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    tqstudent's Avatar
    tqstudent Posts: 8, Reputation: 1
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    #1

    Jan 22, 2011, 07:51 PM
    Wages Exps & Payable Questions
    I have an accounting questions. 2010 Wages exps 510K. Beg Wages Payable 23K & end of the year 45K. How much cash was paid for wages during the year?

    Is the ans 488K
    Or 532K
    Just Looking's Avatar
    Just Looking Posts: 1,610, Reputation: 480
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    #2

    Jan 22, 2011, 08:08 PM

    Paid:

    Payable at beginning of year... 23,000
    Expense for year... 510,000
    Less payable end of year... (45,000)

    Paid... 488,000

    By your answer choices, it appears that you weren't sure how to treat the payables. The $23,000 was owed but not paid at the end of the year, but would have been paid during the year. The $45,000 was owed, but not paid.
    tqstudent's Avatar
    tqstudent Posts: 8, Reputation: 1
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    #3

    Jan 22, 2011, 08:29 PM
    Comment on Just Looking's post
    Thank you for your help. You are correct. I was a little consused about the beg balance.
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