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Salaries Expense 3500000 Federal Income Tax Withheld Payable given 410000 State Income Tax Withheld Payable given 36000 FICA Social Security Taxes Payable 35000 x 62 217000 FICA Medicare Tax Payable 35000 x 145 50750.
Salaries payable income statement. Correspondingly Salaries Payable are a Liability and is credited on the books of the company. Total the cost of employer taxes and benefits for the administrative and support staff. Salaries payable on the balance sheet is the aggregate of salaries expense that remains unpaid at the end of the reporting period.
The company computes Wages of an Employee by taking the Pay rate per hour x Number of hours worked. The amount of salary payable is reported in the balance sheet at the end of the month or year and it is not reported in the income statement. It is fair to say that if you see salaries payable on the balance sheet it is included in payroll expense.
The balance in the account represents the salaries liability of a business as of the balance sheet date. Wages payable does not go on a companys income statement. Salaries payable is a liability account that contains the amounts of any salaries owed to employees which have not yet been paid to them.
Increase in Account Payable 35000. If we look at the balance sheet of year 2017 the account payable is worth 35000 while If we see on the balance of Account Payable at the year-end 2018 it increases to 70000. Wages payable is an accrual account which means that the company has incurred wage expenses but has not paid them as of the reporting date.
So it doesnt necessarily mean that they pertain to salaries expense that will be reported on the income statement for the current period. Add the total salaries for your administrative and support staff including sales and management. Account Payable 35000-70000.
Wages Payable or Accrued Wages Payable is a current liability account that is reported on the balance sheet. By signing up youll get thousands of step-by-step solutions to your. Add this total to your salary expense.
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