Option (b) Accounts Payable is the correct answer because account payable is not the assets, but it is the liability account.
Which of the following accounts will appear on a balance sheet?
Examples of a corporation’s balance sheet accounts include Cash, Temporary Investments, Accounts Receivable, Allowance for Doubtful Accounts, Inventory, Investments, Land, Buildings, Equipment, Furniture and Fixtures, Accumulated Depreciation, Notes Payable, Accounts Payable, Payroll Taxes Payable, Paid-in Capital.
Which of the following is classified as an asset account?
Some examples of asset accounts include Cash, Accounts Receivable, Inventory, Prepaid Expenses, Investments, Buildings, Equipment, Vehicles, Goodwill, and many more.
Which of the following is an equity account?
These accounts include common stock, preferred stock, contributed surplus, additional paid-in capital, retained earnings, other comprehensive earnings, and treasury stock. Equity is the amount funded by the owners or shareholders of a company for the initial start-up and continuous operation of a business.
Does utility expense appear on balance sheet?
In short, the accrual basis of accounting accelerates the recognition of utilities expenses in comparison to the cash basis of accounting. If so, the business records this deposit as an asset on its balance sheet, rather than charging it to expense.
What’s the normal balance of retained earnings?
credit
What is the Normal Balance of Retained Earnings? The normal balance in the retained earnings account is a credit. This balance signifies that a business has generated an aggregate profit over its life.
How will Accounts receivable appear on the following financial statements?
Accounts receivable will appear on which of the following financial statements? Accounts receivable appears in the asset section of the balance sheet.
Does owner’s equity appear on a balance sheet?
Business owners may think of owner’s equity as an asset, but it’s not shown as an asset on the balance sheet of the company. It represents the owner’s claims to what would be leftover if the business sold all of its assets and paid off its debts.
Where does retained earnings go on balance sheet?
Retained earnings are listed under liabilities in the equity section of your balance sheet. They’re in liabilities because net income as shareholder equity is actually a company or corporate debt.