Asked by Chamil Bruno on Apr 24, 2024
The Wages and Salaries Expense account would be used to record:
A) net earnings for the office workers.
B) the amount for payroll tax.
C) gross earnings for the office workers.
D) a debit for the amount of net pay owed to the office workers.
Gross Earnings
The total income earned by an individual or business before any deductions or taxes are applied.
Net Earnings
The profit determined after all expenses and taxes have been subtracted from total revenue.
- Gain insight into the configuration and nature of payroll accounts, comprising expenses, liabilities, and assets connected to payroll.
Learning Objectives
- Gain insight into the configuration and nature of payroll accounts, comprising expenses, liabilities, and assets connected to payroll.