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What journal entries can you make to provide for income tax?
Debit income tax expensesCredit cash / bank
What effect will the declaration and distribution of a stock dividend have on the net income and cash flows?
19. What effect will the declaration and distribution of a stock dividend have on net income and cash flows? (Points : 2)No effect on net income or cash flowsNo effect on net income, decrease cash flowsDecrease net income, decrease cash flowsIncrease net income, no effect on cash flows
What is the journal entry for 'Received Fee Income in cash'?
[Debit] Cash / bank [Credit] Fee income
What was the difference between cash cropping and subsistence farming?
Cash cropping involves growing crops primarily for sale in markets or for profit, while subsistence farming focuses on growing crops for the sole purpose of feeding oneself and one's family. Cash cropping is more commercial and market-driven, aiming to generate income, while subsistence farming is more self-sufficient and focused on meeting basic food needs.
Are Stocks cash income even if they are not liquidated?
Stocks are not cash or income, they are an asset. Once they are sold, the value is "realized" in terms of income.
How to calculate net income when cash dividend is given?
Cash dividend paid has nothing to deal with net income as net income is calculated first and after that it is distributed. If cash dividend is received then it is included in net income calculations and increases the net income.
Is cash net income?
cash is not net income,it is part of wealth and can be used further in earning profit.
What is the difference between net cash provided by operating activities and net income?
Net income included the non cash items as well while in net cash from operations only cash items are included and net income is adjusted for non cash items.
Why do farmers grow cash crops?
To sell them and get cash/income
Why is that net income does not equal cash provided by operations?
Net cash flow and net profit is not same due to inclusion of non cash items in net income that's why net income is adjusted for non cash items while preparing cash flow from operating activities.
What is the difference between a cash budget and an income statement?
Income Statement is a financial statement which shows all the income and expenses of company, while cash statement shows the receipts and payments of company. In cash based accounting system cash statement is also work as a income statement as everything is dealt on cash bases but in accrual accounting tracking of receipts and payments and income and expense is a separate tasks.
What is the journal entry for interest income?
If you actually received the cash then the entry would be Cash Interest Revenue if you haven't yet received cash and are recognizing the interest income.. Interest Receivable Interest Revenue
