Which of the following would be listed in the liabilities section of the balance sheet?
A) Retained earnings
B) Common equity
C) Wages payable
D) Net income

Question

Quizplus · Accepted Answer

Wages payable is a current liability that represents the amount owed by a company to its employees for work they have performed but not yet been paid for. Retained earnings (A) and common equity (B) are both components of the shareholder's equity section of the balance sheet. Net income (D) is not a liability; it is a component of the income statement.

Which of the Following Would Be Listed in the Liabilities