A company reported annual wages expense of $348,000 and insurance expense of $42,000. During the year, wages payable decreased from an $18,000 beginning balance to a $13,200 ending balance, and prepaid insurance decreased from a $90,000 beginning
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Frank, age 35, and Joyce, age 34, are married and file a joint income tax return for 2019. Their salaries for the year total $84,800 and they have taxable interest income of $3,900. They have no deductions for adjusted gross income.
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