Asked by Sarenthia Davis on May 05, 2024
Verified
Wages Expense appears on the balance sheet.
Wages Expense
The total cost incurred by a company for paying its employees' salaries within a specific period.
Balance Sheet
Financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.
- Master the sequence and preparation techniques for financial statements.
Verified Answer
SC
SERGIO CASTELLANOS JRMay 10, 2024
Final Answer :
False
Explanation :
Wages Expense is reported on the income statement as it reflects the cost of salaries and wages incurred by a business during a specific period, not on the balance sheet which shows the company's assets, liabilities, and equity at a point in time.
Learning Objectives
- Master the sequence and preparation techniques for financial statements.