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Accounts payable or "payables" are those amounts of money that a business must put aside to be paid for on-going debts.
Accounts Payable are listed under Liabilities in the company's Balance Sheet.
Examples of accounts payable include:
- Sales taxes payable - sales taxes collected from customers that must be paid to the state department of revenue
- Payroll taxes payable - amounts withheld from employee pay for income taxes andemployment taxes, and amounts owed by the employer for that payroll and which must be paid to the IRS for withholding and FICA taxes
- Loans payable and mortgages payable - total amounts due, and amounts currently due for loans and mortgages
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What is the abbreviation of Accounts Payables?
AP
How do you account for goods received and invoice received?
Goods Received: Debit Stock Credit Goods Received Invoice Received: Debit Goods Received Credit Trade Payables Result: Debit Stock (Asset) Credit Trade Payables (Liability)
What is stretching payables?
Paying bills as late as possible without damaging the firm's credit rating.
What is primary working capital?
Accounts Receivable + Inventory - Accounts Payables. (excludes prepaid expenses and accrued liabilities)
What firm's current liabilities?
Current liabilities are those liabilities and payables that would be paid withing 12 months
Stock subscription payables is debt?
stock subscription payables is debt ?
Is payables a liability?
Yes, payables are those that are not yet payed or plainly, a liability. ;3
What is the abbreviation of Accounts Payables?
AP
Is credit sales in account payables?
no
What is a deferred taxes payables?
The taxes which is owed by a corporation in the goverment authority.
What is a credit balance item on a balance sheet?
Liability payables or provissions made.
How do you account for goods received and invoice received?
Goods Received: Debit Stock Credit Goods Received Invoice Received: Debit Goods Received Credit Trade Payables Result: Debit Stock (Asset) Credit Trade Payables (Liability)
What is the journal entry to writeoff accounts payables?
Accounts Payable Cash/Bank/Goods etc
What is stretching payables?
Paying bills as late as possible without damaging the firm's credit rating.
What is primary work?
Accounts Receivable + Inventory - Accounts Payables. (excludes prepaid expenses and accrued liabilities)
What is primary capital?
Accounts Receivable + Inventory - Accounts Payables. (excludes prepaid expenses and accrued liabilities)
Does account payables appear on the income statement?
NO, Account payable is a balance sheet item it does not appear in the income statement.
