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What else can I help you with?
Are wages expenses an asset or liability?
Neither, it is an expense, a negative entry in the company´s Profit and Loss, thus decreasing its Equity position.
If only one person in the household is working can they garnish that person's wages for a voluntary repo and can they take your house if you have equity?
Only if that person is on the contract cosigner etc. and no they cant take your house.
Is vacation pay considered a supplemental payment?
Yes, vacation pay is considered a supplemental payment as it is an additional form of compensation provided to employees beyond their regular wages or salary.
Are wages earned by employees but not yet paid an accrued liability?
They are accounts payable, much like your electric bill you pay at the end of the month your employees have done all of this work for your that you have yet to pay for; like all the electricity you used in the month.
Can a creditor garnish your federal wages?
becuse was the wages
Is wages expense a asset liability or owners 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.
Are wages expenses an asset or liability?
Neither, it is an expense, a negative entry in the company´s Profit and Loss, thus decreasing its Equity position.
Is Wages payable a liability?
Yes any payable is liability of business in this way wages payable is also liability.
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
Is wage a liability?
Yes any payable is liability of business in this way wages payable is also liability.
The entry to adjust the accounts for wages accrued at the end of the accounting period is?
wages expense and wages payable
Why are retained earnings reported as part of shareholders' equity?
Retained earnings is part of shareholders' equity. It is considered part of equity because it represents the profits that are retained in the company to fund growth. If a company would have paid out all past profits as dividend, then total assets (cash) would be lower, and retained earnings would have a zero balance. Because net income is computed after claims of third parties (interest, wages, etc), there is no claim of third parties on profits that are retained. So, retained earnings are not a liability.
Are Accrued wages a current liability?
Accrued liabilities are a current liability if they are due within one year.
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.
Should wages due on 01-01-10 but paid on 12-31-09 because of holiday be considered 2009 W-2 wages?
Yes. Form W-2 is Wage and Tax Statement. The cash method of accounting is used by many taxpayers. Under that method, wages are reported for the year in which they're paid. Any wages actually paid on December 31st are included in the total of wages paid for that year.For more information, go to www.irs.gov/formspubs for Publication 538 (Accounting Periods and Methods).
How do you enter a long term liability?
In double-entry accounting it's the same basic entry for all liabilities, the accounts used will vary depending on the type of liability in which you may be referencing.I'll give a couple examples so that hopefully it will help. Company X purchases a computer on account, the amount the company owes is now a liability. To record this purchase a debit is made to Equipment and a credit is made to accounts (or notes) payable.Remember, all liabilities have a credit balance, therefore when entering a liability, there is a credit to the liability and a debit to another account.A company borrows money from a bank and signs a note, the debit is for the cash received and the credit is for the note payable (the liability)A company owes their employee's wages but does not intend to pay the wages until a later date, what they now owe is a liability. A debit to Wage Expense is made with a credit to Wages Payable.*note, a long term liability is still a liability, the difference between a long-term and a current liability is only the time in which the debt (or liability) will be fully paid off. The entry is the same for both.
