Question
A company reported annual wages expense of $696,000 and insurance expense of $84,000 . During the year, wages payable decreased from an $36,000 beginning balance
A company reported annual wages expense of $696,000 and insurance expense of $84,000 . During the year, wages payable decreased from an $36,000 beginning balance to a $26,400 ending balance, and prepaid insurance decreased from a $180,000 beginning balance to a $108,000 ending balance. How much cash was paid to employees as wages and paid for insurance during the year?
Select one:
a. $705,600 for wages and $156,000 for insurance
b. None of these are correct
c. $696,000 for wages and $84,000 for insurance
d. $705,600 for wages and $12,000 for insurance
e. $686,400 for wages and $12,000 for insurance
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