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Income is money coming in; it could be wages or capital gains, or interest on money invested.
Interest is a percentage of money owed added to your bill when borrowing money, or the amount that you earn on money invested.
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∙ 14y ago
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Difference between earned and unearned income?
earned income: your paycheck, and salary unearned income: interest on ur savings, interest ;)
What is the difference between net interest margin and net spread?
net interest margin=(Income interest-Expense interest)/average earning assets net spread=Income interest/average earning assets - Expense interest/average deposits and other funds
Is interest income reportable?
Earned interest is reported as income.
What is the difference between gross income net income and taxable income?
Gross income is the raw income earned while net income is after deductions of interest taxes while taxable income is that income on which tax is calculated.
What is the journal entry for accrued interest income from an investment?
Debit interest receivableCredit interest income
What is the journal entry to record accrued interest income?
debit interest receivablecredit interest income
Who should create the journal entry for interest income?
debit interest receivablecredit interest income
Is interest income is debit or credit?
Interest income would be a credit entry, as it increases a form of revenue. If the interest income is received in cash, the entry would be: Dr Cash Cr Interest income If the income was not yet received but will be at a later date, the entry would be: Dr Interest receivable Cr Interest income In either case, the Interest income account would be credited.
What is the relation between price and demand?
There is inverse relation between demand and price it means if one increase the other will decrease and vice versa. the inverse relation exit between demand and price due to three reason Diminshing of marginal utility Income effect Substitute effectc
Is interest income an expense asset or liability?
Interest income is part of revenue.
What is gross interest income?
It is income on interest (from savings) that has not been subject to tax
What is the difference between interest coverage ratio and debt coverage ratio?
Interest coverage ratio, is net operating income + accrual/ interest That is whether the company can cater for the interest portion.
