and wages payable. 24,600 21,200
salaries and wages expense on the income statement for 2020 was?
Answers
Salaries and wages expense = Closing Balance + Salaries and wages paid - Opening Balance
Salaries and wages expense = 24,600 + 280,400 - 21,200Salaries and wages expense = 283,800
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