Wages Payable is a liability account that records wages that a company owes but has not yet paid. A decrease in this account more than likely signifies payment of those wages.
About the only other "decrease" which is generally a rarity, is if the account was increased accident by an amount that the company did not owe and there was an adjusting entry made to record that error.
Yes any payable is liability of business in this way wages payable is also liability.
Wages Payable Payable accounts holds amount owned but not yet paid.
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.
Increase in wages payable will increase in cash flow because cash is not paid.
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.
debit wages expensescredit wages payable
Yes any payable is liability of business in this way wages payable is also liability.
Wages Payable Payable accounts holds amount owned but not yet paid.
on a balance sheet, does wages payable are for the last month of the year?
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.
Increase in wages payable will increase in cash flow because cash is not paid.
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.
wages expense and wages payable
credit
Wages Payable, or Payroll Liabilities. Also, classifies as Capital Expense.
Yes any payable is liability of business in this way wages payable is also liability.
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.