0
Taxes paid is part of cash book or cash flow statement and tax expense in income statement and tax payable is balance sheet item.
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
Where do accounts receivable go on the balance sheet?
Paid accounts receivable appears on a balance sheet, to the extent that the amounts paid are deducted from the accounts receivables balance and added to the bank account. Therefore, the effect on the balance sheet would be as follows: decrease in asset- accounts receivables increase in asset- Cash
Do income taxes payable go on an income statement?
1. Income tax payable is the liability which is to be paid in future that;s why it will be shown in balance sheet liability side under current liabilities.
Where does cash diviends paid go on balance sheet?
Cash dividend paid is not shown in balance sheet rather it is shown in cash book or cash outflow in cash flow statement under cash from financing activities.
Does prepaid insurance go on income statement?
Prepaid insurance go to balance sheet as it is paid in advance and current assets of business.
Where do fix assets go on a balance sheet?
they fall in the first column of a balance sheet
Where do fixed assets go on balance sheet?
they fall in the first column of a balance sheet
Does interest payable go on a balance sheet?
Interest payable is the interest which is not yet paid and required payment to be made so it is the liability of the company and that's why it will show as a current liability under liability side of the balance sheet.
Does dividend go on an income statement?
Dividend payable become liability for business as soon as it declared to be paid and all future liabilities are part of balance sheet so dividend payable also shown under liability section of balance sheet and not part of income statement.
Does a liability account go on a balance sheet?
Liabilities are included on the credit side of the balance sheet.
Where does stationary go on a balance sheet in business studies?
Stationery, as an accounting item, does not appear on a business Balance Sheet. The Balance Sheet is reserved for assets and liabilities. The Income Statement reflects income and expenses and because Stationery is an expense item it will appear on the Income Statement and not the Balance Sheet.
Do expenses go on a balance sheet?
no
Do drawings go on a balance sheet?
yes
