on a balance sheet, does wages payable are for the last month of the year?
Payment owed for work performed.
debit wages expensescredit wages payable
Yes any payable is liability of business in this way wages payable is also liability.
Wages Payable Payable accounts holds amount owned but not yet paid.
Normally no, notes payable is something the company owes that affects Owners Equity, wages do not, they effect Retained Earnings. Wages payable and wage expenses are accounts you find on the Income Statement, while Notes Payable is on the Balance Sheet.
Increase in wages payable will increase in cash flow because cash is not paid.
The main purpose of this calculation is to find the salary and wages payable liability to show in the liability side of the balance sheet.
wages expense and wages payable
credit
If wages already paid then it is current expense, if wages are payable within current fiscal year then it is current liabilities, if wages are payable in morethan one fiscal year that the amount payable in current fiscal year is current liability and the remaining amount will be treated as long term liability.
Wages Payable, or Payroll Liabilities. Also, classifies as Capital Expense.
Yes any payable is liability of business in this way wages payable is also liability.
Wages Payable goes into balance sheet under liability and wages expenses shows under income statement.Wages ExpensesWages PayableIncome StatementWages ExpansesNow in these entries wages payable remains still to be closed so it goes to balance sheet until payment.When payment settledWages PayableCash/Bank/Goods etc