HW Score: 90%, 9 of 10 pt SC3-5 (book/static) Question Help The Cheesecake Factory Incorporated (NASDAQ: CAKE) is publicly held and uses U.S. Generally Accepted Accounting Principles (GAAP) to prepares financial statements. Ils focal year endis the 52 or 53 week period ending on the Tuesday closest to December 31. In 2016, its fiscal year end was January 3, 2017. Al fiscal year end, Cheesecake Factory makes several adjusting entries so that its assets, liabilities, income and expenses are recorded properly and in the correct time period. Here is a partial list of some accounts that require adjusting entries (Click the icon to view the Prepaid Expenses information) A (Click the loon to view the Prepaid Rent Information) A (Click the icon to view the Gift Cards Information.) A (Click the icon to view the Salary and Wages Payable Information.) W Cheesecake Factory did NOT make the four adjusting entries referenced in the mini-case, its operating income would have been in thousands More Info O A Overstated by 3409,010 OB. Understated by $409,010 OC. Overstated by $268,447 OD. Understated by $268,447 Salaries and Wages Payable: The balance of Salaries and Wages Payable at December 29, 2015, was $31,570, this balance represented salaries and wages eamed by Cheesecake Factory employees in 2015 that were then paid in January 2016. When Cheesecake Factory paid the $31,570 in January 2016, it reduced (debited) Salaries and Wages Payable and reduced (credited) Cash. As of January 3, 2017, Cheesecake Factory employees had earned salaries and wages of $39.401 that would be paid in early January 2017 Print Done