Rice Co. salaried employees are paid biweekly. Advances made to employees are paid back by payroll deductions. Information relating to salaries follows:
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|
12/31/05 |
12/31/06 |
|
|
Employee advances |
$24,000 |
$ 36,000 |
|
Accrued salaries payable |
40,000 |
? |
|
Salaries expense during the year |
420,000 |
|
|
Salaries paid during the year (gross) |
390,000 |
In Rice’s December 31, 2006 balance sheet, accrued salaries payable was
- $94,000
- $82,000
- $70,000
- $30,000