Olsen company paid or collected during 2014 the following items: insurance premiums paid $ 25,800 interest collected 62,800 salaries and wages paid 260,400 the following balances have been excerpted from olsen's balance sheets: december 31, 2014 december 31, 2013 prepaid insurance $ 2,400 $ 3,000 interest receivable 7,400 5,800 salaries and wages payable 24,600 21,200 salaries and wages expense on the income statement for 2014 was

Salaries and wages expense on the income statement for 2014 was $263,800.

Explanation:

Provided details of salary expense

Outstanding on December 2013 = $21,200

Outstanding on December 2014 = $24,600

Paid in current year = $260,400

Outstanding at previous year end means that it was paid in current year, that is $260,400 - $21,200 = Current year expense paid in current year = $239,200.

Outstanding at current year end means expense of current year no paid, that is current year expense = $239,200 + $24,600 = $263,800.

Salaries and wages expense on the income statement for 2014 was $263,800.

Salaries and wages expenses on the income statement for 2014 was $263,800.

Explanation:

given information to us here is that -

TOTAL SALARIES AND WAGES COLLECTED = $260,400

SALARIES AND WAGES PAYABLE FOR YEAR 2014 = $24,600

SALARIES AND WAGES PAYABLE FOR YEAR 2013 = $21,200

FOR CALCULATING THE SALARIES AND WAGES EXPENSES FOR 2014 =

                   TOTAL SALARIES AND WAGES COLLECTED

                                                     +

                  SALARIES AND WAGES PAYABLE FOR YEAR 2014

                                                     -

                 SALARIES AND WAGES PAYABLE FOR YEAR 2013

= $260,400 + $24,600 - $21,200

= $263,800

the third answer is correct.

answercompetitive advantage;