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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.
When common stock has a par value of $2 and a market value of $15: 1.) the liability of the stockholders is $13 per share 2.) there will be additional paid-in capital of $1
Liquid Extracts Company makes a line of fruit extracts for home use in making wine, jams and jellies, pies and meat sauces. Fruits enter the production process in pounds; the prod
How accounting helps in Internationalisation of businesses Internationalisation of businesses has created a need for accounting rules to have an international reach. It can no
what is meaning by parallel accounts
On october 31 A fund accrued 2000.00 for legal fees. In November 2000 the fund received an invoice. for October 2008 legal fees for an amount of $2500 and paid the invoice on Nov
dividend received rs 100was posted to debit to dividend account. the rectification entry n will be what?
office supplies on hand at year-end amounted to 3000.
journal entry fire insurance claim received for previous year is 50% of its original claim
Q. Show Transactions affecting the income statement? To continue to exist a business must be profitable. This signifies that the revenues earned by providing goods and services
The 31st December 2009 trial balance of Anika Co. reported the following information. Dr. Cr. Allowance for Bad Debts........................... $2,300 During the year 2010 t
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