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Below is an AICPA practice test question for FAR. I was able to figure out why I got other MCQs incorrect, but this one has stumped me. Could someone please assist? The correct answer is $22,000.
Lind Co.’s salaries expense of $10,000 is paid every other Friday for the 10 workdays then ending. Lind’s employees do not work on Saturdays and Sundays. The last payroll was paid on June 18. On Wednesday, June 30, the month-end balance in the salaries expense account before accruals was $14,000. What amount should Lind report as salaries expense in its income statement for the month ended June 30?
$24,000
$22,000
$20,000
$18,000AUD - 81
BEC - 83
FAR - 75
REG - 75Great things never come from comfort zones - Roy T. Bennett
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