Financial Terms
Salaries payable

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Definition of Salaries payable

Salaries Payable Image 1

Salaries payable

salaries that are owed but have not been paid at the end of a period.



Related Terms:

Accounts payable

Money owed to suppliers.


ACCOUNTS PAYABLE

Amounts a company owes to creditors.


Accounts payable

Amounts owed by the company for goods and services that have been received, but have not yet been paid for. Usually Accounts payable involves the receipt of an invoice from the company providing the services or goods.


accounts payable

Short-term, non-interest-bearing liabilities of a business
that arise in the course of its activities and operations from purchases on
credit. A business buys many things on credit, whereby the purchase
cost of goods and services are not paid for immediately. This liability
account records the amounts owed for credit purchases that will be paid
in the short run, which generally means about one month.


Accounts payable

Acurrent liability on the balance sheet, representing short-term obligations
to pay suppliers.



Accounts Payable

Amounts due to vendors for purchases on open account, that is, not evidenced
by a signed note.


Accounts Payable Days (A/P Days)

The number of days it would take to pay the ending balance
in accounts payable at the average rate of cost of goods sold per day. Calculated by dividing
accounts payable by cost of goods sold per day, which is cost of goods sold divided by 365.


Salaries Payable Image 2

Accrued expenses payable

Expenses that have to be recorded in order for the financial statements to be accurate. Accrued expenses usually do not involve the receipt of an invoice from the company providing the goods or services.


accrued expenses payable

The account that records the short-term, noninterest-
bearing liabilities of a business that accumulate over time, such
as vacation pay owed to employees. This liability is different than
accounts payable, which is the liability account for bills that have been
received by a business from purchases on credit.


Bonds payable

Amounts owed by the company that have been formalized by a legal document called a bond.


Interest payable

The amount of interest that is owed but has not been paid at the end of a period.


Loans payable

Amounts that have been loaned to the company and that it still owes.


Notes payable

Amounts owed by the company that have been formalized by a legal document called a note.


Payable through drafts

A method of making payment that is used to maintain control over payments made
on behalf of the firm by personnel in noncentral locations. The payer's bank delivers the payable through draft
to the payer, which must approve it and return it to the bank before payment can be received.


Payables

Related: Accounts payable.


Payroll taxes payable

The amount of payroll taxes owed to the various governments at the end of a period.


Salaries Payable Image 3

Current liabilities

Amount owed for salaries, interest, accounts payable and other debts due within 1 year.



 

 

 

 

 

 

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