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No, but Wages Expense would be listed on the income statement.
Wages Payable would be a liability account, and would be shown on the Balance Sheet under current liabilities. This account would state how much the company still owes its employees for services rendered.
Wages Expense, on the other hand, would be the expense recognized in the year (shown on the income statement) for the services of the company's employees, whether the amounts have been paid out or not.
What else can I help you with?
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.
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 a company's accounts payable?
Anything a company owes and must pay can be listed as a payable. From employee wages, to taxes, to mortgages, rent, bills etc. All of these can be listed as a payable at some point during the accounting period. They may not always have to be, but can be.
Is Wages payable a liability?
Yes any payable is liability of business in this way wages payable is also liability.
How are a schedule of accounts payable prepared?
An accounts payable is a "Liability" account. Payable being the "key" word, meaning something you have to "Pay" or "Owe". ALL payable accounts are liabilities no matter what they are for. Whether it is a bill payable, mortgage payable, note payable, wages payable, etc, they are all listed as a liability. Rahul
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.
Where do wages payable go on a statement of cash flows?
Wages payable goes on the "cash flows from operating activities" Either as an add or deduct to net income (when using the indirect method)
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 journal entry for outstanding wages?
debit wages expensescredit wages payable
What are a company's accounts payable?
Anything a company owes and must pay can be listed as a payable. From employee wages, to taxes, to mortgages, rent, bills etc. All of these can be listed as a payable at some point during the accounting period. They may not always have to be, but can be.
Where to enter interest on note payable on a trial balance?
A Note Payable is a liability to the company and is listed under liabilities. This with any other account you find that is called a "payable" is a liability. A "payable" account refers to money owed by the company that has not yet been paid, but will be paid in the near future. These include anything from Accounts Payable to Wages and even Income Taxes Payable. Just remember the key term is "payable", meaning owed but not yet paid.
Is Wages payable a liability?
Yes any payable is liability of business in this way wages payable is also liability.
How are a schedule of accounts payable prepared?
An accounts payable is a "Liability" account. Payable being the "key" word, meaning something you have to "Pay" or "Owe". ALL payable accounts are liabilities no matter what they are for. Whether it is a bill payable, mortgage payable, note payable, wages payable, etc, they are all listed as a liability. Rahul
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.
What type of account is bills payable account?
ALL payable accounts are liabilities no matter what they are for. Whether it is a bill payable, mortgage payable, note payable, wages payable, etc, they are all listed as a liability. This is because a "payable" is something you (your company) owes but has not paid yet. For a bill such as Phone, once the obligation is met it is no longer a liability but an expense.
What is wages payable?
on a balance sheet, does wages payable are for the last month of the year?
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.
