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Q. Explain Accounts payable?
Accounts payable are amounts owed to suppliers meant for goods or services purchased on credit. Accounts payable are usually due in 30 or 60 days and do not bear interest. In the balance sheet the accounts payable amount is the total of the individual accounts payable to suppliers shown in a subsidiary ledger or file.
Notes payable are unconditional written promises by the company to pay a specific amount of money at a certain future date. The notes may happen from borrowing money from a bank from the purchase of assets or from the giving of a note in settlement of an account payable. Usually only notes payable due in one year or less are included as current liabilities.
Salaries payable are amounts owed to employees intended for services rendered. The company hasn't paid these salaries by the balance sheet date because they aren't due until later.
Sales taxes payable are the taxes a company has collected from customers however not yet remitted to the taxing authority typically the state. Other accrued expenses might comprise income taxes payable, taxes withheld from employees and interest payable.
In addition, assume that Anheuser-Busch InBev sold 200 million barrels of beer during the year. Assume that variable costs were 75% of the cost of goods sold and 40% of selling,
Case Study Labor standards Geeta & Company has experienced increased production costs. The primary area of concern identified by management is direct labor. The compa
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Accounting Accounting has evolved and emerged within response to the social & economic requirement of the society. The accounting procedure has its own syntax. The primary sys
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After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $673,400, and Allowance for Doubtful Accounts has a balance of $11,90
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Q. What do you mean by Net sales? We demonstrate a condensed income statement to emphasize its major divisions. Next, we explain the more complete income statement actually pre
Inflation Accounting: It is related along with the adjustment in the value of assets that is current and fixed and of income in the light of changes in the price level. In a
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