Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Plano Drug Store paid $137,000 in salaries during 20X1. Salary expense for the year was $148,500 and salaries payable at the end of 20X1 amounted

Plano Drug Store paid $137,000 in salaries during 20X1. Salary expense for the year was $148,500 and salaries payable at the end of 20X1 amounted to $17,300. What was the amount of salaries payable as of January 1, 20X1?

Group of answer choices

$11,500

$28,800

$5,800

$17,300

Step by Step Solution

3.44 Rating (157 Votes )

There are 3 Steps involved in it

Step: 1

Burgundy expensed 11500 more than it paid 14850... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental financial accounting concepts

Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward

8th edition

978-007802536, 9780077648831, 0078025362, 77648838, 978-0078025365

More Books

Students also viewed these Accounting questions

Question

Define critical thinking and list its seven standards.

Answered: 1 week ago