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Q. Income taxes payable?
Taxes withheld from employees comprise federal income taxes, state income taxes and social security taxes withheld from employees' pay checks. The company plans to pay these totals to the proper governmental agencies within a short period.
Income taxes payable are the taxes remunerated to the state and federal governments by a corporation on its income.
Interest payable is interest that the company has collected on notes or bonds but has not paid by the balance sheet date because it is not due until later.
Dividends payable or amounts the company has declared owed to stockholders represent a distribution of income. Since the corporation hasn't paid these declared dividends by the balance sheet date they are a liability.
implication of applying accounting concepts
A) During the year, total liabilities enhanced $106,010 and stockholders' equity reduced $67,590. What is the amount of total assets at the end of the year? B) If total assets e
kind of information you would want to put on social media
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Q. Show Approximation of periodicity? Approximation and judgment because of periodicity To offer periodic financial information accountants must often estimate expected uncolle
The resources as machinery, property, buildings and land rights etc. such a business owns are termed as assets. The money values allocated to assets are derived from the cost conce
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Q. What is trial balance? The firm credits two Accounts Payable and accounts Cash in this one entry. But the dollar totals of the debits and credits are equal. Cyclically accou
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Q. What is Sales Discounts account? The Sales Discounts account is the contra revenue account to the Sales account. In the income statement the seller deducts this contra reven
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