0
Why does cash paid employees for salaries and wages go on balance sheet?
Wiki User
∙ 6y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
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.
Is wages and salaries expense a debit or credit?
All kind of expenses have debit balances so wages and salaries expenses have also debit balance instead of credit balance.
Is wages and salaries expenses on a normal balance account considered a debit or credit?
Wages and salaries both are expenses to the company and like all expenses normal debit balance these accounts also have debit balance as their normal balance.
Where does wages due go in a balance sheet in business studies?
Wages due (also known as "Creditors for Wages"), is listed in the Balance Sheet under "Trade and other payables" which falls under Current Liabilities. Current Liabilities again is a sub section of the Liabilities section of the Balance Sheet.
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
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.
Is wages and salaries expense a debit or credit?
All kind of expenses have debit balances so wages and salaries expenses have also debit balance instead of credit balance.
Is wages and salaries expenses on a normal balance account considered a debit or credit?
Wages and salaries both are expenses to the company and like all expenses normal debit balance these accounts also have debit balance as their normal balance.
Explicit costs are payments the firm makes for?
Inputs such as wages and salaries to its employees.
Where does wages due go in a balance sheet in business studies?
Wages due (also known as "Creditors for Wages"), is listed in the Balance Sheet under "Trade and other payables" which falls under Current Liabilities. Current Liabilities again is a sub section of the Liabilities section of the Balance Sheet.
Are businesses taxed on the money they make before or after they pay employees?
After. Wages are expensed and deducted on the Company's balance sheet. Taxes are calculated based on the companies profit or loss for the year.
What is wages payable?
on a balance sheet, does wages payable are for the last month of the year?
How would you define employee benefits?
Employee benefits are compensations given to employees in addition to regular salaries or wages.
Can you rollover an esop to an IRA?
ESPP is an option given to employees to purchase companys stock out of their after tax wages and salaries at a discounted price. while ESOP is not in lieu of wages/salaries it is in the form of a call option which can be exercised at a predetermined date.
What is difference between wages and salaries?
Salary slip is a piece of paper given to a person or employee, it state how much money he/she is being paid.Payroll is a list of people or employees being paid by company.
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
What are some entries in the forecasted balance sheet?
forecasted balance sheet, where the anticipated cash balance, investments, accounts receivable, inventory, fixed assets, accounts payable, wages payable, taxes payable, long-term liabilities,
