A company incurred $10,000 in wages for employees during the year.Of these wages,$9,000 was paid by the end of the year.Which of the following statements is correct?

Question

Quizplus · Accepted Answer

The unpaid wages of $1,000 are reported as a liability,called Salaries and Wages Payable,on the balance sheet.(Note that Salaries and Wages Expense of $10,000 will be reported on the income statement. )

A Company Incurred $10,000 in Wages for Employees During the Year.Of