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How are corporate profits taxed?
Earnings are taxed first as corporate profits, then as personal income after dividends are paid.
Which accounts are closed in the closing entries?
Closing entries close out your temporary or "income statement" accounts, as well as your dividends paid account. All of your revenue accounts increase your retained earnings, expense accounts decrease retained earnings, and dividends paid decrease retained earnings.
What has no effect on retained earnings?
A transaction that only affects asset and/or liability accounts would have no impact on Retained Earnings. Such as paying an Accounts Payable invoice or receiving payment of an Accounts Receivable.
Which form of business is taxed twice?
C Corporations are taxed twice. Once on the Corporate earnings and then as dividends to the shareholders. What a rip off, eh.....
What are journal entries that are made to update accounts at the end of a period called?
Retained earnings
Do you get taxed on money saved?
Not taxed again on the after income tax money that you have saved but you are taxed on the earnings from the after income tax saved money.
How are corporate profits taxed?
Earnings are taxed first as corporate profits, then as personal income after dividends are paid.
Are earnings in a Roth IRA taxed when they are withdrawn?
Under current law - contributions taxed when contributed, not taxed when withdrawn. Earnings or investment gain (which remember to consider in any analysis would currently have only been taxable at the low capital gains rates in NON IRA situations)...not taxed on withdrawal either.
Which accounts are closed in the closing entries?
Closing entries close out your temporary or "income statement" accounts, as well as your dividends paid account. All of your revenue accounts increase your retained earnings, expense accounts decrease retained earnings, and dividends paid decrease retained earnings.
What resource accounts for roughly 90 of Botswana's export earnings?
The resource that accounts for roughly 90 percent of Botswana's export earnings are diamonds.
What has no effect on retained earnings?
A transaction that only affects asset and/or liability accounts would have no impact on Retained Earnings. Such as paying an Accounts Payable invoice or receiving payment of an Accounts Receivable.
Which form of business is taxed twice?
C Corporations are taxed twice. Once on the Corporate earnings and then as dividends to the shareholders. What a rip off, eh.....
Is part of your earnings invested in inventory that is not sold yet still taxable?
Yes if it is earned it will be taxed when other inventory will sold then that amount will also be taxed.
Are the American athletes taxed on their Olympic medals?
Yes, the only country to tax overseas earnings.
What is a closed revenue and expense account to retained earnings called?
When you close the accounts, it totals into retained earnings, so in turn, it is essentially retained earnings.
What is meant by saving bank account?
saving accounts earnings
What accounts for ninety percent of Botswana's export earnings?
slaves
