T Ltd paid $240 000 in wages during the year.The opening balance of accrued wages was $8000 and the closing balance was $10 000.What was the wages expense for the year?

Question

Quizplus · Accepted Answer

Wages expense is calculated as follows:
Wages expense = Total wages paid + Opening balance of accrued wages - Closing balance of accrued wages
Wages expense = $240 000 + $8000 - $10 000
Wages expense = $242 000
Therefore, the answer is choice C.

T Ltd Paid $240 000 in Wages During the Year