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neither
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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 notes payable an asset or a liability?
Accounts Payable and Notes Payable are liabilities. Accounts receivable - assets All "payable" accounts are "liabilities". This is because a liability is something the company OWES, a payable is the very same thing, hence the term "payable". Though some payable accounts change from being a payable to an expense, they are still liabilities as long as they are "payable", these include: Interest Payable (liability until paid, then reverts to Interest Expense) Salary or Wages Payable(liability until paid, then reverts to salary or wage expense) Payable accounts maintain a "credit" balance, meaning they increase with a Credit and Decrease with a debit. Now the quick answer: Payable = Liability Receivable = 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.
Show me How do you prepare an income statement?
fees earned-950,000 office expense -222,000 miscellaneous expense-16,000 wage expense-478,000
Is wage expense asset liability or owner's equity?
neither
Do you debit wage payable or wage expense?
Wage expense
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 wage a liability?
Yes any payable is liability of business in this way wages payable is also liability.
Is notes payable an asset or a liability?
Accounts Payable and Notes Payable are liabilities. Accounts receivable - assets All "payable" accounts are "liabilities". This is because a liability is something the company OWES, a payable is the very same thing, hence the term "payable". Though some payable accounts change from being a payable to an expense, they are still liabilities as long as they are "payable", these include: Interest Payable (liability until paid, then reverts to Interest Expense) Salary or Wages Payable(liability until paid, then reverts to salary or wage expense) Payable accounts maintain a "credit" balance, meaning they increase with a Credit and Decrease with a debit. Now the quick answer: Payable = Liability Receivable = 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.
What is wages inward and outward?
wage inward is a direct expense shown in Trading Account whereas wage outward is an indirect nature of expense debited to Profit & loss account.
Show me How do you prepare an income statement?
fees earned-950,000 office expense -222,000 miscellaneous expense-16,000 wage expense-478,000
What is an example of economic equity?
The implementation of a minimum wage also helps increase equity in the economy. Low-wage workers not only receive equal compensation at the minimum wage, but the minimum standard of living for the employed is raised, which helps to reduce the national income gap.
What is journal entry for Paid wages?
Db wage expense Cr cash
What accounts can be found in income statement?
Accounts found on an Income Statement are : Cost of Sales, Sales Rev., Selling Expense and Wage Expense
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.
