Financial Accounting Chpt 12 Flashcards - Quizlet

Study with Quizlet and memorize flashcards containing terms like A company had wage expense of $750,000 during a given period. Compute cash paid for wages during this period given the following data: Wages Payable Beg balance 100,000 ending balance 25,500, The appropriate …

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FAQs about Financial Accounting Chpt 12 Flashcards - Quizlet Coupon?

What is a wage expense?

Wage expense is the cost of labor incurred by a company during a period of time. It is the total amount of money that a company pays to its employees in a given period. Wage expenses can be a major cost for businesses, particularly those that are labor-intensive. ...

How do wage expenses affect a company's cash balance?

When businesses pay their employees, the wages are deducted from the company’s cash balance. This reduces the amount of cash that is reported on the balance sheet. By carefully managing its wage expenses, a company can ensure that it remains profitable and able to fund its other operations. ...

What happens to a company's cash balance when it pays its employees?

When businesses pay their employees, the wages are deducted from the company’s cash balance. This reduces the amount of cash that is reported on the balance sheet. While this may seem like a negative thing, it is actually a positive sign that the company is operating smoothly. ...

What are the additional costs to a company's wage expense?

In addition to the cost of wages, businesses must also pay payroll taxes and other benefits, which can add up to the total wage bill. A company’s wage expense is the total amount of money that it pays to its employees in a given period. ...

What is the journal entry for paid wages?

The journal entry for paid wages is debiting wage expenses and credit cash. This transaction increases the wage expense on the income statement and reduces the cash paid to workers. During the month, Company ABC has paid wages of $ 35,000 to all employees. ...

Why should a company manage its wage expenses?

By carefully managing its wage expenses, a company can ensure that it remains profitable and able to fund its other operations. When businesses pay their employees, the wages are deducted from the company’s cash balance, reducing the amount of cash reported on the balance sheet. ...