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At the end of 20x2 Company X had accrued $3,000 of salaries expense. The company’s beginning...

At the end of 20x2 Company X had accrued $3,000 of salaries expense. The company’s beginning and ending Salaries Payable balances were $12,000 and $14,000, respectively. How much cash did Company X pay on its Salaries Payable? If the ending salaries payable balance had been $10,500, how much cash would the company have paid on account?

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Answer #1

Salaries expense = $3,000

Salaries Payable, beginning = $12,000

Salaries Payable, ending = $14,000

Cash paid on its Salaries Payable = Salaries expense + Salaries Payable, beginning - Salaries Payable, ending

= 3,000 + 12,000 - 14,000

= $1,000

Part 2

Salaries expense = $3,000

Salaries Payable, beginning = $12,000

Salaries Payable, ending = $10,500

Cash paid on its Salaries Payable = Salaries expense + Salaries Payable, beginning - Salaries Payable, ending

= 3,000 + 12,000 - 10,500

= $4,500

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