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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
What else can I help you with?
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..
Accounts payable vs bills payable?
account payable is a current liability for item purchased on credit
Fixed Rate Mortgage vs. Interest Only Mortgage?
Fixed Rate Mortgage vs. Interest Only Mortgage A fixed rate mortgage has the same payment for the entire term of the loan. Use this calculator to compare a fixed rate mortgage to Interest Only Mortgage.
What problems did the Founders have with interest groups?
Northern merchants vs southern planters, states rights vs a strong federal government are a couple
Can you provide a visual representation of the principal vs interest graph for a loan?
I'm unable to provide visual representations. However, the principal vs. interest graph for a loan typically shows the decreasing principal balance over time as payments are made, with interest decreasing as the principal balance decreases.
What does the mortgage interest vs principal graph show in terms of the breakdown of payments over time?
The mortgage interest vs principal graph shows how the payments are divided between paying off the interest and the principal amount of the loan over time. Initially, a larger portion of the payment goes towards paying off the interest, but as time goes on, more of the payment goes towards paying off the principal.
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?
How much you owe and what the interest rate is.
What is literary conflict?
Literary conflict refers to the struggle or tension between characters or opposing forces in a story. This conflict drives the plot forward and creates interest for the reader. It can manifest in various forms such as man vs. man, man vs. self, man vs. nature, and man vs. society.
Is smackdown vs raw 2010 a good game?
It's a very good game for people who have an interest towards wreslting.
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?
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.
Gross vs net income?
Gross and NetGross refers to the total and Net refers to the part of the total that really matters.Gross vs Net IncomeIn accounting, for a P&L (profit and loss statement, Gross profit, or Gross income, or Gross operating profit is the difference between revenue and the cost of making a product or providing a service, before deducting overheads,payroll, taxation, and interest payments. Net profit is equal to the gross profit minus overheads minus interest payable plus one off items for a given time period.Gross Margin vs Net MarginGross margin is the ratio of gross profit to revenue. Net margin is the ratio of net profit to revenue.Gross is the profit from the transaction without deduction. Net is the profit from the transaction after deducting cost of goods and cost of the sale (manpower, taxes, rent, etc.)
