Where do theses accounts belong in a balance sheet? Under liablities, assests or stockholder's equity?
-Income taxes payable (I think current liabilities)
-Income taxes expense
-Interest Income
-Common Stock
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Where do theses accounts belong in a balance sheet? Under liablities, assests or stockholder's equity?
-Income taxes payable (I think current liabilities)
-Income taxes expense
-Interest Income
-Common Stock
Learn what they mean.
Liabilities are things that the company owes to someone else, or has some kind of obligation to.
Assets are things the company owns or has a claim to.
Equity is the net worth of the company, consisting of what the stockholders invested into it (stock) plus the retained earnings.
Income Tax Expense and Interest Income do not belong to the Balance Sheet
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