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Is rent income a asset liability or owners equity?
asset liability
Do dividends affect assets liabilities owners equity or neither?
liabilities
Is cash an asset liability or owners equity?
asset
True or false revenue is a decrease in owners equity?
False, as revenue increases the owners equity if expenses are less than revenues and vice versa.
Is wages expense a asset liability or owners equity?
neither
What is the explanation for the elements of financial statement?
asset, liability equity, investment by owners, distructions to onwners, comprehensive income, revenues, expenses, gains and lossesType your answer here...
Is rent income a asset liability or owners equity?
asset liability
Do dividends affect assets liabilities owners equity or neither?
liabilities
Why is owners equity regarded as a liability to the business?
Owners equity is the amount invested by the owner of business to the company and as a seperate entity it is the liability of the business to return back that amount to owners as owners are seperate entity to business.
Is cash an asset liability or owners equity?
asset
True or false revenue is a decrease in owners equity?
False, as revenue increases the owners equity if expenses are less than revenues and vice versa.
What are the subdivisions of owners equity?
the four subdivision of owner's equity are: Capitals Withdrawls Expenses Earnings (Revenues) DO NOT MISTAKEN ACCOUNT PAYABLES & RECEIVABLES AS BEING EXPENSES AND EARNINGS or REVENUES :)
Is wages expense a asset liability or owners equity?
neither
Why Liability equals Assets?
Assets- Liabilities = Owners Equity :)
What is an expanded basic accounting equation?
The expanded accounting equation replaces Owner's Equityin the basic accounting equation (Assets = Liabilities + Owner's Equity) with the following components: Owner's Capital + Revenues - Expenses - Owner's Draws. In other words, the expanded accounting equation for a sole proprietorship is: Assets = Liabilities + Owner's Capital + Revenues - Expenses - Owner's Draws.In the expanded accounting equation for a corporation, Stockholders' Equity in the basic accounting equation (Assets = Liabilities + Stockholders' Equity) is replaced by these components: Paid-in Capital + Revenues - Expenses - Dividends - Treasury Stock. The resulting expanded accounting equation for a corporation is: Assets = Liabilities + Paid-in Capital + Revenues - Expenses - Dividends - Treasury Stock.The expanded accounting equation allows you to see separately (1) the impact on equity from net income (increased by revenues, decreased by expenses), and (2) the effect of transactions with owners (draws, dividends, sale or purchase of ownership interest).
Why profit is at liability side?
Profit is part of owners equity that's why profit is shown as an addition to paid in capital or owners equity section and that's why it is also shown in liability side of balance sheet.
Do revenues have a credit or debit balances?
Revenue is an Owners Equity account therefore has a Credit Balance:
