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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.
Why profit is mentioned at the liability side?
Profit is a part of owner's equity and actually increase the owner's equity that's why shown under owner's equity heading in liability side of balance shee.Owner's Equity xxxxadd:profit xxxx
Is retained earnings a liability?
NO, the retained earnings would be in the equity part of the equation.
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.
Why profit is at liability side?
Profit is part of owners equity that's why profit is shown as an addition to paid in capital or owners equity section and that's why it is also shown in liability side of balance sheet.
Is drawings an asset equity or liability account?
equity
Is cash an asset liability or equity?
asset equity
Are retained earnings an asset equity or liability?
asset equity
Is the loan you take to buy the business considered a liability and equity?
The loan is considered a liability - The value of the company is the equity.
Where does revaluation reserve go on the balance sheet?
Revaluation reserve is part of equity of business as shown under equity section in liability section of balance sheet.
Is rent income a asset liability or owners equity?
asset liability
How should you treat retained earnings in the balance sheet?
Retained earnings should be treated as a part of the equity section on the balance sheet. It is typically shown as a separate line item under shareholders' equity. Retained earnings represent the accumulated profits of the company that have been reinvested rather than distributed to shareholders.
