yes..
Accrued interest which is to be received within 12 months is a current asset.
Accounts receivable would appear as an asset (+) on a balance sheet.
Accounts receivable is not reflected in the income statement but the balance sheet. Sales, both cash and credit is.
Interest payable is the interest which is not yet paid and required payment to be made so it is the liability of the company and that's why it will show as a current liability under liability side of the balance sheet.
If Rent Revenue is shown in income statement but if that revenue is still receivable in accrual accounting system then it will shown under balance sheet at asset side as well.
Accrued interest which is to be received within 12 months is a current asset.
Accounts receivable would appear as an asset (+) on a balance sheet.
Accounts receivables are on the balance sheet. They are an asset of the firm, that is they represent a future economic benefit. The income statement holds the revenues and expenses of the business.
Paid accounts receivable appears on a balance sheet, to the extent that the amounts paid are deducted from the accounts receivables balance and added to the bank account. Therefore, the effect on the balance sheet would be as follows: decrease in asset- accounts receivables increase in asset- Cash
Interest is part of income statement and shown in income statement and not part of balance sheet.
Accounts receivable is not reflected in the income statement but the balance sheet. Sales, both cash and credit is.
Interest payable is the interest which is not yet paid and required payment to be made so it is the liability of the company and that's why it will show as a current liability under liability side of the balance sheet.
If Rent Revenue is shown in income statement but if that revenue is still receivable in accrual accounting system then it will shown under balance sheet at asset side as well.
I think it would go under your liabilites..
Commission receivable is classified as a current asset on a balance sheet, as it represents amounts owed to a company that are expected to be collected within one year. It is typically listed under the accounts receivable section, reflecting the company's right to receive payment for services rendered or sales made. Proper placement ensures that stakeholders can assess the company's short-term financial health and liquidity.
I am not sure what you are referring to, but in the words "customer advances" I will assume you are referring to a person or company providing a service or product to the customer with expectations of payment at a later date. If this is the case, then the recording of this would be seen in Accounts Receivable or Notes Receivable (depending on the amount of time the customer is given to pay the amount). If not paid out in the period when the Balance Sheet is prepared such advances are listed under assets using the same account (Accounts or Notes Receivable) Please Note, if they are paid off, then the balance is removed from Accounts/Notes Payable and recorded into Revenue (Income) which is not on the Balance Sheet.
they go on the Non current liabilities as they are not payable within a period of 12 months