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What else can I help you with?
Who does Residual income of a firm belongs to?
The residual income of the firm belongs to
The residual income of the firm belongs to?
residual income belongs to the common stockholders.
Are the income a balance sheet account?
Income is an income statement account and shown in income statement and not a balance sheet account.
What is The Income Summary account is used for?
Income summary is called the closing account, clearing account, nominal account,or temporary account?
What is the reason for using the Income Summary account?
Income summary is called the closing account, clearing account, nominal account,or temporary account?
Is a income tax benefit account a contra account of income tax expense?
The answer is no.A contra account to the "Income Tax Benefit (Deferred)" would be a "Income Tax Charge (Deferred)".
What entries can properly close a temporary account debit income summary credit?
Standard closing entries: Close Revenue accounts to Income Summary by debiting Revenue and crediting Income Summary. Close Expense accounts to Income Summary by debiting Income Summary and crediting Expense accounts. Close Income Summary to Capital account by debiting Income Summary and crediting Capital account. Close Withdrawals account to Capital account by debiting Capital account and crediting Withdrawals account.
Which account has a balance equal to net income immediately before it is closed?
income summary account.
Where will i put the accrued income?
When you accrue income, the debit is to a receivable account such as Accounts Receivable and the credit goes to the appropriate income account, such as Sales.
Where does reserve for depreciation go on the balance sheet?
accumulated depreciations are recorded in the liability side of the balance sheet as a deduction from concerned assets. it also shows in the debit side of profit and loss account as an expence
Is crediting your account an income?
no. it is not
How can you transfer black money in your account?
You better contact your Tax Advisor who will advise you the easiest method as desired by you. But beware ! you will loose peace of your mind, as Income Tax Officials will keep a close look and even ask for explanation for such swing of balance in your account.If they are not satisfied, they can confiscate your account.
