Rice Company's salaried employees are paid twice monthly. Information relating to salaries follows: December 31, 2013...
Rice Company's salaried employees are paid twice monthly. Information relating to salaries follows:
| December 31, 2013 | December 31, 2014 | |
| Accrued Salaries Payable | $40,000 | ? |
| Salary Expense during 2014 |
420,000 |
|
| Cash paid for Salaries during 2014 | 390,000 |
In Rice's December 31, 2014 balance sheet, the ending balance that should be reported for accrued salaries payable is:
A. $10,000
B. $30,000
C. $40,000
D. $70,000
Homework Answers
Ending balance of accrued payable
= 40,000 + 420,000 - 390,000
= 70,000
Option D is the answer
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Rice Company's salaried employees are paid twice monthly.
Information relating to salaries follows:
December 31, 2013...
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