Homework Answers
Option c i.e. $5,000;$1,000;$4,000 is the correct answer.
Explanation:
The total salary and wages that had accrued during the reporting period i.e. $5,000 will be reported as Salaries and Wages Expense in the income statement. Hence $5,000 should be there in the first blank.
The amount which had been earned by the employees but has not been paid to them will be the salaries and wages payable i.e. $1,000 ( Wages Accrued - Wages Paid in cash = $5,000 - $4,000). Hence $1,000 should be there in the second blank.
The salary and wages that has been paid in the cash will ultimately reduce the cash will be $4,000. Hence $4,000 should be there in the third blank.
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year.
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