WebAccountant of abc has given the thanks for this kindness and told to show now it as asset in your balance sheet and it will automatically decrease your outstanding expenses liability with $ 60,000. Again Vijay followed his truthful duty and showed $ 60,000 in his balance sheet asset side as paid of previous year outstanding expenses of abc. WebNov 25, 2024 · Assets $26,000 in cash $4,000 in equipment (MacBooks) = Liabilities $0 + Equity $30,000 in stock (you and Anne) Example #2: Taking out a loan. Now let’s say you …

Are You an Asset or a Liability? What Does Your Employer Think?

WebMar 13, 2024 · If assets are classified based on their convertibility into cash, assets are classified as either current assets or fixed assets. An alternative expression of this … WebApr 14, 2024 · 39 views, 1 likes, 0 loves, 2 comments, 1 shares, Facebook Watch Videos from Pointe FM 99.1: POINTE FM MID-MORNING NEWS oxfords lace up

Is outstanding expenses asset or liability?

WebThe salary Due or Outstanding is the liabilities of the business. According to the rules of accounting, the increase in liability is credited, Therefore, the Outstanding salary account … WebOutstanding salary means unpaid or pending amount of salary. It is treated as liability and shown in the liability side of balance sheet, and added in salary in profit and loss account … WebNov 16, 2010 · Study now. See answer (1) Copy. It's neither assets nor liability if a salary is already paid, it's called expense. But a salary before the payment would be called liability and after the payment ... jefferies analysts