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When company purchases supplies from vendors they are require to pay them at the same time but instead of paying them out immediately they got the time to pay in future so it is the liability of the company to pay them that;s why Accounts Payable is liability and not the asset.
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On a balance sheet the accounts of accounts payable salaries payable and mortgage notes payable would fall under the category of?
Accounts payables and salaries payable are part of current liability in balance sheet while current portion of mortgage notes payable is part ot current liability and remaining portion is part of long term liability.
Is Capital stock asset or liability?
Capital stock is part of liability
Retained earnings a asset or liability?
Retained earnings are non distributed profit part and hence a liability of the company to payback to the owners of company on case of dissolution that's why retained earning is liability and not the asset.
Is interest income an expense asset or liability?
Interest income is part of revenue.
On a balance sheet the accounts pauable and salarys payable would fall under the catergory of?
Accounts payable and salaries payable both are part of current liability of balance sheet and shown there at liability side.
On a balance sheet the accounts of accounts payable salaries payable and mortgage notes payable would fall under the category of?
Accounts payables and salaries payable are part of current liability in balance sheet while current portion of mortgage notes payable is part ot current liability and remaining portion is part of long term liability.
Is a valuation account an asset or liability?
The conceptual framework considers asset valuation accounts to be part of the related asset account. They are not considered to be assets or liabilities in their own right.
Is Capital stock asset or liability?
Capital stock is part of liability
Interest paid on loan to buy an asset-asset or liability or expense?
Loan acquired to buy an asset is a liability of business so interest incurred on that loan is also part of that loan and that's why it is also the liability of business.
Retained earnings a asset or liability?
Retained earnings are non distributed profit part and hence a liability of the company to payback to the owners of company on case of dissolution that's why retained earning is liability and not the asset.
Is interest income an expense asset or liability?
Interest income is part of revenue.
Is loaned cash an asset?
Yes, it is a current asset as part of the cash at bank. It also creates a liability for the amount of the loan.
On a balance sheet the accounts pauable and salarys payable would fall under the catergory of?
Accounts payable and salaries payable both are part of current liability of balance sheet and shown there at liability side.
Is cash considered an asset liability or owners equity?
Cash is an asset. It could also be part of what makes up an owner's equity.
Is dividends an asset on the balance sheet?
If dividend payable then liability if dividend receivable then it is asset if dividend paid then it is not part of balance sheet.
Is sales an asset quity or liabitity?
Sales is not an asset, liability or equity account rather it is a revenue account and part of income statement rather balance sheet.
Is property an asset or liability?
Asset: It is a resource controlled by the entity with the future economic benefit flowing to the entity as a result of past transaction.
