Which of the following items does not appear on the balance sheet of a partnership?
A) Accounts Receivable
B) Equipment
C) Accounts Payable
D) Income tax payable

Question

Quizplus · Accepted Answer

Income tax payable is not typically found on a partnership balance sheet as the partners individually report their share of the partnership's income on their personal tax returns. Accounts Receivable, Equipment, and Accounts Payable are common items on a partnership balance sheet.

Which of the Following Items Does Not Appear on the Balance