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I believe that you mean Earned Income Credit. This was designed to be a helping hand for people who had children and were working but made smaller amount of money. It has grown out of control like most government programs and has become a lump sum welfare program. I would estimate that 40-60% of the payments are now fraudulent with people trading children, claiming children who aren't theirs, and claiming fraudulent income. Parents are also stating they are single when they aren't. They also will only work to make the amounts that max their EITC. People who earn 9,000 to 14,000 with two children can get $5500 without paying a cent during the year. Often times you get people who are married, lie stating they are single parents and both will get this much money, not including Child Tax Credits and other credits that can really add up. They could be caught so easy but the government doesn't seem to want to catch them. Sorry for my rant.
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Journal entry for unearned interest income?
[Debit] Cash / bank [Credit] Unearned Interest Income
What is the journal entry for unearned income?
debit unearned incomecredit services liability
Do you have to record unearned revenues on income statement?
No. Unearned Revenues are recorded on the Balance Sheet.
Unearned rental income is disclosed under which section of the Balance Sheet?
unearned rental income is disclosed under which part? asset or liability?
Is unearned revenue recorded on the balance sheet or the income statement?
unearned income is to be shown as a liability in balance sheet until the commitment for such receipt is satisfied.
Why land rent is considered as an Unearned income?
land rent is an unearned income
What are income transfers?
unearned income
Income received in advance journal entry?
income recived a/c dr to unearned income
Journal entry for unearned interest income?
[Debit] Cash / bank [Credit] Unearned Interest Income
Difference between earned and unearned income?
earned income: your paycheck, and salary unearned income: interest on ur savings, interest ;)
What is the journal entry for unearned income?
debit unearned incomecredit services liability
What is Earned and unearned income?
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Do you have to record unearned revenues on income statement?
No. Unearned Revenues are recorded on the Balance Sheet.
Unearned rental income is disclosed under which section of the Balance Sheet?
unearned rental income is disclosed under which part? asset or liability?
What is a sentence for unearned?
where does that unearned income goes? This is one of many examples for sentence use.
What the best definition of unearned income?
Unearned income is any income that was not paid as part of the compensation for services provided by the taxpayer.An example is income that is generated as a result of investments, properties, stocks and bonds, etc.
Is unearned revenue recorded on the balance sheet or the income statement?
unearned income is to be shown as a liability in balance sheet until the commitment for such receipt is satisfied.
