In 2014,Wade Company reported wages expense of $32,000 during the year.The beginning balance in wages payableWages Payable was $1,200,and at the end of the year,the balance in wages payableWages Payable was $1,700.What was the amount of cash that Wade paid for employee wages during the year?

Question

Quizplus · Accepted Answer

Beginning balance of Wages Payable + Expenses incurred on account - Cash outflow for expenses = Ending balance of Wages Payable
$1,200 + $32,000 - Cash outflow for expenses = $1,700
Cash outflow for expenses = $1,200 + $32,000 - $1,700 = $31,500

In 2014,Wade Company Reported Wages Expense of $32,000 During the Year.The