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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.
Because of the large number of accounting scandals that involved misclassification on the balance sheet, FASB has paid particular attention to classification of cash and receivable
Q. Cash collection as point of revenue recognition? Several small companies record revenues and expenses at the time of cash collection and payment which may not take place at
Q. What is Owners invested cash? When Metro Courier Inc was structured as a corporation on 2010 June 1 the company issued shares of capital stock for USD 30000 cash to Ron Chan
Required: Record the following transaction on the spreadsheet, total each column a. Issued 100 shares of common stock for $12 per share, par=$1, on Jan 15, 2011. b. On Feb. 5 pu
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The net cash provided by operating activities is affected by
stpes to be taken prepaing for final accounts
Q. Explain sales return? A sales return is merchandise return by a buyer. Buyers and Sellers regard a sales return as a cancellation of a sale. Otherwise some customers keep un
how do you find simple interest
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