Mortgage payable is liability so it is part of balance sheet and not part of income statement.
Accounts payable is of liability nature as it is payable in future so it is shown under liability side of balance sheet and not in income statement.
By definition Accounts Payable is a liability and belongs on a Balance Sheet. Only income and expenses are included in an Income Statement.
Accounts payable is that amount which is payable in future and all future activities are part of balance sheet rather income statement that’s why it arrives in balance sheet under liabilities section.
Income statement & balance sheet.
All expenses incurred are part of income statement of company whle advance expenses or expenses payable are part of balance sheet.
yes accounts are payable on the income statement and balance sheet.
accounts payable is account in balance sheet
balance sheet
Accounts payable is of liability nature as it is payable in future so it is shown under liability side of balance sheet and not in income statement.
By definition Accounts Payable is a liability and belongs on a Balance Sheet. Only income and expenses are included in an Income Statement.
NO, Account payable is a balance sheet item it does not appear in the income statement.
deductions
Accounts payable is that amount which is payable in future and all future activities are part of balance sheet rather income statement that’s why it arrives in balance sheet under liabilities section.
Sales commission payable is not part of income statement and it is shown in balance sheet as current liability in liability side of balance sheet.
Income statement & balance sheet.
All expenses incurred are part of income statement of company whle advance expenses or expenses payable are part of balance sheet.
If commission is already received or paid then it is income statement item, but if it is still receivable or payable then it is balance sheet item, simple commission is a income statement item