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

Wings inc., Wings Inc., a software development firm, has stock outstanding ...

Wings Inc., a software development firm, has stock outstanding as follows: 25,000 shares of cumulative 1%, preferred stock of $40 par, and 50,000 shares of $120 par common. Durin

Graham maintains that formulation and implementation, Graham maintains that...

Graham maintains that formulation and implementation are phases in the strategic management process. Yolanda maintains that evaluation and estimation are also part of this proc

Find out the present value of the profit, Oil production has been proposed ...

Oil production has been proposed for an area along the coast off Southern California. Oil production would jeopardize the use of beaches along 10 miles of coast which are a major v

Explain about the petty cash, Explain about the Petty Cash Petty Cash ...

Explain about the Petty Cash Petty Cash It is a small amount of money which is kept in the office for making small expenditures. ($10, $25, $50, etc.) Business will conclude

Excess payment to supplier, What process for excess payment to supplier I w...

What process for excess payment to supplier I would like know without adjusting invoice that means how supplier will send back surplus amount how do in oracle apps?          Ans

Generally accepted accounting principles, Some companies announce pro forma...

Some companies announce pro forma earnings and then disclose real earnings measured under US Generally Accepted Accounting Principles (GAAP) in their quarterly financial reports.

Advantages and disadvantages of fifo, Advantages and disadvantages of FIFO ...

Advantages and disadvantages of FIFO The FIFO method has four main advantages (a) it is easy to apply (b) the assumed flow of costs corresponds with the normal physical flow o

Most suitable method of controlling stock in a hotel bar, "Periodic Review"...

"Periodic Review" is the suitable method of controlling stock in hotel bar.

Explain about period costs, Q. Explain about Period costs? Period costs...

Q. Explain about Period costs? Period costs are costs not noticeable to specific products and expensed in the period incurred. Administrative and Selling costs are period costs

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