interest expense is deducted from EBITA (Earnings before interest and tax). This is in the income statement. Note that interest expense is NOT the monthly or yearly mortgage being paid, birt the fraction of it that is just interest.
Loan interest payable is not shown in income statement rather it is shown in liability side of balance sheet in current liability section.
By definition Accounts Payable is a liability and belongs on a Balance Sheet. Only income and expenses are included in an Income Statement.
deductions
Interest is part of income statement and shown in income statement and not part 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.
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.
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No, it is a Liability and will thus be presented on the Balance Sheet (Statement of Financial Position)
Yes all revenues are part of income statement and interest revenue also that’s why it is shown in income statement as other income.
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.