The letter of credit-payable balance sheet account has a zero balance. The advisory fee and bank charge appear on the income statement.

Castellum, Inc. (NYSE-American: CTM) (“Castellum” or “CTM”) entered into an amendment to a letter agreement to, among other things, reduce the principal balance on two notes payable to ...

Accounts payable is not classified among expenses, which are found on the income statement. Instead, payables are booked as liabilities and are found on the balance sheet. AP includes these ...