ACCT GENERALLY
University Of Notre Dame
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Assume US GAAP to answer this question. 
In 2017, $2 million in wages were earned and no cash wages were paid. 
In 2018, $8 million in wages were earned and $9 million in cash wages were paid. 
Cash wages were used to first pay wages earned in 2017 with the remainder used to pay wages 
earned in 2018. 
Any earned but unpaid wages will be paid during the first quarter of 2019. 
Using only the information provided, which of the following statements is most accurate? 
 Liabilities decreased by $1.0...
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- Examen • 3 pages • 2023
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Assume US GAAP to answer this question. 
In 2017, $2 million in wages were earned and no cash wages were paid. 
In 2018, $8 million in wages were earned and $9 million in cash wages were paid. 
Cash wages were used to first pay wages earned in 2017 with the remainder used to pay wages 
earned in 2018. 
Any earned but unpaid wages will be paid during the first quarter of 2019. 
Using only the information provided, which of the following statements is most accurate? 
 Liabilities decreased by $1.0...
-
University of Notre Dame - ACCT GENERALLYCompleted Exam | Wall Street Prep - Wall Street Prep
- Examen • 3 pages • 2021
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Review: Accounting Crash Course Retake 
Exam v4 
Score: 92%, 24 correct out of 26 | Taken On: 06-19-20 
Question 1 
Assume US GAAP to answer this question. 
In 2017, $2 million in wages were earned and no cash wages were paid. 
In 2018, $8 million in wages were earned and $9 million in cash wages were paid. 
Cash wages were used to first pay wages earned in 2017 with the remainder used to pay wages 
earned in 2018. 
Any earned but unpaid wages will be paid during the first quarter of 2019. 
Usin...
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