Income taxes payable, Accounting Basics

Assignment Help:

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.


Related Discussions:- Income taxes payable

Accounting concepts, implication of applying accounting concepts

implication of applying accounting concepts

Total liabilities, A) During the year, total liabilities enhanced $106,010 ...

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

Social media, kind of information you would want to put on social media

kind of information you would want to put on social media

Need for adjusting entries, Q. Need for adjusting entries? The income s...

Q. Need for adjusting entries? The income statement of business information all revenues earned and all expenses incurred to generate those revenues during a given period. An i

Show approximation of periodicity, Q. Show Approximation of periodicity? ...

Q. Show Approximation of periodicity? Approximation and judgment because of periodicity To offer periodic financial information accountants must often estimate expected uncolle

Cost concept, The resources as machinery, property, buildings and land righ...

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

Debit credit, what is the basic meaning of debit and credit

what is the basic meaning of debit and credit

What is trial balance, Q. What is trial balance? The firm credits two A...

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

Accounts, entry for bad debts provision

entry for bad debts provision

What is sales discounts account, Q. What is Sales Discounts account? Th...

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

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd