Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 1 - Introduction to Financial Statements - Questions: 16

Answer

The liabilities are Accounts payable, salaries and wages payable and dividends.

Work Step by Step

Accounts payable are the amount that a firm owes to someone, therefore it is a liability. Wages and Salaries Payable are the salaries that the firm owes to the workers, thus it is a liability. Dividends are also a liability because the firm owes that amount to the shareholders. Cash, accounts receivables, supplies and equipment are assets. Service revenue is a form of income. Rent expense is an expense.
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.