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Accounts payable or "payables" are those amounts of money that a business must put aside to be paid for on-going debts.
Accounts Payable are listed under Liabilities in the company's Balance Sheet.
Examples of accounts payable include:
- Sales taxes payable - sales taxes collected from customers that must be paid to the state department of revenue
- Payroll taxes payable - amounts withheld from employee pay for income taxes andemployment taxes, and amounts owed by the employer for that payroll and which must be paid to the IRS for withholding and FICA taxes
- Loans payable and mortgages payable - total amounts due, and amounts currently due for loans and mortgages
What else can I help you with?
What is the abbreviation of Accounts Payables?
AP
How do you account for goods received and invoice received?
Goods Received: Debit Stock Credit Goods Received Invoice Received: Debit Goods Received Credit Trade Payables Result: Debit Stock (Asset) Credit Trade Payables (Liability)
What is stretching payables?
Paying bills as late as possible without damaging the firm's credit rating.
Can the payables be written off after one year?
Yes, payables can be written off after one year if they are deemed uncollectible or if the company has determined that the obligation is no longer valid. However, the specific policies for writing off payables may vary based on accounting standards and regulations. It's essential to ensure that proper documentation and justification are in place to support the write-off. Additionally, consult with an accounting professional to comply with applicable laws and financial reporting requirements.
What is primary working capital?
Accounts Receivable + Inventory - Accounts Payables. (excludes prepaid expenses and accrued liabilities)
Stock subscription payables is debt?
stock subscription payables is debt ?
Is payables a liability?
Yes, payables are those that are not yet payed or plainly, a liability. ;3
Is credit sales in account payables?
no
What is the abbreviation of Accounts Payables?
AP
What is trade and other payables?
Trade and other payables refer to the liabilities a company owes to its suppliers and creditors for goods and services received but not yet paid for. This category includes trade payables, which are amounts owed to suppliers for inventory purchases, as well as other short-term obligations such as accrued expenses and taxes payable. These payables are recorded on the balance sheet and are crucial for managing a company's cash flow and working capital. Proper management of trade and other payables is essential to maintain good supplier relationships and ensure financial stability.
What is a deferred taxes payables?
The taxes which is owed by a corporation in the goverment authority.
What is a credit balance item on a balance sheet?
Liability payables or provissions made.
How do you account for goods received and invoice received?
Goods Received: Debit Stock Credit Goods Received Invoice Received: Debit Goods Received Credit Trade Payables Result: Debit Stock (Asset) Credit Trade Payables (Liability)
What is the journal entry to writeoff accounts payables?
Accounts Payable Cash/Bank/Goods etc
What is stretching payables?
Paying bills as late as possible without damaging the firm's credit rating.
What is primary work?
Accounts Receivable + Inventory - Accounts Payables. (excludes prepaid expenses and accrued liabilities)
What is primary capital?
Accounts Receivable + Inventory - Accounts Payables. (excludes prepaid expenses and accrued liabilities)
