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A wages account is a financial record that tracks all transactions related to employee compensation within a business. It includes details such as gross wages, deductions for taxes and benefits, and net pay distributed to employees. This account helps businesses manage payroll expenses, ensure compliance with tax regulations, and maintain accurate financial reporting. Additionally, it aids in Budgeting and Forecasting payroll costs for future periods.
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Define wages control account?
Wages control account is an account used in a management or cost accounting system, to record both direct and indirect labour cost. Using the traditional T accounts, it obviously has two sides; debit and credit. Direct labour cost are creditted to the wages control account and has its corresponding entry in the work in progress control account(debitted). Indirect labour cost will also be creditted in the wages control account and the corresponding entry in the production overhead control account.
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 do you charge indirect wages in manufacturing account?
that is the order of manufacturing account Direct materials + Direct wages + Direct expenses (like loyalty fees) = prime cost Production overheads = indirect wages, depreciation Non Production overheads = like Work in progress
What happen when wages payable is decreased?
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.
What type of account are Wages payable?
it's a liability account, it is use to record the amount of money employer owe to employee
Which liability account would hold the balance of wages due but not yet paid?
Wages payable account is shown under liability section for those wages which are due but not yet paid
What is the journal entry of a repayment of a loan 2000 debited in error to wages account?
Debit Loan account 2000 Credit Wages account2000
Define wages control account?
Wages control account is an account used in a management or cost accounting system, to record both direct and indirect labour cost. Using the traditional T accounts, it obviously has two sides; debit and credit. Direct labour cost are creditted to the wages control account and has its corresponding entry in the work in progress control account(debitted). Indirect labour cost will also be creditted in the wages control account and the corresponding entry in the production overhead control account.
The term real wages refers to wages that are?
an indication of an individual's actual purchasing power.
A levy was lifted on the account now the creditor wants to garnish wages Can this be done?
Yes, a creditor can garnish wages even if a levy was lifted on the account. This would require a judgment and the court documents.
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 do you charge indirect wages in manufacturing account?
that is the order of manufacturing account Direct materials + Direct wages + Direct expenses (like loyalty fees) = prime cost Production overheads = indirect wages, depreciation Non Production overheads = like Work in progress
In Pennsylvania can a creditor garnish your wages or levy your bank account?
They can levy bank accounts in most cases, they cannot garnish wages.
If I get paid on Monday will my wages be in my account on Friday I'm with Abbey National?
no
What happen when wages payable is decreased?
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.
What type of account are Wages payable?
it's a liability account, it is use to record the amount of money employer owe to employee
What time do wages go into a natwest account if you get paid on Friday?
2 a.m
