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The following selected account balances were taken from ABC Company's genera 1 ledgers for 2019: January 1, 2019 December 31, 2019 Inventory Accounts payable Salaries payable 74,000 56,000 50,000 28,000 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statemen t: Sales revenue $420,000 Cost of goods sold Salaries expense 300,000 68,000 Net income $ 52,000 Calculate the amount of cash paid to employees for salaries during 2019.

The following selected account balances were taken from ABC Company's genera 1 ledgers for 2019: January 1, 2019 December 31, 2019 Inventory Accounts payable Salaries payable 74,000 56,000 50,000 28,000 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statemen t: Sales revenue $420,000 Cost of goods sold Salaries expense 300,000 68,000 Net income $ 52,000 Calculate the amount of cash paid to employees for salaries during 2019.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...
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The following selected account balances were taken from ABC Company's genera 1 ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable Salaries payable 50,000 28,000 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statemen t: Sales revenue $420,000 Cost of goods sold Salaries expense 300,000 68,000 Net income $ 52,000 Calculate the amount of cash paid to employees for salaries during 2019.
Transcribed Image Text:The following selected account balances were taken from ABC Company's genera 1 ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable Salaries payable 50,000 28,000 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statemen t: Sales revenue $420,000 Cost of goods sold Salaries expense 300,000 68,000 Net income $ 52,000 Calculate the amount of cash paid to employees for salaries during 2019.
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