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Interest payable is the interest that has not yet been paid to the customer on the deposit.

Accrued interest is interest that is accumulated over a period ,especially from last payment made to the customer. The primary formula for calculating the interest accrued in a given period is: where, T = number of days in the period/number of days in the year

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16y ago

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Accounts payable vs bills payable?

account payable is a current liability for item purchased on credit


How do you make entry if owner draws money from company?

If the owner intends to pay back the money: Dr. Accounts Receivable and Cr. Cash. If the owner does not intend to pay it back but the company owes the owner money: Dr. Loan/P to Owner and Cr. Cash If the owner does not intend to pay it back and the company does not owe the owner money: Dr. Retained Earnings and Cr. Cash This would either be considered a dividend or a distribution, depending on the structure of the company (corporation vs. partnership vs. LLC vs. sole proprietorship) Alternately, it could be treated as Net Pay. In that case, you would "gross-up" the amount charged to Salary Expense as a Debit and Credit Payroll Taxes Payable and Credit Cash for the amount taken.


How would you report a college scholarship for tuition expenses on your tax return?

you don't have to report scholarships used for tuition and course-related expenses == ans == The prior response is wrong. Scholarships and grants may not be taxable, but the are absolutely reportable. Not reporting them (correctly) may make them taxable, with penalties and interest in fact. The way to determine what you need to do, especially as the terms get applied to things that may not qualify, or may actually qualify as certain types, or a rant Vs a scholarship Vs a stipend, Vs etc., (needing different reporting) is: http://www.irs.gov/publications/p970/ch01.html A "plain English" publication of the IRS that explains it, and gives examples fully.


What is the normal balance for an account payable?

There is no way to find out! But to help managers to take prudent decisions in their businesses is crucial the knowledge of financial state of the company which can be measured comparing current liabilities vs current assets (Income Statement). At no time the balance should be negative. If so, the company owes more than it produces. Good to recall that all expenses during the period is in accordance with the budget. Additional expenses should be revised first in the budget before authorisation - focusing always in saving costs.


What is the difference between and super bill vs charge slip?

Nothing..

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Accounts payable vs bills payable?

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Can you provide a visual representation of the principal vs interest graph for a loan?

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What does the mortgage interest vs principal graph show in terms of the breakdown of payments over time?

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Can you provide a detailed explanation of how to interpret an interest vs principal graph?

An interest vs principal graph shows the relationship between the amount of money paid towards interest and the amount paid towards the principal balance of a loan over time. The interest portion decreases as the loan is paid off, while the principal portion increases. This graph helps visualize how much of each payment goes towards interest and how much goes towards reducing the loan balance.


When is it beneficial to pay off debt vs putting money in a savings account?

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Why did white collar workers have more time off than blue colar workers?

White collar workers were more likely to be longer term employees with seniority and accrued benefits vs. hourly/labor employees receiving no such vacation from the union hall.


Why did white collar workers more time off than blue collar workers?

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Gross vs net income?

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