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Problem 1: Lawrence Company reported the following account balances on its income statement: cost of goods sold-$500,000, rent expense-$48,000, and salary expense-$75,000. During the year, prepaid rent went down by $10,000, accounts payable went down $22,000, salary payable went up $18,000, and inventory went up by $14,000. Determine the amount of cash paid for salaries.
a. $93,000
b. $57,000
c. $75,000
d. $18,000
e. $92,000
Waterway Industries reported cost of goods sold as follows. 2017 2016 Beginning inventory $ 31,730 $ 21,270 Cost of goods purchased 164,530 169,130 Cost of goods available for sale 196,260 190,400 Less: 2016 ending inventory was overstated by $2,100...
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The correct journal entry to record the transfer of $120,000 of raw materials into production is: a. Direct Materials Expense 120,000 Work-In-Process Inventory 120,000 b. Work-In-Process Inventory 120,000 Accounts Payable 120,000
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