Answer:
On the following financial statements, accounts receivable will appear as an asset on the balance sheet.
Step-by-step explanation:
The balance sheet is a financial statement that shows a company's financial position at a specific point in time. It includes a list of the company's assets, liabilities, and equity. Assets are resources that are owned by the company and have monetary value, such as cash, investments, and accounts receivable. Liabilities are obligations that the company owes to others, such as loans, taxes, and accounts payable. Equity represents the residual interest in the assets of the company, and is calculated as the difference between the assets and liabilities.
Accounts receivable is an asset that represents money that is owed to the company by its customers for goods or services that have been delivered but not yet paid for. It is recorded on the balance sheet as an asset because it represents a future economic benefit that the company expects to receive.
On the other hand, the income statement is a financial statement that shows a company's revenues, expenses, and net income (or loss) over a specific period of time. It does not include accounts receivable. Instead, it includes revenue, which is the money that a company earns from the sale of goods or services, and expenses, which are the costs incurred in the process of earning revenue.
Therefore, accounts receivable will appear as an asset on the balance sheet, but it will not appear on the income statement.