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: Salaries Expense is debited to record the employer's FICA contributions and the FUTA and SUTA taxes.…

A: Payroll tax: This is the tax which is withheld by an employer from the pay of the employee and…

Q: Give an example of pre-paid expenses and show the impact on the balance sheet?

A: The balance sheet is the important financial statement of the business. It tells about the financial…

Q: The difference between revenues and expenses is net income. What is net income?

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: The concept of "wages" does not include which of the following items? Multiple Choice O O direct…

A: The concept of "wages" typically refers to direct monetary compensation provided by employers to…

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: How does the pay-as-you-go procedure apply to wage earners? To persons who have income from sources…

A: A tax is a payment levied by the order of Federal, state, or local government agencies and collected…

Q: difference between Wages and Salary?

A: Wages and salaries are the remuneration paid to the employees by the employer for their contribution…

Q: Which type of debit account is balanced in the income statement columns of a work sheet?…

A: Income statement:   It is a financial statement that calculate the net income after deducting all…

Q: What accounts go on the income statement? How are income statements completed?

A: Income statement is a part of the financial statement which is prepared by an organization. Income…

Q: The net income or net loss reported on the income statement must be the same as the net income or…

A: A Worksheet is a multi-column spreadsheet that contains the ending balances of all general ledger…

Q: Would you please describe the following accounts and tell me 1) What Financial Statement(s) they…

A: 1)

Q: What is a prepaid expense and where is it reported in the financial statements?

A: Prepaid expense:   Prepaid expenses are any expenses that is paid before it becomes due. A prepaid…

Q: Analysis of Net Income or Net Loss on the Work Sheet Select which column on a work sheet, Income…

A: Net income.Net income is typically shown as a credit balance in an income statement worksheet. Net…

Q: Which of the following is NOT considered to be an operating expense on the income statement? Group…

A: Theses are the main expenses of the firm that are necessary for making the product and smooth…

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: What purpose does the individual employee earnings record serve?

A:

Q: When referring to employee earnings, gross pay is the total amount of an employee’s pay before…

A: Gross pay:   Gross pay is a payment made to an employee for completion of work allocated by the…

Q: ccounting" What are you looking for in terms of compensation and benefits?

A: Accounting is the process of measuring, processing, and communicating financial information about an…

Q: What is self-employment income? Also, what are business-related expenses? And how are they used in…

A: Individual accounting is the process of managing and recording financial transactions for an…

Q: Which of the following is business income for NOL purposes?    Interest earned on savings account.…

A: If your deductions for the year are more than your income for the year, you may have a net operating…

Q: How to calculate gross pay and net pay for employees.

A: Gross pay: Gross pay includes the employee’s share of social security taxes, Medicare taxes, and…

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: Is there a certain order in listing the expense accounts of an income statement?

A: Yes, as per international financial reporting standards  the income statement  is to be prepared in…

Q: How do I calculate the percentage of total revenue that end as net earnings

A: The net earnings are the net profit drives from the sale revenue after deducting cost, operating and…