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    mutantpenny's Avatar
    mutantpenny Posts: 7, Reputation: 1
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    #1

    Oct 4, 2010, 05:06 PM
    Salaries Payable
    Hi,
    How do I calculate the balance of salaries payable for Nov 2009 based on the Novemebr 2010 TB.
    Example: the company paid $15,250 in salaries for 2010? TB figures listed below.


    Salaries Expense 14,350
    Salaries Payable 1,475

    I`m a newbie - so thanks in advance for all the help!
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Oct 4, 2010, 05:29 PM

    Take the salaries paid of $15,250 plus the salaries payable ending balance of $1,475 minus the salaries expense of $14,350 equals a Salaries Payable beginning balance of $2,375

    To verify this, take the salaries paid of $15,250 minus the Salaries Payable ending balance of $2,375 equals $12,875 paid for salaries during the year. Salaries expense is $14,350 minus salaries paid for salaries during the year of $12,875 equals Salaries Payable at the end of the year is $1,475
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