No they belong under the liabilities section on a Balance Sheet
By definition Accounts Payable is a liability and belongs on a Balance Sheet. Only income and expenses are included in an Income Statement.
No, it is a Liability and will thus be presented on the Balance Sheet (Statement of Financial Position)
Trade payables, or accounts payable, are categorised under Current Liabilities in the balance sheet.
Answer:No. The income statement shows revenues and expenses. Bills payable is a liability (the company has an obligation to pay), and is included on the credit (right) side of the balance sheet.
Accounts receivable is not reflected in the income statement but the balance sheet. Sales, both cash and credit is.
By definition Accounts Payable is a liability and belongs on a Balance Sheet. Only income and expenses are included in an Income Statement.
No, it is a Liability and will thus be presented on the Balance Sheet (Statement of Financial Position)
Trade payables, or accounts payable, are categorised under Current Liabilities in the balance sheet.
No. Accounts payable is a liability account, which is used in the balance sheet.
deductions
Loan interest payable is not shown in income statement rather it is shown in liability side of balance sheet in current liability section.
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.
Answer:No. The income statement shows revenues and expenses. Bills payable is a liability (the company has an obligation to pay), and is included on the credit (right) side of the balance sheet.
I didn't even get an answer
Accounts receivable is not reflected in the income statement but the balance sheet. Sales, both cash and credit is.
Notes payable is same like accounts payable a liability of business and it is shown under current liability section of balance sheet.
Question of business transition