Question

Salaries and Wages Expense appears on the _________, while Salaries and Wages Payable is a(n):a. Balance sheet; expense on the balance sheetb. Income statement; expense on the income statementc. Income statement; liability on the balance sheetd. Balance sheet; liability on the income statement

Answer 1

Answer: income statement ; liability on the balance sheet

Explanation:

It should be noted that wages and salaries expense don't appear on the balance sheet directly. They appear in the income statement.

On the other hand, salaries and wages payable is considered to be a liability on the balance sheet. Therefore, the correct option is "income statement ; liability on the balance sheet".