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Where does interest expense in the income statement?
Interest expense is shown at debit side of income statement because it is an expense for business.
Unused fees on credit line should be operating expenses or interest expense?
Interest Expense
Can you deduct credit card interest as a business expense?
No, credit card interest cannot be deducted as a business expense.
The number of times interest charges are earned is computed as?
Type y income before income tax plus interest expense, divided by interest expense our answer here...
What is spread ratio?
Spread Ratio: Interest Earned / Interest Expense
When would a business have negative interest income?
It wouldn't be a negative.....if you're looking at an annual filing and it shows a positive interest expense line and a negative interest income line....it doesn't mean that the interest income is actually negative....it offsets the interest expense...since all positive amounts are actually being deducted from Net Sales
What journal entry accrues interest expense?
DR - Interest Expense CR - Interest Payable
Is interest expense a selling or general and administrative expense?
Interest expense is neither selling or administrative, and it's too significant to be called a general expense. Interest expense is usually called a finance expense and is usually listed separately from SG&A, on the Income Statement
Where does interest expense in the income statement?
Interest expense is shown at debit side of income statement because it is an expense for business.
What is the journal entry to record accrued interest expense?
Debit Accrued Interest Expense Credit Accrued Interest Payable
Unused fees on credit line should be operating expenses or interest expense?
Interest Expense
Why debenture interest is expense but not within operating expense?
Issuance of debendutres is not an operating activity that's why interest on debenture is also a non operating expense
How is Interest Expense with a credit balance classified in the financial statements?
An Interest Expense with a credit balance is reclassified as Interest Payable on the Balance Sheet.
Can you deduct credit card interest as a business expense?
No, credit card interest cannot be deducted as a business expense.
Is interest expense listed on the income statement as an operating expense?
yes
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)
What is interest expense on balance sheet?
When you pay back a loan or mortgage, part of each payment is interest, the rest is principal. For the interest part you would have Interest Expense, for the principal part something like Mortgage Expense.
