D. Reconciliation of vendor statements with accounts payable… Prepaid Advertising 2. To show how successfully your business performed during a period of time, you would report its revenues and expenses in the a. balance sheet. It means that there is increase in the amount of account payable. b. income statement. C. Periodic aging of accounts payable. A) Balance sheet. Supplies 5. Accounts payable appear on which of the following statements A Balance sheet B from ACCT 2301 at Creekview High School. Accounts Receivable b. When the statement of cash flows (SCF, cash flow statement) is prepared using the indirect method, it begins with the company's net income for the accounting period. Which of the following is an asset? asked Dec 19, 2018 in Business by Carpenterjamese. Income statement accounts are those accounts in the general ledger that are used in a firm’s profit and loss statement. A. Accounts payable is a liability account, so if you’re using double-entry accounting, any increase to this account would be posted as a credit, with a corresponding debit made to an expense account. Why does an increase in accounts payable appear as an addition on the statement of cash flows? ... Accounts payable appear on which of the following statements A Balance sheet B. Accounts payable appear on which of the following statements? B. Mailing statements to vendors detailing their account. Accounts Receivable 8. Wages Payable 3. Account Payable = $35,000-$70,000 E) Transaction statement. 9. Since accounts payable decreased, the company paid out more cash to its suppliers and vendors than the amount of the expenses included in the company’s net income. c. statement of cash flows. Computation For Account Payable Amount: If we look at the balance sheet of year 2017 the account payable is worth $35,000 while If we see on the balance of Account Payable at the year-end 2018 it increases to $70,000. For each of the following accounts indicate whether it is: (IS) – Closed to Income Summary (RE) – Closed to Retained Earnings (P) – A permanent account and not closed 1. Land j. It represents a sum that you don't actually own because you will soon have to pay it. The income statement reports all of the following except: A) … B) Income statement. 38. Cash c. Common Stock d. Accounts Receivable e. Rent Expense f. Service Revenue g. Office Supplies h. Dividends i. Periodic confirmation of accounts payable. C) Statement of retained earnings. Identifying accounts on the financial statements Consider the following accounts: a. Salaries Expense Identify the financial statement (or statements) that each account would appear on. a. What are Income Statement Accounts? Insurance Expense 11. Accounts Payable b. Which of the following is a control procedure that is usually applied to accounts payable? Accounts payable is a bookkeeping term that refers to the money you owe to private vendors, such as suppliers. Adjustments from Accrual to Cash. Fees Earned 9. Accounts Payable c. Common Stock d. Dividends 10. Since paying out cash is not good for a company’s cash balance, the decrease in accounts payable will appear in parentheses in the operating activities section of the SCF. On a financial statement, accounts payable appears on the debit portion of your balance sheet. 0 votes. Unearned Fees 4. D) Statement of cash flows. These accounts are usually positioned in the general ledger after the accounts used to compile the balance sheet.A larger organization may have hundreds or even thousands of income statement accounts, in order to track … Dividends 10. D) None of these answers are correct accounting-and-taxation; 0 Answers. 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