A company reported annual wages expense of $696,000 and insurance expense of $84,000. During the year, wages payable decreased from a $36,000 beginning balance to an $26,400 ending balance, and prepaid insurance decreased from a $180,000 beginning balance to a $108,000 ending balance.
How much cash was paid to employees as wages and paid for insurance during the year?

Question

A company reported annual wages expense of $696,000 and insurance expense of $84,000. During the year, wages payable decreased from a $36,000 beginning balance to an $26,400 ending balance, and prepaid insurance decreased from a $180,000 beginning balance to a $108,000 ending balance. 
How much cash was paid to employees as wages and paid for insurance during the year?

Quizplus · Accepted Answer

The Answer of A company reported annual wages expense of $696,000 and insurance expense of $84,000. During the year, wages payable decreased from a $36,000 beginning balance to an $26,400 ending balance, and prepaid insurance decreased from a $180,000 beginning balance to a $108,000 ending balance. 
How much cash was paid to employees as wages and paid for insurance during the year?

A Company Reported Annual Wages Expense of $696,000 and Insurance