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What else can I help you with?
How should the subsidiary's income be adjusted for intercompany transfers?
When adjusting a subsidiary's income for intercompany transfers, it is essential to eliminate any profits or losses that arise from transactions between the parent company and the subsidiary to avoid double counting in consolidated financial statements. This includes adjusting for unrealized profits on inventory, fixed assets, or services transferred between entities. Additionally, any intercompany financing should be accounted for to ensure that interest income or expense does not distort the subsidiary's income figures. Ultimately, these adjustments help present a true and fair view of the subsidiary's financial performance within the consolidated group.
Are TReasury I bonds taxable?
Treasury Notes, Bonds and such are direct obligations of the US Government. The interest on these is taxable by the Federal government but is exempt from all State and Local taxes. You should receive a form 1099-INT stating the amount of income in box 3 to include on your return. See the link for more indepth info...especially page 11.
Why should you keep records of income tax?
You should keep records of your income tax to prove you did it correctly if questioned later.
Where do you turn in certificate of accrual on treasury securities?
You should turn in the Certificate of Accrual on Treasury Securities (CATS) to the Bureau of the Fiscal Service, specifically the Treasury Retail Securities Site. You can submit it through their online system or by mailing it to the designated address provided by the Treasury. Always ensure you follow the specific instructions outlined on their official website for accurate processing.
Who should create the journal entry for interest income?
debit interest receivablecredit interest income
Why should you track and record you spending and income?
We can do it
Assume the cost method is used to account for treasury stock What should the gain on the sale of treasury stock be classified as?
According to US GAAP, any gains in the sale of treasury stock cannot be recognized as income throught the income statement but must be run through paid in capital.
Should Treasury be capitalized in secretary of the Treasury?
Yes, and so should the word secretary, so it would be "Secretary of the Treasury".
How do you treat unrealised foreign exchange gain or loss?
Unrealized foreign exchange gain or loss should be entered as Earnings Before Interests and Tax. To calculate, subtract operating expenses from operating revenue. Add any non-operating income for the total.
Is xxva benef us treasury 310 1010 taxable?
Yes, benefits received from the U.S. Treasury, such as those labeled as "xxva" or similar, are generally considered taxable income. Recipients should report these benefits on their federal income tax returns. It's advisable to consult IRS guidelines or a tax professional for specific tax implications related to individual situations.
Where should you invest these days to get safe monthly income?
All the financial advisors recommend that you try Municipal bonds. They currently have better yields than Treasury bonds, and money market accounts.
Should Treasury Department be capitalized?
Yes, "Treasury Department" should be capitalized because it is a proper noun referring to a specific government agency.
How should I create a journal entry to record an income tax refund?
To create a journal entry for recording an income tax refund, debit the cash account for the amount of the refund received and credit the income tax refund account. This will accurately reflect the increase in cash and the corresponding decrease in the income tax refund liability.
When do you capitalize the t in treasury?
The "T" in "treasury" is capitalized when it is part of a proper noun, like in the name of a specific treasury department or office (e.g., U.S. Treasury). Otherwise, in general use, "treasury" is written with a lowercase "t."
Are TReasury I bonds taxable?
Treasury Notes, Bonds and such are direct obligations of the US Government. The interest on these is taxable by the Federal government but is exempt from all State and Local taxes. You should receive a form 1099-INT stating the amount of income in box 3 to include on your return. See the link for more indepth info...especially page 11.
How does a company record a bill in its books that was forgiven by creditor?
When a company has a bill forgiven by a creditor, it must record the transaction by removing the liability from its books. This is done by debiting the liability account (e.g., Accounts Payable) to reflect that the obligation no longer exists. Simultaneously, the company should credit a revenue account, such as "Forgiven Debt Income" or "Other Income," to recognize the income from the forgiven amount. This ensures that the financial statements accurately reflect the company's improved financial position.
If the annual rate of interest on a 2 year treasury bond is 10.5 and the rate on a 1 year treasury bond is 12 what rate of interest should you expect on a 1 year treasury bond one year from now?
ANSER=12
