0
An excess of income taxes expense over income taxes payable for a period is associated with?
Wiki User
∙ 11y ago
a credit to deferred income taxes payable
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Is tax payable on income an expense?
Taxes are payable on income less expenses
Is income tax a current liability or an expense?
Accrued income tax (Income Tax Payable) is a current liability. When the tax is actually paid it is reported on the income statement as Income Tax Expense.
What is the difference between income tax expense and income tax payable?
Income statement & balance sheet.
What is the accounting entry for the Provision of Income Tax?
dr. income tax expense cr. income tax payable
How do record accrural of federal unemployment TAX?
Debit: Income tax expense Credit: Income tax payable
Is accrued expense a financial liability?
If you are doing adjusting entries, an accrued expense will affect a balance sheet account (payable) and an income statement account (expense). Such as accrued interest at the end of year would be: Interest Expense (Debit) Interest Payable (Credit)
Are dividends payable an expense or owner equity?
Dividend payable are from current year's net income portion it is liability of business as soon as dividend declared.
What is the journal entry for accrued interest expense on Notes Payable?
debit interest expense, credit interest payable for the accrued amount
What is the journal entry for Interest due but not received?
debit interest receivablecredit interest income
The result of interperiod tax allocation is that?
The income tax expense on the income statement is the sum of the income taxes payable for the year and the changes in deferred tax asset or liability balances for the year.
Are wages payable listed on an income statement?
No, but Wages Expense would be listed on the income statement.Wages Payable would be a liability account, and would be shown on the Balance Sheet under current liabilities. This account would state how much the company still owes its employees for services rendered.Wages Expense, on the other hand, would be the expense recognized in the year (shown on the income statement) for the services of the company's employees, whether the amounts have been paid out or not.
Do accruals go in the income statement?
It depends on transactions all receivables and payable are part of balance sheet while actual revenue or expense in part of income statement.
