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The following selected account balances were taken from XYZ Company's general ledgers for 2022: January 1, 2022 December 31, 2022 Inventory 47,000 56,000 Accounts payable
The following selected account balances were taken from XYZ Company's general ledgers for 2022: January 1, 2022 December 31, 2022 Inventory 47,000 56,000 Accounts payable 50,000 28,000 Salaries payable 4,000 9,000 Investments 69,000 75,000 Accounts receivable 68,000 35,000 Land 58,000 88,000 Notes payable 120,000 95,000 Unearned revenue 17,000 25,000 Common stock 100,000 170,000 Retained earnings 23,000 35,000 The following information was taken from XYZ Company's 2022 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 88,000 Net income $ 32,000 Calculate the amount of cash paid to employees for salaries during 2022.
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