Is wages expense a asset ?
Homework Answers
No,wages expense is not an asset but it is an expenditure to be paid out within one accounting year and if that wages are not paid within one accounting year .then it will become wages payable and this treated as current liability in the balance sheet
wages expense for may wages expense for june balance of liability for wages payable on may...
wages expense for may
wages expense for june
balance of liability for wages payable on may 31st
Below is the time card for Sabrina Anderson, the only employee of Shannon Company, Sabrina is paid $10 per hour, and worked the hours as show below. May 30 May 31 June 1 June 2 June 3 total Sabrina Time Card 8 hours 8 hours 8 hours 8 hours 8 hours 40 hours In the space below answer the following: a) Wages expense...
6) Salaries and Wages Expense appears on the while Salaries and Wages Payable is a(n): A)...
6) Salaries and Wages Expense appears on the while Salaries and Wages Payable is a(n): A) Balance sheet: expense on the balance sheet B) Balance sheet: liability on the income statement C) Income statement: liability on the balance sheet D) Income statement: expense on the income statement 7) In addition to requiring that the accounting equation remain in balance, the double-entry system also requires that: A) the total dollar amount of debits must equal the total dollar amount of credits....
eBook Calculator Determining Wages Paid The wages payable and wages expense accounts at August 31, after...
eBook Calculator Determining Wages Paid The wages payable and wages expense accounts at August 31, after adjusting entries have been posted at the end of the first month of operations, are shown in the following T accounts: Wages Payable Wages Expense Bal. 5,250 Bal. 275,000 Determine the amount of wages paid during the month.
At the end of an accounting period wages expense of $190 000 is closed to the...
At the end of an accounting period wages expense of $190 000 is closed to the profit and loss summary account. The wages are made up of $180 000 paid in cash and accrued wages of $10 000. A reversing entry is made for accrued wages on the first day of the next accounting period. The first payment to employees for wages in the new year is $25 000. How would this payment be recorded? Select one: O a. Debit...
Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable...
Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 85,100 124,400 435,100 118,800 7,800 64,500 90,000 593,100 6,600 56,700 5,400 1,880 (a) In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Revenue Cash Revenue Retained earnings Expense Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable # + Sales revenue...
What is the primary difference between an asset and an expense? Multiple Choice An expense shows...
What is the primary difference between an asset and an expense? Multiple Choice An expense shows up on the balance sheet, while an asset shows up on the income statement Companies should try to maximize assets, while minimizing expenses. An asset is purchased in cash, while an expense is financed on account. An asset has future value, while an expense is used up in the current period. O Assets are temporary accounts, while expenses are permanent. An asset has a...
Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity, revenue, or expense,...
Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit. Wages Expense a) Assets b) liability c) Owner's equity d) Revenue e) Expense f) debit g) Credit
Select the best explanation for the following adjusting entry: Wages Expense 4,500 4,500 Wages Payable ????????????????...
Select the best explanation for the following adjusting entry: Wages Expense 4,500 4,500 Wages Payable ???????????????? Oa. To record wages paid in advance. Ob. To record accrued wages. Oc. To record wages paid last month. Od. To record the payment of wages.
TRUCTOBREN PETERSON E Expenses Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense...
TRUCTOBREN PETERSON E Expenses Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net Income (loss) 12000 10000 6000 2500 2000 77500 (2500) At January 1, 2018, Fugari reported retained earnings of $50000. Dividends for the year totalled $10000. At December 31, 2018, the company will report retained earnings of $32500 $17500 540000 $42500 Click if you would like to show Work for this questioni on Show Work
July 31 Fees Earned 21,200 Wages Expense Office Rent Expense 2,940 2,550 1,375 Equipment Rent Expense...
July 31 Fees Earned 21,200 Wages Expense Office Rent Expense 2,940 2,550 1,375 Equipment Rent Expense Utilities Expense 1,215 Music Expense 3,610 Advertising Expense 1,500 Supplies Expense 925 Insurance Expense 225 Depreciation Expense 50 Miscellaneous Expense 1,855 Peyton Smith, Capital 4,955 DATE ACCOUNT POST. REF. DEBIT CREDIT July 31 Peyton Smith, Capital 1,750 Peyton Smith, Drawing 1,750 PS Music Post-Closing Trial Balance July 31, 2019 Debit Balances Credit Balances Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Accumulated Depreciation Office...
wages expense for may
wages expense for june
balance of liability for wages payable on may 31st
Below is the time card for Sabrina Anderson, the only employee of Shannon Company, Sabrina is paid $10 per hour, and worked the hours as show below. May 30 May 31 June 1 June 2 June 3 total Sabrina Time Card 8 hours 8 hours 8 hours 8 hours 8 hours 40 hours In the space below answer the following: a) Wages expense...
6) Salaries and Wages Expense appears on the while Salaries and Wages Payable is a(n): A) Balance sheet: expense on the balance sheet B) Balance sheet: liability on the income statement C) Income statement: liability on the balance sheet D) Income statement: expense on the income statement 7) In addition to requiring that the accounting equation remain in balance, the double-entry system also requires that: A) the total dollar amount of debits must equal the total dollar amount of credits....
eBook Calculator Determining Wages Paid The wages payable and wages expense accounts at August 31, after adjusting entries have been posted at the end of the first month of operations, are shown in the following T accounts: Wages Payable Wages Expense Bal. 5,250 Bal. 275,000 Determine the amount of wages paid during the month.
At the end of an accounting period wages expense of $190 000 is closed to the profit and loss summary account. The wages are made up of $180 000 paid in cash and accrued wages of $10 000. A reversing entry is made for accrued wages on the first day of the next accounting period. The first payment to employees for wages in the new year is $25 000. How would this payment be recorded? Select one: O a. Debit...
Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 85,100 124,400 435,100 118,800 7,800 64,500 90,000 593,100 6,600 56,700 5,400 1,880 (a) In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Revenue Cash Revenue Retained earnings Expense Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable # + Sales revenue...
What is the primary difference between an asset and an expense? Multiple Choice An expense shows up on the balance sheet, while an asset shows up on the income statement Companies should try to maximize assets, while minimizing expenses. An asset is purchased in cash, while an expense is financed on account. An asset has future value, while an expense is used up in the current period. O Assets are temporary accounts, while expenses are permanent. An asset has a...
Select the best explanation for the following adjusting entry: Wages Expense 4,500 4,500 Wages Payable ???????????????? Oa. To record wages paid in advance. Ob. To record accrued wages. Oc. To record wages paid last month. Od. To record the payment of wages.
TRUCTOBREN PETERSON E Expenses Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net Income (loss) 12000 10000 6000 2500 2000 77500 (2500) At January 1, 2018, Fugari reported retained earnings of $50000. Dividends for the year totalled $10000. At December 31, 2018, the company will report retained earnings of $32500 $17500 540000 $42500 Click if you would like to show Work for this questioni on Show Work
July 31 Fees Earned 21,200 Wages Expense Office Rent Expense 2,940 2,550 1,375 Equipment Rent Expense Utilities Expense 1,215 Music Expense 3,610 Advertising Expense 1,500 Supplies Expense 925 Insurance Expense 225 Depreciation Expense 50 Miscellaneous Expense 1,855 Peyton Smith, Capital 4,955 DATE ACCOUNT POST. REF. DEBIT CREDIT July 31 Peyton Smith, Capital 1,750 Peyton Smith, Drawing 1,750 PS Music Post-Closing Trial Balance July 31, 2019 Debit Balances Credit Balances Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Accumulated Depreciation Office...
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