QUESTION 30 The Matthew Corporation\'s July 31 unadjusted trial balance included

Question

QUESTION 30

The Matthew Corporation's July 31 unadjusted trial balance included many accounts, including the following.

Cash $21,000

Supplies $16,000

Wages Payable $0

Income Taxes Payable $2,600

Wages Expense $50,000

Employees provided service of $7,400 to the Corporation during the last week of July and had not received payment for their efforts as of July 31.

Determine the dollar amount of wages expense the Corporation would report on its July 31 income statement.

a. $50,000

b. $7,400

c. $57,400

d. $42,600

Explanation / Answer

Wages expense in income statement = Unadjusted wages expense+wages expense in adjusting entry

                                                            = 50000+7400

Wages expense in income statemnt = 57400

so answer is c) $57,400

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.