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Wilson Consulting has provided the following information regarding cash payments to its employees in May and June: a Salary payments in May for work performed by employees in April $ 8,000 b Salary payments in May for work performed by employees in May 15,000 c Salary payments in June for work performed by employees in May 9,000 Apply the matching principle to determine how much salary expense Wilson Consulting should report in its May income statement
Wilson Consulting has provided the following information regarding cash payments to its employees
in May and June:
a Salary payments in May for work performed by employees in April $ 8,000
b Salary payments in May for work performed by employees in May 15,000
c Salary payments in June for work performed by employees in May 9,000
Apply the matching principle to determine how much salary expense Wilson Consulting should
report in its May income statement.
Expert Solution
Computation of Salary Expense Wilson Consulting should report in its May income statement:
According to matching principal expenses are matched with the revenue they help to generate.
As expenses are recorded when incurred:
Salary payments in May for work performed by employees in May 15,000
Salary payments in June for work performed by employees in May 9,000
Expense Wilson Consulting should report in its May income statement = $15,000+$9,000 = $24,000
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