The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2005 and December 31, 2005:
January 1, 2005 December 31, 2005
- Inventory 52,000 49,000
- Accounts payable 40,000 71,000
- Salaries payable 3,000 9,000
- Investments 68,000 75,000
- Accounts receivable 83,000 56,000
- Land 58,000 88,000
- Mortgage payable 120,000 95,000
- Common stock 100,000 180,000
- Retained earnings 22,000 35,000
The following information was taken from Buckeye Company's 2005 income statement:
- Sales revenue $420,000
- Cost of goods sold 300,000
- Salaries expense 94,000
- Net income $ 26,000
Calculate the amount of cash paid to employees for salaries during 2005. Do not use decimals in your answer.