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What is the difference between income tax expense and income tax payable?
Income statement & balance sheet.
Is rent expense credit or debit?
As all expenses has debit balance as normal balance and rent is also expense then rent expense also has debit balance and shown in income statement as a reduction from revenue.
Is dividend paid an expense in income statement?
No a dividend is not an expense. It is generally a reduction of retained earnings in the equity section of the balance sheet.
Accumulated Depreciation is reported on the income statement?
Accumulated Depreciation is reported on the balance sheetbecause it deals with the assets. However, depreciation expense is mentioned on the income statement.
Is Accumulated Depreciation is reported on the income statement?
Accumulated Depreciation is reported on the balance sheetbecause it deals with the assets. However, depreciation expense is mentioned on the income statement.
What is the difference between income tax expense and income tax payable?
Income statement & balance sheet.
Where does electricity go on the balance sheet?
Electricity is not part of balance sheet rather it is an expense and it is shown in income statement of business as expense.
Is expense a debit on the income statement?
All expenses have debit balance as normal accounting balance so all expenses shown on debit side of income statement.
Is rent expense is credit?
As all expenses has debit balance as normal balance and rent is also expense then rent expense also has debit balance and shown in income statement as a reduction from revenue.
Is rent expense credit or debit?
As all expenses has debit balance as normal balance and rent is also expense then rent expense also has debit balance and shown in income statement as a reduction from revenue.
What part of the elements of financial statements does inventory bleong to?
Inventory is part of Balance sheet as well as income statement. Inventory is shown as an asset in balance sheet and as an expense when used in income statement.
Is dividend paid an expense in income statement?
No a dividend is not an expense. It is generally a reduction of retained earnings in the equity section of the balance sheet.
When is Bad debt expense removed from the balance sheet?
Bad Debt Expense does not appear on the balance sheet. It is only on the income statement. Allowance for Uncollectible Accounts does appear on the balance sheet.
What should rent be classified as on a balance sheet?
Rent is not a balance sheet account, it is an expense, hence an income statement account.
Accumulated Depreciation is reported on the income statement?
Accumulated Depreciation is reported on the balance sheetbecause it deals with the assets. However, depreciation expense is mentioned on the income statement.
Is Accumulated Depreciation is reported on the income statement?
Accumulated Depreciation is reported on the balance sheetbecause it deals with the assets. However, depreciation expense is mentioned on the income statement.
Is Unexpired insurance for the fiscal period represents asset expense?
Unexpired insurance for the fiscal period is considered an asset, specifically a prepaid expense, rather than an expense. This is because it represents a payment made for insurance coverage that extends beyond the current accounting period, providing future economic benefits. As time passes and the coverage period elapses, the prepaid insurance will then be recognized as an expense in the income statement.
