Which of the following items cannot be found on a firm's balance sheet under current liabilities? Group of answer choices

a. Short-term notes payable to the bank.

b. Cost of goods sold.

c. Accrued payroll taxes.

d. Accounts payable.

e. Accrued wages.

Question

Joselyn Patel

Business

14 April, 16:10

Which of the following items cannot be found on a firm's balance sheet under current liabilities? Group of answer choices

a. Short-term notes payable to the bank.

b. Cost of goods sold.

c. Accrued payroll taxes.

d. Accounts payable.

e. Accrued wages.

+4

Answers (1)

Know the Answer?

Yasmin Fletcher · Answer 1

b. Cost of goods sold.

Explanation:

Cost of goods sold cannot be found on a firm's balance sheet under current liabilities because it is adjusted with the revenue in the income statement to calculate gross income. It is an expense account and all the expense accounts are dealt in the Income statement and closed there. All the other option are the accounts of current liabilities, that are usually found in the balance sheet.

Which of the following items cannot be found on a firm's balance sheet under current liabilities? Group of answer choicesa. Short-term notes payable to the bank.b. Cost of goods sold.c. Accrued payroll taxes.d. Accounts payable.e. Accrued wages.

Which of the following items cannot be found on a firm's balance sheet under current liabilities? Group of answer choices

a. Short-term notes payable to the bank.

b. Cost of goods sold.

c. Accrued payroll taxes.

d. Accounts payable.

e. Accrued wages.