The amounts in the Salaries Payable account for Ammonia Company were $14,500 and $16,000 on December 31, 2013, and December 31, 2014, respectively. Cash paid to employees for the years ended December 31, 2013, and December 31, 2014, were $255,000 and $280,000, respectively. Ammonia Company's Salary Expense for the year ended December 31, 2014, was:

Question

Quizplus · Accepted Answer

The Salary Expense for 2014 can be calculated using the formula: Salary Expense = Cash Paid + Ending Salaries Payable - Beginning Salaries Payable. Thus, $280,000 + $16,000 - $14,500 = $281,500.

The Amounts in the Salaries Payable Account for Ammonia Company