What is the difference between: Salaries and wages expense on the income statement And Salaries and wages payable in the balance sheet? Thank you

Q: Which of the following are not expenses? * O Cost of goods sold Wages earned but unpaid O Dividends…

A: Expenditure is the transfer of capital or some other source of wealth, to another individual or…

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Q: Who among the following uses accounting information to know the possible wage increments? O a.…

A: The main purpose of accounting information is to circulate the information to the relevant…

Q: How to calculate salaries payable

A: Salaries payable can be defined as the liability account containing the amount of salaries, if any,…

Q: Who among the following uses accounting information to know the possible wage increments? O a.…

A: Employees use the accounting information to know the possible wage increments because they are…

Q: A theoretical measure does of income does not exist in the real world in which accountant must…

A: The theoretically correct measure of the income refers to the firm net income which determined on…

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Q: Money paid by a company to help cover needed and unforeseen expenses

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Q: Which account is debited when the net wages of the employees are paid? Select one: A. Wages B. Bank…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Identify the TWO accounts in 'Accounting Equation' for "Salary paid to employees"? O a. Employees…

A: Assets = Liabilities + owner's equity Here, liabilities = salary payable to the employees Assets =…

Q: calssify the following expenses between selling expenses and general and administrative expenses.…

A: Indirect expenses can be classified into three part:  (1) Factory expenses (2) Office and…

Q: What are revenues that have been earned but not recorded in the accounts called? Group of answer…

A: Deferred revenue, also known as unearned revenue, refers to advance payments a company receives for…

Q: Direction: Act as an accountant. Enter the given data in excel and compute for the gross income, the…

A: Note :All deductions are calculated on Gross income

Q: Indicate whether each of the following items is a real ornominal account and whether it appears in…

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Wages…

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Net income and earnings are the same thing and are the bottom line of the income statement. True or…

A: Income statement is the summary of revenue and expenses of the company for a particular period. The…

Q: help me identify if this is an asset, expense, withdrawals, liability, revenues - a written promise…

A: Asset is the useful thing we have us like property, car, machines. These are valuable things that…

Q: Net Pay is: Group of answer choices credited to Salaries Payable. Credited to Salaries Expense.…

A: Correct answer in 'Credited to Salaries Payable.'

Q: An account used to record the employees' salary claims in a business is called a(n): OA. Revenue…

A: All dues and claims should be recorded under the liabilities account such as Outstanding wages,…

Q: salary to an employee just hired b. Setting up of chart of accounts c. Payment of rent in advance

A: The correct answer is  b). Setting up of chart of accounts

Q: Which of the following defines outstanding salary account? [A] natural personal account [B]…

A: Outstanding salary refers to the amount which a business has to pay to persons, employees for…

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Q: An accrued expense can best be described as an amount Paid and currently matched with earnings…

A: Solution Concept Accrued expense Accrued expense means the expense that has already been incurred…

Q: Salaries owed but not yet paid is an example of which of the following? deferred expense or prepaid…

A: Accrued expenses are those expenses which are incurred for the particular period of time, but has…

Q: What is salaries payable an equity, revenue, expense account, liability or expense?

A: Balance Sheet - Balance Sheet is combination of assets, liabilities and equity. It is prepared at…

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Q: Accrued salaries decreases the liabilities of the company under the salaries payable account * O…

A: Accrued Salaries :  a) Accrued salaries means salaries which is required to be payable to the…

Q: Which of the following describes the transaction resulting in a journal entry with a debit to…

A: Salaries payable are debited when previously incurred salaries expenses are being paid now.…

Q: I have questions about the Income Statement. Aside from the obvious what is recorded in the Income…

A: Step1:In the income statement, there are four types of accounts have recorded. These accounts are…

Q: Which account is debited when the net wages of the employees are paid? Select one: O A. Wages о В.…

A: The expenses are o be debited and revenues are to be credited in the journal.

Q: Can expenses like salary and depreciation become assets on the balance sheet?

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Q: GROSS PAY is pay before any deductions are taken. Your answer: O True O False

A: An individual works for an employer to generate salary revenue and to advance in his career. The…

Q: Who among the following uses accounting information to know the possible wage increments? a. Owners…

A: The company is paying wages to its employees.Any amendment in wages payment will affect the…

Q: Who among the following uses accounting information to know the possible wage increments? Bankers b.…

A: Employees use the accounting information to know about the wage increments about the business…

Q: 28. Which of the following is a permanent account? A) Wages Expense B) Salaries Payable C) Service…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: The employment income of an individual is reported on ________ slip, while investment income are…

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Q: A debit to the FICA Taxes Payable accounta.  results in an increase in the cash account of the…

A:

Q: What is the difference between Wages Payable and Wages Expense? What statement do they appear on?…

A:

Q: What are expenses that have been incurred but not recorded in the accounts called? Group of answer…

A: Introduction: A cost incurred by a corporation is a cost paid to suppliers or for items or services…

Q: Fill in the blank Add up all Earned Income from all and _ "Wages, salaries, tips, etc.". Input all…

A: Taxable income:-It is an income that is liable for tax payment as per the slab rate prescribed in…

Q: Which account has a normal debit balance? Advertising expense Salaries payable Service revenue…

A: