Ask Experts Questions for FREE Help !
Ask
    cowsill's Avatar
    cowsill Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Jan 6, 2008, 05:07 PM
    Salaries payable
    Salaries payable was $800 and Salaries expense was 1,500 at the end of January 31,2008 and if $2500 of salaries was paid in January, what was the balance in Salaries Payable at December 31,2007 . Their fiscal year end is December 31. Please show me how to calculate this. Thank you
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
    Uber Member
    		  
    #2

    Jan 6, 2008, 05:29 PM
    Whatever was paid in 2007 is your answer. Anything paid after January 1, 2008 goes into 2008. It has nothing to do with their fiscal year. The government goes from Jan 1 to Dec 31 and that is what you go by. If you earned the money in 2007 and were not actually paid until 2008 the money goes toward 2008.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Accrued interest payable for a note payable [ 2 Answers ]

Allen Corp.'s liability account balances at June 30, 2007 included a 10% note payable in the amount of $2,400,000. The note is dated October 1, 2005 and is payable in three equal annual payments of $800,000 plus interest. The first interest and principal payment was made on October 1, 2006. In...

Movie Star Salaries [ 6 Answers ]

This is more out of curiosity than anything else. I was just reading an article about actresses such as Nicole Kidman, Halle Berry and Drew Barrymore that earn between $10 million and $20 million per movie, and actors like Tom Cruise and Jim Carrey that get up to $25 million per movie. My...

Beginning and Ending Salaries Payable Calculation [ 5 Answers ]

Greetings, I'm quite new to accounting and have been working my way through the basics of the statements and ratios,etc. Its quite interesting. In the meantime I was trying to work through a problem that I think is simple for those with an accounting formation though I would appreciate advice in...

Wages and salaries [ 5 Answers ]

How would you post payroll: 5850. All wages and salaries taxable. Withheld 509 for federal income taxes, 128 for state income taxes, and 55 for union dues.

Comparison salaries pilots [ 1 Answers ]

Hi everyone, Is there any one who can tell me if the pilots employed in Cargo Airliners are paid more than Pilots in Passenger Airliners. If so , by what percentage, and how can I validate this? Thanks ...

View more questions Search