by failing to allow employees to accrue and use paid sick leave. Record keeping violations under the Fair Labor Standards Act were also found. “Prevailing wage laws on government contracts put competing contractors on equal footing and protect the wages ...Where do accrued wages go on the balance sheet?
wages paid for the current year goes to Profit and Loss account and the accrued wages not yet paid at the year end appears in Balance sheet as payables. Wages are direct expenses relating to production so they will be recorded on debit side of Trading a/c, as all the direct expenses are debited to trading a/c.What is accrued salary?
Accrued salaries are salaries which has been incurred but not yet recorded in the accounting ledgers at the end of the accounting period. This issue arises in a business as the salaries are often paid to a date which does not necessarily coincide with the accounting period end date.