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Yes any payable is liability of business in this way wages payable is also liability.
What else can I help you with?
Is wage expense a liability or owner's equity?
neither
Is wage expense asset liability or owner's equity?
neither
Are wage expense considered a current liability?
Generally NO, wages are an expense. The only exception to the rule is if a company has "wages payable" which is wages that they owe but have not yet paid, "wages payable" is a liability until they are paid. Once paid, the account is closed into wage expense and is listed under the asset column of the Trial Balance sheet, until the end of the accounting cycle when expense accounts are closed out for the year end.
Is a short term note payable a liability?
All payable accounts are liabilities regardless of them being short term or long term. A liability is ANYTHING a company owes. The only exception to this rule is generally everyday expenses incurred by the company and/or business. Expenses such as Wages, Salaries, Utilities, Rent, ETC. These too can also become a "liability" if payment is delayed. For example, you owe John Q, $1500 in wages but will not be paying it until the next accounting period, you still have to put it in your books, therefore you will list it as Wages Payable - John Q (credit) $1500 & Wage Expense- John Q (debit) $1500. Because you have NOT paid this but still "owe" it, the Wage Payable becomes a Liability for the company until it is paid off. Once it is paid off you Debit the Wage Payable account (to bring the balance to $0) and Credit your Cash account for the amount paid.
What is an strategic liability?
A strategic liability is a liability that is strategic.
Is Creditors an asset or liability?
Current Liability
What is net liability?
Asset - Liability = Net Asset / Liability * Net Asset - When Asset is more than Liability * Net Liability - When Liability is more than Asset
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.
How is a liability increased by a credit or debit?
Liability has credit balance as normal balance so credit increases the liability which means addition to current liability will increase the overall liability and reduction in liability will reduce overall liability.
How do you enter a long term liability?
In double-entry accounting it's the same basic entry for all liabilities, the accounts used will vary depending on the type of liability in which you may be referencing.I'll give a couple examples so that hopefully it will help. Company X purchases a computer on account, the amount the company owes is now a liability. To record this purchase a debit is made to Equipment and a credit is made to accounts (or notes) payable.Remember, all liabilities have a credit balance, therefore when entering a liability, there is a credit to the liability and a debit to another account.A company borrows money from a bank and signs a note, the debit is for the cash received and the credit is for the note payable (the liability)A company owes their employee's wages but does not intend to pay the wages until a later date, what they now owe is a liability. A debit to Wage Expense is made with a credit to Wages Payable.*note, a long term liability is still a liability, the difference between a long-term and a current liability is only the time in which the debt (or liability) will be fully paid off. The entry is the same for both.
What is a good starting wage?
Minimum wage is a starting wage
Do you debit wage payable or wage expense?
Wage expense
