The employees of Leicester Services, Inc. worked the last two weeks of December 2016. They receive their paychecks on January 2, 2017. Which of the following accounts should appear on the income statement for the year ended December 31, 2016?
a. Salaries Expense
b. Prepaid Expense
c. Salaries Payable
d. Unearned Revenue

C. Salaries Payable

Explanation:

Salaries payable are the statements of liability which include sums of any employees ' salaries that have not yet been paid.The balance in the account reflects a company's payroll obligation as of the balance sheet date. This account is known as an existing liability, as such charges are typically due in less than a year.  In any of the cases the amount of payable salaries may be particularly high: there is a significant gap between the due date and the end of the reporting period; or the amount of salaries paid to all persons within the reporting period

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