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Is a membership an intangible asset?
Membership paid out to a 3rd party is an expense and should be in the income statement. Membership income would be diferred income (a liability) until it can be recognised as revenue under IAS 18 then it'll be put in revenue within the income statement.
How do you treat income tax in a profit and loss statement?
In a Profit and Loss Account, you put income tax that you pay to the government in the third section, the appropriation account.
Where do you put cash gifts given on a 1040 tax form?
Where do i put cash gift on 1040
Do you pay taxes on 401k?
Generally, your contributions aren't taxed (put in before taxes), and your withdrawals are taxed.
Explain why noncollectable accounts have both income statement and balance sheet implication for accounts?
If you can't collect a receivable, you have to write it off. Doing so means you credit the receivable on the balance sheet and debit the income statement with bad debt expense. This entry essentially reverses the initial entry which recognized the revenue and put the receivable on the balance sheet in the first place.
How does Sale of a non-current asset on credit at its net book value affects Working capital?
Easy when a non asset is sold any gains/losses have to be put in the income statement and therefore the disposal is put in the net income in the cash flow statement.
Where to put payment of investment in subsidiary in the cash flow statement?
these payments will be shown in cash flow from investing activities.
Is donating plasma taxable income?
Yes - you must report it as "cash income - other".
Where do you put realized gains or losses in the cash flow statement?
operating activities
What is the meaning of a self certificate mortgage?
Simply put, a self certificate mortgage is a mortgage granted on an employee's statement of income as opposed to their employer's or accountant's statement of income.
Is a membership an intangible asset?
Membership paid out to a 3rd party is an expense and should be in the income statement. Membership income would be diferred income (a liability) until it can be recognised as revenue under IAS 18 then it'll be put in revenue within the income statement.
Where should you put the purchases and sales of inventories on credit on statement of cash flow?
in Account payable and account receivable
How do you treat income tax in a profit and loss statement?
In a Profit and Loss Account, you put income tax that you pay to the government in the third section, the appropriation account.
Discuss and explain the impact of finance on the financial statements?
Businesses regularly put out financial statements such as the income statement, balance sheet and statement of cash flows. When these financial statements are released, they can have large impacts on the business and on the investors of the company. Therefore, it is critical for the business to ensure that the information the statements present is correct. thank you Swarup Dey
Do churches give out donation statements?
Yes, most churches will give you a statement. If you give cash put it into an envelope and put your name on it. Make sure they have your street address and phone number so they can send a copy to you. Some will email you a statement.
What is cash received for previously performed work called in accounting?
Since you've already performed the work and now you are getting the "cash" for it, it's cash for account receivable or cash on account. The previous transaction of performing the work would have been put on the books as Account Receivable and Income, to correct the books and bring them up to date, the receipt of cash records in Cash (DBT) and AR (CR).
Where do you put cash gifts given on a 1040 tax form?
Where do i put cash gift on 1040
