Question 43 (2 points) The Seaside Corporation provides moving services to local clients. Seaside reported the following data for 2014: SEASIDE CORPORATION Statement of Financial Position As at December 31, 2014 Assets 2014 2013 Cash $88,600 $49,100 Accounts receivable 85,000 59,400 Prepaid insurance 70,000 60,000 Total current assets 243,600 168,500 Property, equipment and vehicles 360,000 305,000 Accumulated depreciation -110,400 -105,900 Total non-current assets 249,600 199,100 Total Assets $493,200 $367,600 Liabilities and Shareholders' Equity Accounts payable Wages Payable Total current liabilities Bank loan payable Total liabilities Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities & Shareholders' Equity $21,500 $18,600 3,000 4,000 24,500 22,600 50,000 60,000 74,500 82,600 200,000 200,000 218,700 85,000 418,700 285,000 $493,200 $367,600 SEASIDE CORPORATION Income Statement For the Year Ended December 31, 2014 Moving revenue Gain on Sale of Vehicle Total revenues $450,000 5,000 $455,000 Expenses: Depreciation expense Wage expense Vehicle maintenance expense Interest expense Net income 59,500 134,000 102,400 5,400 301,300 $153,700 Additional data: (1) A vehicle originally costing $65,000 was sold for $15,000. (2) Cash dividends were paid during the year. (3) All new property, equipment and vehicle purchases were purchased with cash. Using the DIRECT method, Cash Paid for wages is? $138,000 O $137,600 O $131,000 $130,000 None of the above