Coronado Candies paid employee wages on and through Friday, January 26, and the next payroll will be paid in February. There are three more working days in January (29-31). Employees work 5 days a week and the company pays $1650 a day in wages. What will be the adjusting entry to accrue wages expense at the end of January? Salaries and Wages Expense 1650 Salaries and Wages Payable 1650 ONo adjusting entry is required. Salaries and Wages Expense 4950 Salaries and Wages Payable 4950 Salaries and Wages Expense 8250 Salaries and Wages Payable 8250

Q: What is a description of loss of self-employment income statment? Give example

A: When the expense exceed the revenue then it result in loss. Self employment means the person is not…

Q: What is the difference between expenses versus assets?

A: Expenses and assets are both important components of a business’s financial health. Assets are items…

Q: How to calculate FIT on payroll register? What is the equation or numbers I am supposed to use to…

A: Before calculating payroll taxes, the employees will need to complete these new employee documents,…

Q: Under the matching principle, when are expenses recorded?

A: Accrual accounting: The method of accounting which recognizes revenues before they are received, and…

Q: What is rent receivables listed as

A: rent is made by the tenant to the owner. different is paid generally on the monthly basis but there…

Q: What is an accrued expense? Provide an example.

A: Accrued expense: This is the expense incurred but not yet paid. It is treated as liability until the…

Q: Define Non-GAAP Earnings.

A: Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create…

Q: What does the accrual-accounting model measures?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Define gross pay.

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: How incrising minimun wages affect compensation ?

A: Raising the minimum wage would make it more expensive to hire low-paid workers as it would be…

Q: What would the adjusted income statement be?

A: Adjusted income statement is the income statement which is prepared after the adjusted trial balance…

Q: When do prepayments occur? Accruals?

A:

Q: prepaid expense meaning

A: Under Accrual concept of accounting incomes and expenses are recognized as and when they occur.…

Q: What would be the difference between the CMO with and without the accrual class?

A: A collateral mortgage obligation is a financial instrument that is backed up by the mortgage to be…

Q: Where does the accrual accounting focuses?

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the financial…

Q: What items are not presented on the income statement?

A: Income statement:The financial statement which reports revenues and expenses from business…

Q: What is a deferral expense?

A: Word "Deferral" means the postponement of something happening.

Q: hat is a contractive account and what is a cost to date account

A: Accounting is the practice of keeping track of a company's financial activities. Summarizing,…

Q: What is the formula for the percentages under expenses?

A: The percentage of sales is calculated by dividing the concern value by the sales and multiplying it…

Q: How do you report self-employment income?

A: Self-Employment is the business or profession a person does for himself and not for others. A…

Q: The purpose of a statement of retained earning is to ?

A: Statement of Retained earnings is prepared to show the details of changes occurred in equity over an…

Q: What is the accrual basis accounting?

A: Definition:   Accrued revenue: Accrued revenue refers to the revenues that are generated from the…

Q: Accounting Current Cost Measurement Why liabilities, such as Accounts Payable (an obligation) is…

A: Answer:- Financial statements provide a snapshot of a corporation's financial health at a particular…

Q: What is the difference between direct pay and indirect pay

A: Compensations involve both the pay and the benefits that the employees receive. There are two basic…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.