Balance Sheets

Question 1

Which of the following is not found on the “Balance Sheet”?

1) Current Liabilities
2) Income Taxes Paid
3) Retained Earnings
4) Total Assets

Answer 1

2) Income Taxes Paid

“The “Balance Sheet” includes items the company “Owns (Assets), Owes (Liabilities), and Shareholders’ Equity”. Retained Earnings is found within Shareholders’ Equity. A company’s Income and Expenses are found on it’s Income Statement. Income Taxes Paid would be found on the Income Statement