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2 years ago

Liabilities are reported on the:____.

Business

1 answer:

ser-zykov [4K]2 years ago

5 0

Liabilities are reported on the balance sheet.

A liability is something which a person or any company owes, usually a sum of money. Liabilities are settled over time by the transfer of economic benefits i which includes money, goods, or services.

It is recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, bonds , deferred revenues, warranties, and accrued expenses.

Liabilities can also be contrasted with assets. Liabilities refer to the things that you owe or have borrowed.

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Before preparing the journal entry, the following calculations are made firs:

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Net cash flow from operating activities for 2021 Altoona Corporation was $300,000. The following items are reported on the finan

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Answer:

Altoona’s Net Income for 2021 was: $296,000

Explanation:

The Net Income can be determined by reconciling the Net cash flow from operating activities to Operating Profit as follows :

Net cash flow from operating activities $300,000

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Add Increase in accounts receivable $20,000

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Reconcile the non-cash items previously added or deducted from Net cash flow from operating activities and any changes to Working Capital accounted for in determination of Net cash flow from operating activities .

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