Calbe (tody 52. The following balances have been excerpted from Bain balance she

Question

Calbe (tody 52. The following balances have been excerpted from Bain balance sheets: December 31,2014 Prepaid Insurance. Interest Receivable .. December 31.2013 S 7,500 14,500 53,000 .. $ 6,000 3,700 61,500 Salaries Payable Bain Company paid or collected during 2014 the following items: $ 41,500 123,500 481,000 Insurance premiums paid.. Salaries paid.... The salary expense on the income statement for 2014 was a. $366,500. b. $472,500. c. $489,500. d. $595,500. e. None of these answer choices is correct.

Explanation / Answer

Answer : C

Salary to Expensed in income statement= Closing Salary Payable + Salary paid during the year- Opening Salary Payable

= 61,500+4,81,000-53,000

= $ 4,89,500/-

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