During 2018, the first year of operations, Silver, Inc., pays salaries of $175,000. At the...
50.1K
Verified Solution
Link Copied!
Question
Accounting
During 2018, the first year of operations, Silver, Inc., pays salaries of $175,000. At the end of the year, employees have earned salaries of $20,000, which are not paid by Silver until early in 2020. What is the amount of the deduction for salary expenses? Group of answer choices If Silver uses the cash method, $0 in 2019 and $195,000 in 2020. If Silver uses the accrual method, $195,000 in 2019 and $0 in 2020. If Silver uses the accrual method, $175,000 in 2019 and $20,000 in 2020. None of these is correct. If Silver uses the cash method, $175,000 in 2018 and $0 in 2020.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
