Janet has a company that pays all employees a salary on the first and the fifteenth of the month. Her normal payroll is $10,000 per pay period. On the last day of the month she would have shown

$20,000 as an operating expense under salaries on the income statement.

$10,000 as payroll payable on the balance sheet.

$20,000 as a cash flow from operating expenses on the statement of cash flows.

All of these.

2.

The income statement shows earnings before taxes, which is equal to

		earnings before taxes minus taxes.
		gross revenues minus returns and allowances.
		net sales minus cost of goods sold.
		operating income minus interest.
		operating income minus operating expenses.

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