Salaries and Wages Expense appears on the _________,while Salaries and Wages Payable is a(n):
A) Income statement; liability on the balance sheet
B) Balance sheet; liability on the income statement
C) Income statement; expense on the income statement
D) Balance sheet; expense on the balance sheet

Question

Quizplus · Accepted Answer

Salaries and Wages Expense is reported on the income statement as it represents the cost incurred during a period. Salaries and Wages Payable is a liability on the balance sheet, representing amounts owed to employees.

Salaries and Wages Expense Appears on the _________,While Salaries and Wages