Question

The following balances have been taken from Ridge Corporation's balance sheets:



The combined 2015 expense for insurance and salaries will be:

Prepaid Insurance Interest Receivable Salaries Payable December 31, 2015 $1,300 2,700 9,600 December 31, 2014 $1,700 3,500 11,200 Ridge Corporation paid or collected during 2015 the following items: Insurance premiums paid Interest collected Salaries paid $16,200 30,100 132, 100

Answer 1

	Insurance
	Insurance Premium Paid			$16200
	Add :
	Prepiad Expenses (opening Balance)			1700
	Less:
	Prepaid Expenses (closing Balance)			-1300
	Insurance Expenses For The Year			16600
	Salaries
	Salaries Paid			$132100
	Less:
	Salaries Payable (opening Balance)			-11200
	Add:
	Salaries Payable (closing Balance)			9600
	Salaries Expenses			$130500