Wages Payable goes into balance sheet under liability and wages expenses shows under income statement.
Wages Expenses
Wages Payable
Income Statement
Wages Expanses
Now in these entries wages payable remains still to be closed so it goes to balance sheet until payment.
When payment settled
Wages Payable
Cash/Bank/Goods etc
By definition Accounts Payable is a liability and belongs on a Balance Sheet. Only income and expenses are included in an Income Statement.
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.
No, it is a Liability and will thus be presented on the Balance Sheet (Statement of Financial Position)
No they belong under the liabilities section on a Balance Sheet
Trade payables, or accounts payable, are categorised under Current Liabilities in the balance sheet.
Wages payable goes on the "cash flows from operating activities" Either as an add or deduct to net income (when using the indirect method)
By definition Accounts Payable is a liability and belongs on a Balance Sheet. Only income and expenses are included in an Income Statement.
deductions
Loan interest payable is not shown in income statement rather it is shown in liability side of balance sheet in current liability section.
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.
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.
No, it is a Liability and will thus be presented on the Balance Sheet (Statement of Financial Position)
I didn't even get an answer
1. Income tax payable is the liability which is to be paid in future that;s why it will be shown in balance sheet liability side under current liabilities.
No they belong under the liabilities section on a Balance Sheet
It depends on transactions all receivables and payable are part of balance sheet while actual revenue or expense in part of income statement.
Trade payables, or accounts payable, are categorised under Current Liabilities in the balance sheet.