Yes. If it is a deposit paid to a vendor, then it will be classified as an asset. If it is a deposit received from a customer, then it is a liability. Depending on when it is expected to be returned, you will classify it as either current or non-current.
HST paid goes on the credit side or expenses on the balance sheet
asset side
Long term = non current Payable = liability Therefore, I would put it under the Non-Current Liabilities heading in the balance sheet.
Defferred tax asset is shown in assets side of balance sheet under head of other assets.
An asset is put on the balance sheet to show an identified estate of an enterprise at bookvalue. Examples of assets: cash, buildings and equipment, patents, participations in other companies etc. In general, assets have to be paid for. The liability part of the balance sheet shows the source of funds (equity and/or debt) used to retain the asset.
Under the liabilities section of the balance sheet?
HST paid goes on the credit side or expenses on the balance sheet
Retained Earnings
asset side
Current liabilities.
liability
No.
Long term = non current Payable = liability Therefore, I would put it under the Non-Current Liabilities heading in the balance sheet.
In the liability section of the balance sheet. Generally showing short terms portions separately from long term portions.
Defferred tax asset is shown in assets side of balance sheet under head of other assets.
An asset is put on the balance sheet to show an identified estate of an enterprise at bookvalue. Examples of assets: cash, buildings and equipment, patents, participations in other companies etc. In general, assets have to be paid for. The liability part of the balance sheet shows the source of funds (equity and/or debt) used to retain the asset.
Other current liabilities