Match the selected items from a classified balance sheet and multiple-step income statement to the section in which they would appear on the classified balance sheet or the income statement.
-Income taxes payable
A)Current Assets (balance sheet)
B)Property, Plant, & Equipment (balance sheet)
C)Current Liabilities (balance sheet)
D)Long-term Liabilities (balance sheet)
E)Stockholders' Equity (balance sheet)
F)Operating Revenue (income statement)
G)Operating Expenses (income statement)
H)Other Revenue & Expenses (income statement)
I)Income Taxes (income statement)

Question

Quizplus · Accepted Answer

Income taxes payable are obligations that a company needs to pay within a year, so they are classified as current liabilities on the balance sheet.

Match the Selected Items from a Classified Balance Sheet and Multiple-Step