Calculate the amount of cash paid to employees for salaries

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Reference no: EM13484831

The following selected account balances were taken from Buckeye Company's general ledger at

January 1, 2005 and December 31, 2005:

                                     January 1, 2005         December 31, 2005
Unearned revenue        12,000                          20,000
Inventory                      59,000                          42,000
Accounts payable          40,000                          51,000
Salaries payable            9,000                             3,000
Investments                  75,000                           68,000
Accounts receivable       63,000                           96,000
Land                              58,000                            88,000
Mortgage payable        120,000                           95,000
Common stock              100,000                         180,000
Retained earnings         22,000                            35,000
 
The following information was taken from Buckeye Company's 2005 income statement:

Sales revenue                          $420,000
Cost of goods sold                   300,000
Salaries expense                      88,000
Loss on sale of investments      6,000
Net income                              $ 26,000
Calculate the amount of cash paid to employees for salaries during 2005. Do not use decimals in your answer.

Reference no: EM13484831

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