Sunday, May 18, 2008

Calculate Wages Expense Problem

A small business reported these balances on their Wages Payable account at the beginning of 2005 and end of 2005:

Jan. 1, 2005 Dec. 31, 2005
$1,100 $1,400

If wages of $18,500 were paid in cash during the year, what amount would be reported for Wages expense in 2005?

Answer: $18,800

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