Question

Selected information from Jet Companys 2013 financial statements is shown below
(in millions):

Inventory decreased $6.0 Accounts payable increased by $7.0

Cost of goods sold $36.50 Salaries expense $24.0

Salaries payable decreased $6.0 Accounts receivable increased by $10.0

Sales $56.4

What is the amount of cash paid for salaries by Jet during 2013?

A. $4.0
B. $6.0
C. $24.0
D. $30.0
E. $18.0

Answer

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