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Insurance premium paid in advance Is it a accrued expenses?
No, if Insurance premium is paid in advance then it is a Prepayment - current asset.
Is the cash dividend paid asset or liability?
is an asset
How rent paid in advance is treated in accounting equation?
If you are the payer Increase in Prepaid Expenditure- Asset Decrease in Bank - Asset Equity= Asset- Liabilities 0 = +/- - 0 If you are the payee Increase in Income Recieved in Advance - Liability Increase in Bank - Asset Equity= Asset- Liabilities 0 = + - +
Is prepaid rent is asset?
Yes, any expense paid in advance is current asset as the actual benefit will be taken in future time period.
Is prepay insurance a current asset?
Yes any expense paid in advance is current assets as the benefit of that amount is required to be taken in future.
Is income tax a current liability or an expense?
Accrued income tax (Income Tax Payable) is a current liability. When the tax is actually paid it is reported on the income statement as Income Tax Expense.
Insurance premium paid in advance Is it a accrued expenses?
No, if Insurance premium is paid in advance then it is a Prepayment - current asset.
Is prepaid rent an asset or liability?
Prepaid rent is the asset of compan as it is paid already but not due yet so it is current asset and shown in current assets under balance sheet.
Is the cash dividend paid asset or liability?
is an asset
Is prepaid advertising a current assets?
Yes prepaid advertising is current asset as this expense is paid in advance but benefit which is takeable in near future time that's why it is current asset.
How rent paid in advance is treated in accounting equation?
If you are the payer Increase in Prepaid Expenditure- Asset Decrease in Bank - Asset Equity= Asset- Liabilities 0 = +/- - 0 If you are the payee Increase in Income Recieved in Advance - Liability Increase in Bank - Asset Equity= Asset- Liabilities 0 = + - +
Does insurance go under assets or liabilities?
If insurance paid in advance then it is asset but if insurance benefit taken and payment not made then it is liability.
Is prepaid rent is asset?
Yes, any expense paid in advance is current asset as the actual benefit will be taken in future time period.
Is prepay insurance a current asset?
Yes any expense paid in advance is current assets as the benefit of that amount is required to be taken in future.
Paid-in capital a asset or liability?
Neither, it is equity
Is tax paid on purchases an asset or liability?
Tax paid on purchases are considered a liability. Anything paid to another is considered a liability for businesses because they are spending money.
Difference between current assets and current liabilities?
Other than the fact that one is an asset and the other a liability, this is how each are broken down. A current asset is any asset that can be turned into cash with-in a reasonable amount of time (i.e. cash, supplies, inventory, etc.) This can include some (but not all) accounts receivable. If the account can be reasonably expected to be paid within an accounting period, it is considered a current asset. A current liability is any debt owed that can be reasonably expected to be paid off in 12 months or less (or one accounting period).
