I have a question about the Income statement on the attached document. The wage expense is 113,200.
Even though on the Journal entries tab, entry #11, the total for wages paid during the year is 122,000.
And on the balance sheet for 2014, (last tab), the wages payable is 1,300.
So is the 10,100 wages payable from the previous year not included in the wage expense because it was already accounted for in the previous years (2013). balance sheet?
I just don't understand fully why the 10,100 is subtracted from the 122,000 (which was the total wages paid), according to the journal entry #11. And then the wages payable on the 2014 balance sheet (1,300) is added to the 111,900 for a sum of 113,200 that is the wage expense.
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Posted 11 Jul 2017 07:07 AM
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file 1499760094-Solutions file.docx preview (51 words )
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