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A company incurred $5,000 in salaries and wages for employees for the year; $4,500 of...

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Accounting

A company incurred $5,000 in salaries and wages for employees for the year; $4,500 of these salaries and wages had been paid by the end of the year. Which of the following statements about this situation is correct?

Salaries and Wages Expense on the income statement will be $500.

Salaries and Wages Expense on the balance sheet will be $5,000.

Salaries and Wages Payable on the balance sheet will be $500.

Salaries and Wages Payable on the income statement will be $4,500.

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