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What happens to assets and liabilities if a company paid 5000 installment on a note payable of 45000?
Wiki User
∙ 14y ago
ur assets will be increased by 45000 ,cash will decrease by 5000 and liabilitues will increase by 40000.
Wiki User
∙ 14y ago
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What is payable liabilities in accounting?
Accounts Payable and Notes Payable are liabilities. Accounts receivable - assets All "payable" accounts are "liabilities". This is because a liability is something the company OWES, a payable is the... Yes, Current Liabilities are liabilities that will be paid off in one year or less. Accounts payable is where you record such liabilities. If it's a payment that will be made in more than one year.
What happens when a payment is made on an account payable?
reduces liabilities
What are 'liabilites'?
Liabilities are those amounts which payable by the company to third parties or to it's onwers.
How is current liability different from a long term liability?
Current liabilities are liabilities that the company will pay off in a short period of time, usually a year or less, such as accounts payable. Long term liabilities are liabilities that the company will pay off over a longer period of time, more than one year, these are things like Notes Payable.
On a company's Trial Balance what is the accounts payable?
An account payable is something the company owes but has yet to pay. All payable accounts are listed as liabilities on the books (including the Trial Balance Sheet) until they are paid.
What is payable liabilities in accounting?
Accounts Payable and Notes Payable are liabilities. Accounts receivable - assets All "payable" accounts are "liabilities". This is because a liability is something the company OWES, a payable is the... Yes, Current Liabilities are liabilities that will be paid off in one year or less. Accounts payable is where you record such liabilities. If it's a payment that will be made in more than one year.
What happens when a payment is made on an account payable?
reduces liabilities
What are 'liabilites'?
Liabilities are those amounts which payable by the company to third parties or to it's onwers.
How is current liability different from a long term liability?
Current liabilities are liabilities that the company will pay off in a short period of time, usually a year or less, such as accounts payable. Long term liabilities are liabilities that the company will pay off over a longer period of time, more than one year, these are things like Notes Payable.
On a company's Trial Balance what is the accounts payable?
An account payable is something the company owes but has yet to pay. All payable accounts are listed as liabilities on the books (including the Trial Balance Sheet) until they are paid.
What effect will decreasing the aging of a company's accounts payable have?
Have a positive effective on company by this company know that it has less short term liabilities.
Is accrued expenses payable is an asset or liabilities?
Liabilities
Reasons for a company to issue shares payable by installment?
to raise the companies' cash. To buy, maintain equipment and so on.
Is accounts payable asset?
Accounts Payable refers to the due against the company for services that the company may have received from suppliers. It's a liability and would fall under the category of 'current liabilities'.
Is accounts payable an asset?
Accounts Payable refers to the due against the company for services that the company may have received from suppliers. It's a liability and would fall under the category of 'current liabilities'.
Is notes payable an asset or a liability?
Accounts Payable and Notes Payable are liabilities. Accounts receivable - assets All "payable" accounts are "liabilities". This is because a liability is something the company OWES, a payable is the very same thing, hence the term "payable". Though some payable accounts change from being a payable to an expense, they are still liabilities as long as they are "payable", these include: Interest Payable (liability until paid, then reverts to Interest Expense) Salary or Wages Payable(liability until paid, then reverts to salary or wage expense) Payable accounts maintain a "credit" balance, meaning they increase with a Credit and Decrease with a debit. Now the quick answer: Payable = Liability Receivable = Asset
Salaries payable is an example of?
salaries payable it is and example of liabilities tittles!
