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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Accrued Wages

Employees earn $2,500 per day, work 5 days per week, Monday through Friday, and get paid every Friday. The previous payday was Friday, March 22, and the accounting period ends on Monday, March 31.

Required:

What is the ending balance in the wages payable account on March 31?

To determine

Concept introduction:

Liabilities:

Liabilities are the obligation of the business or amount payable by the business. Liabilities can current or long term. Current liabilities are liabilities payable within the short term or business cycle of the company, for example Accounts payable for purchases and utilities payable. Long term liabilities are liabilities payable in a long period/ years, for example long term loan.

To calculate:

The ending balance of the wages payable account on March 31.

Explanation

The ending balance of the wages payable account on March 31 is calculated as follows:

The ending date of the accounting period falls on Monday, and the last pay...

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