University Press showed wage and salary expenses of $250,000 on its 2018 statement of comprehensive income but reported cash paid to employees of $215,000 on its statement of cash flows. If the beginning balance of accrued wages and salaries payable was $18,000, the ending balance is:

Question

Quizplus · Accepted Answer

To determine the ending balance of accrued wages and salaries payable, we need to use the formula:

Ending balance = Beginning balance + Expenses incurred - Cash paid

Substituting the given values, we get:

Ending balance = $18,000 + $250,000 - $215,000
Ending balance = $53,000

Therefore, the correct answer is A) $53,000.

University Press Showed Wage and Salary Expenses of $250,000 on Its