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

Contract Account, contractee account is it an assets account or expenses Ac...

contractee account is it an assets account or expenses Account

Trading security, Glaser Services obtained 30% of the outstanding common st...

Glaser Services obtained 30% of the outstanding common stock of Nickels Company on January 1, 2008, by paying $864,180 for the 48,010 shares. Nickels stated and paid $0.50 per shar

Allowance for uncertain accounts, Normal 0 false false fals...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Explain about depreciation, Q. Explain about Depreciation? Depreciation...

Q. Explain about Depreciation? Depreciation Just as prepaid rent and prepaid insurance indicate a gradual using up of a previously recorded asset thus does depreciation. But th

State the list of special journals, State the list of Special journals ...

State the list of Special journals Purchases - All credit purchases of merchandise Cash Payments - All payments of cash Sales - All credit sales of merchandise

Why you want to change from hardware sector to fmcg sector, This is due to ...

This is due to every organization wants profit to operate, and as results the fmcg gods turn to have a moving market than that of the hardware goods, because the products does not

Consolidation, I have an accounting consolidation project due may 15th I se...

I have an accounting consolidation project due may 15th I seen a problem here with the exception of a few # changes was wanting a quote to help with this project

The magnitude of operating leverage for perkins corporation, The magnitude ...

The magnitude of operating leverage for Perkins Corporation is 3.4 when sales are $100,000, if sales increase to $110,000, profits would be expected to increase by what percent?

Non performing asset?, An asset or account of borrower, which has been clas...

An asset or account of borrower, which has been classified by a bank or financial institution as sub-standard, doubtful or loss assets as per the guidelines issued by RBI. An

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