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Where does sales commission payable go on the multiple step income statement?
Wiki User
∙ 9y ago
Sales commission payable is not part of income statement and it is shown in balance sheet as current liability in liability side of balance sheet.
Wiki User
∙ 9y ago
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Where does sales commission payable go on the multiple-step income statement?
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Does commission have a balance sheet or income statement account?
If commission is already received or paid then it is income statement item, but if it is still receivable or payable then it is balance sheet item, simple commission is a income statement item
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.
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.
Does mortgage payable post to the income statement or balance sheet?
Mortgage payable is liability so it is part of balance sheet and not part of income statement.
Where does interest payable goes on the income statement?
Interest payable is that amount which is payable at future date and not paid in current year or period, income statement only shows expenses of current period that's why it is not shown in income statement rather it is shown under current liability of balance sheet.
Does account payables appear on the income statement?
NO, Account payable is a balance sheet item it does not appear in the income statement.
Where did loan interest payable go in the income statement?
Loan interest payable is not shown in income statement rather it is shown in liability side of balance sheet in current liability section.
What is the difference between income tax expense and income tax payable?
Income statement & balance sheet.
Is accounts payable listed on an income statement?
accounts payable is account in balance sheet
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.
