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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.
stpes to be taken prepaing for final accounts
1-Aug-13 Started business by investing $20,000 from personal savings into a business' bank account and a car and furniture worth $90,000 and $30,000 respectively. 2-Aug-13 Purc
which career to look into when doing those subjects?
Sue, Scarlett and Sally are in a partnership together providing accounting services. The partnership uses the cash basis to account for income tax.
Q. What do you mean by Breakeven point? Breakeven point -- the amount of revenue from sales that exactly equals the amount ofexpense. Breakeven point is generally expressed as
When buying an owner operated business from a franchised organization is the previous store manager''s salary discretionary?? can they count that as net income to the new owner op
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Money owed by a business enterprise for merchandise bought on open account. It is also known as "A/R" or just "Receivables". Accounts Receivable is the quantity owed to a company
Adjusting entries in the general journal Be sure to put down the words "Adjusting Entries" at the beginning of journal after the last entry of month. By placing these words at
Q. Explain about Long-term assets? Long-term assets are assets that a business has on hand or else uses for a relatively long time. Examples include plant, property and equipme
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