For each of the following accounts, indicate whether it is a balance sheet account or an income statement account.
-Income Taxes Payable
A)Balance sheet account
B)Income statement account

Question

Quizplus · Accepted Answer

Income Taxes Payable is a liability account that appears on the balance sheet. It represents taxes owed but not yet paid. It is not directly related to revenue or expenses, which are reported on the income statement.

For Each of the Following Accounts, Indicate Whether It Is