How will you entry income from subsidiary in income statement?
When there is a parent child relation available then
consolidated income statement is prepared in which expenses and
income of parent and subsidiary are shown in one single financial
statement due to which net profit or loss for whole organization is
A company's month-end adjusting entry for Insurance Expense is 1000 If this entry is not made then expenses are understated by 1000 and net income is overstated by 1000?
Where any company holds more then 50% shares in any other company then that company holding more then 50% shares is called "PARENT COMPANY" while the company whose shares are hold by the parent company is called "Subsidiary company" So where there is a parent and subsidiary relationship is exists then it is the requirement of parent company to show the interest in subsidiary company as well as results of it's own operations in one…
What is difference between a merchandising company income statement and manufacturing company income statement?
What a projected income statement. In your explanation outline the purpose of a projected income statement?
Projected income statement means the preparation of propose or expected income statement of future or predicting the future income statement based on certain assumptions. Purpose of projected income statement is to find out or predicting the future of business by analyzing different scenarios in planning phase of business.
How do you pass journal entry of income for which contract has made income will be received in future in installments basis?
How does depreciation expense on the income statement relate to accumulated depreciation on the balance sheet?
There is some difference in financial statement income as well as taxable income as in financial statement income there are items which are not allowed by tax authorities and main item is depreciation. Other factors are that tax is deducted on income which is received while in financial statement income included revenue which is not received or accrual items that needs to be adjusted as well that's why financial statement income and taxable income is…