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It shouldn't. Collections of sales tax results in a current liability, as the funds collected are supposed (stressed VERY heavily) to be remitted to the state. Some states give a credit of 1% or so of the collections as compensation for collecting, remitting and reporting sales tax collections, and THAT credit may be lumped into sales if the figure was small enough 0 typically it is. IE: $100 sale 6% tax - total received = $106.00 Debit - Cash $106.00
Credit - Sales Taxes Payable - ($ 6.00)
Credit - Sales ($100.00) Tax collected and paid never hits the income statement, it stays on the balance sheet.
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What are the Advantages of a profit and loss statement?
what are the advantages of profit and loss statement?
Where can I find a profit loss statement?
A profit loss statement is a statement that summarizes costs, expenses, and revenues. Microsoft office has a downloadable profit loss statement template. The link to this template is http://office.microsoft.com/en-us/templates/profit-and-loss-statement-TC001115484.aspx
What is a business profit-and-loss statement?
This statement is a projection of the sales expected in a given period of time, the cost of the merchandise that will be sold, and the operating expenses of the business.
What is statement of profit or loss?
A statement of profit and loss is the business income and expense statement which sumarises the total income and expenses coming to the total profit (or loss) of the business which is the defference between the income and expenses.
What is another name for profit and loss statement?
income statement
What are the Advantages of a profit and loss statement?
what are the advantages of profit and loss statement?
Is there a link to a profit loss statement online?
You can find a profit loss statement at www.accountingcoach.com/online-accounting-course/04Xpg01.html. If you have an accounting software they should also include one with that.
What needs to be included in a profit loss statement?
According to the Small Business Development site there are a number of things that need to be included in a profit and loss statement. Some of these include revenue, cost of goods sold, gross profit, expenses, and your net profit.
Where can I find a profit loss statement?
A profit loss statement is a statement that summarizes costs, expenses, and revenues. Microsoft office has a downloadable profit loss statement template. The link to this template is http://office.microsoft.com/en-us/templates/profit-and-loss-statement-TC001115484.aspx
What is a business profit-and-loss statement?
This statement is a projection of the sales expected in a given period of time, the cost of the merchandise that will be sold, and the operating expenses of the business.
What is statement of profit or loss?
A statement of profit and loss is the business income and expense statement which sumarises the total income and expenses coming to the total profit (or loss) of the business which is the defference between the income and expenses.
What statement have selling expense?
Profit and Loss Statement
What is another name for profit and loss statement?
income statement
What is the business definition for profit loss statement?
The business definition of the profit loss statement is a financial statement that explains your costs, expenses and revenues in a specific time period.
Where can you find sales figures for public companies?
Balance sheet and Profit and Loss statements of Public listed companies are available to general public for review. You can also request for full information, or buy it from the related government departments. Sales figures can be found in the Profit and Loss statement of a public company.
Explain how a business can earn a positive gross profit on its sales and still have a net loss?
A business can earn a positive gross profit on its sales and still have a net loss. The gross profit is simply the sales minus cost of goods sold. If the gross profit is less than expenditure, it will result into a net loss.
Why the statement of account is important for the organization?
a statement of account is like a profit and loss account you need to include you company revenue and that could let you know what your business is up to
