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Sundry Creditors
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∙ 12y ago
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Why is Accounts payable considered a debit on trial balance?
It is NOT, accounts payable is never considered a debit on any financial statement. Accounts Payable is a liability that a company owes and therefore must maintain a "credit" balance.
Does accounts payable go on the income statement?
No, it is a Liability and will thus be presented on the Balance Sheet (Statement of Financial Position)
Is accounts payable under income statement?
Accounts payable is of liability nature as it is payable in future so it is shown under liability side of balance sheet and not in income statement.
Where does accounts payable go on a multiple step income statement?
By definition Accounts Payable is a liability and belongs on a Balance Sheet. Only income and expenses are included in an Income Statement.
How do you figure cash paid for goods sold on a cash flow statement?
it is shown with changes in accounts payable amount if there is change in accounts payable it will shown in cash flow statement.
What financial statement does a accounts payable belong?
Accounts Payable belongs in the Balance Sheet as a Current Liability.
Would Accounts payable go under statement of changes in owner's equity in a financial statement?
No. Accounts payable is a liability account, which is used in the balance sheet.
Why is Accounts payable considered a debit on trial balance?
It is NOT, accounts payable is never considered a debit on any financial statement. Accounts Payable is a liability that a company owes and therefore must maintain a "credit" balance.
Does accounts payable go on the income statement?
No, it is a Liability and will thus be presented on the Balance Sheet (Statement of Financial Position)
Are accounts payable on the income statement and balance sheet?
yes accounts are payable on the income statement and balance sheet.
Is accounts payable under income statement?
Accounts payable is of liability nature as it is payable in future so it is shown under liability side of balance sheet and not in income statement.
What financial statement is rent payable posted on?
Statement of Financial Position - Liabilities
Is accounts payable listed on an income statement?
accounts payable is account in balance sheet
Where does accounts payable go on a multiple step income statement?
By definition Accounts Payable is a liability and belongs on a Balance Sheet. Only income and expenses are included in an Income Statement.
How do you figure cash paid for goods sold on a cash flow statement?
it is shown with changes in accounts payable amount if there is change in accounts payable it will shown in cash flow statement.
What statement does Accounts payable show?
Balance sheet of the company shows the total amount of accounts payable for a fiscal year of business.
Is accounts payable on an income statement?
Accounts payable is that amount which is payable in future and all future activities are part of balance sheet rather income statement that’s why it arrives in balance sheet under liabilities section.
