Stockholders of a corporation directly elect the president of the corporation the board of directors the treasurer of the corporation all of the employees of the corporation In the balance sheet the account Premium on Bonds Payable is added to Bonds Payable. deducted from Bonds Payable classified as a stockholders' equity account classified as a revenue account Liabilities are generally classified on a balance sheet as tangible liabilities and intangible liabilities current liabilities and long-term liabilities small liabilities and large liabilities present liabilities and future liabilities. Which of the following is not a significant dale with respect to dividends? The record date The incorporation date The payment date The declaration date At October I, 2015, Padilla Industries had an accounts payable balance of $40,000 During the month. the company made purchases on account of $33,000 and made payments on account of $4S.0()0 At October 31. 2015. the accounts payable balance is $25,000. $55,000. $121,000. $41,000. The operating expense section of an income statement for a wholesaler would not include cost of goods sold. utilities expense. insurance expense. freight-out. A current asset is the last asset purchased by a business. an asset which is currently being used to produce a product or service. usually found as a separate classification in the income statement. an asset that a company expects to convert to cash or use up within one year