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What is wages payable?

Updated: 10/10/2023
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10y ago

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on a balance sheet, does wages payable are for the last month of the year?

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10y ago
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12y ago

Payment owed for work performed.

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Related questions

What is the journal entry for outstanding wages?

debit wages expensescredit wages payable


Is Wages payable a liability?

Yes any payable is liability of business in this way wages payable is also liability.


What liability account would hold the balance of wages due but not yet paid Wage Expense Prepaid Wages or Wages Payable?

Wages Payable Payable accounts holds amount owned but not yet paid.


Can you pay wages through notes payable?

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.


Does an increase in wages payable increase or decrease cash flow?

Increase in wages payable will increase in cash flow because cash is not paid.


What is the purpose of doing the calculation Beginning salaries and wages payable PLUS Salaries and wages expense MINUS cash payments to employees EQUALS Ending salaries and wages payable?

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.


The entry to adjust the accounts for wages accrued at the end of the accounting period is?

wages expense and wages payable


How do you post wages payable into the trial balance?

credit


Is wages current liabilitys or non current liabilitys?

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 belong to which expenses?

Wages Payable, or Payroll Liabilities. Also, classifies as Capital Expense.


Is wage a liability?

Yes any payable is liability of business in this way wages payable is also liability.


Where does 'wages payable' go on the income statement?

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