Question

Yusef is an accountant for Kent Manufacturing. He is preparing the company’s annual statements and has compiled the value of the

A) Accounts payable
B) Total assets
C) Retained earnings
D) Net income

Answer 1

Accounts payable, Total assets, Retained earnings, and Net income are values included in a company's annual statements.

Step-by-step explanation:

In accounting, the value of Accounts payable refers to the amount of money that a company owes to its suppliers or creditors for goods or services received but not yet paid for. It is listed as a liability on the right side of a T-account.

The Total assets of a company represent the value of all its resources, including cash, inventory, buildings, and equipment. This is recorded on the left side of a T-account.

Retained earnings are the accumulated profits of a company that have not been distributed to shareholders as dividends. It is part of the equity or net worth of the company and included on the liabilities side of a T-account.

Net income is the difference between a company's total revenue and total expenses for a specific period. It represents the profit or loss generated by the company and is recorded on the income statement.