Q8,9

Given below is extract of the Trial Balance as on 31 December, 2017 of Safeer Furniture Mart:

Debit

Salaries and Wages $35,000

Rent $25,000

Other Information:

Salaries and Wages accrued for the year amounted to $3,200

Rent Prepaid for the year was $2,500

What amount will appear as Salaries and Wages expense in the income statement for the year ended 31 December, 2017? $37,500$32,500$38,200$31,800

How will the amount of Accrued Salaries and wages appear in the Statement of Financial Position as on 31 December, 2017? $35,000 as a current liability$3,200 as a current asset$3,200 as a current liability$37,200 as a current asset