0
There is no clear accounting guidance under US GAAP and as such it is considered to be a policy election that needs to be disclosed within the footnotes and applied consistently. Warranty expense can be included as part of Cost of Sales or Operating Expenses. If you review public company financials you will see a 50/50 split.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
What is the difference between a bank statement and a statement of account?
Hello, A bank statement is a listing from the bank of the deposits to and withdrawals from a depositor's bank account. A statement of account is actually a billing statement - a documents that asks the person/ company to whom a statement of account is addressed to pay the amount stated in the said document. Tessjavier from the Philippines
What is a common sense approach to financial statement analysis?
First of all, I look at the company over time. Generally, I do a 10-year analysis, but then pay particular attention to the last 3 years. I do what's called a common size analysis. Instead of dollars, I convert the line items to percentages. The balance sheet items are shown as percent of total assets. The income statement items are shown as percent of sales. I look at the trends of the company over time and then compare it to the industry.
Monthly income is stated as your gross income net income or take-home pay?
To answer the question we should first define the point of view, which is determined by the purpose who or why do we want to make this differentiation. If we see it from the point of cost calculation in a company during head count budgeting or negotiation of the salary of a new hire or to determine your annual fiscal burden and where applicable any tax credits and other government grants, usually the gross income figure is used. If the purpose of stating the personal income is for credit rating, applying for a mortgage or loans, then only the disposable income matters, which is your take home pay. However there is still a difference to net pay, since the net pay is your gross income including payments inking less tax and other deductibles, which is not necessary your net cash in the pocket, as payment in kind are valuated in whatever currency, but obviously not paid out in cash.
How many years required to retain personal income tax records?
The length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must keep your records that support an item of income or deductions on a tax return until the period of limitations for that return runs out. The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or that the IRS can assess additional tax. The below information contains the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer to the period after the return was filed. Returns filed before the due date are treated as filed on the due date. Note: Keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you file an amended return. Go to the IRS gov web site and use the search box for How long should I keep records?
How long do you keep income taxes?
For more information go to the IRS gov website and use the search box for How long should I keep records? The length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must keep your records that support an item of income or deductions on a tax return until the period of limitations for that return runs out. The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or that the IRS can assess additional tax. The below information contains the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer to the period after the return was filed. Returns filed before the due date are treated as filed on the due date. Note: Keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you file an amended return.
Why is Loss on sale of fixed assets added back to operating cash flow?
It is added back in because it is an accounting expense, not a cash expense. So when you break down a Statement of cash flows you have three parts; Cash flow from operating activities (Think selling of goods), cash flow from investing activities (Think fixed assets) and cash flow from financing activities(Getting a loan, or issuing stock). We depreciate fixed assets (except for land, unless we are taking into account something like the amount of coal in coal mine). However like stated before, depreciation isn't a cash expense and if we look at an Income Statement we see that depreciation is one of the first things subtracted from the Income Statement balance and skews the Income statement. Hence the Statement of Cash Flows. So again, just think of it this way; it was money that was never really spent, so we need to add it back in. Hope you are able to see what I'm getting at, sorry if I made it hard to follow or was to redundant.
What does a bumper to bumper warranty cover in your car?
Unless otherwise stated in the warranty it covers everything on the vehicle.
What warranty is imposed by law and is understood to apply even though it has not been stated?
It is called an express warranty.
What legislation requires a warranty that states that a product will meet performance standards and affirms that a warranty can be stated or implied?
the Magnuson-Moss Warranty Act
What means statement?
The word "Statement" means a message that is stated or declared.
What are the advantages of a stated income home equity loan?
The advantages of a stated income home equity loan are: stated income loan applications require less paperwork and speed the lending process. Using these applications also means no written verifications are needed for income and no tax returns.
Who is elegible for a stated income mortgage?
Eligibility for a 'stated income mortgage' now requires documented proof of income, which, for the self employed, must include at least two tax returns.
what kind of documentation do i need for a stated income loan ?
A stated income loan approves you for a loan based on the amount on income a person states. The bank does not verify this income. The only documentation that may be required is a Form 4506.
What is stated in the sixteenth amendment?
Income tax
What are the standard exemptions to the Lenovo warranty?
Standard exemptions to the Lenovo Warranty state that their products have a 12 month warranty unless otherwise stated. This applies to batteries, stylus and digitizer pens.
Why wont the skullcandy warranty give me a UK option?
As stated on their website:'Skullcandy stands behind the quality of our products and our warranty. We are constantly working on improving the quality of our products.Warranty is not yet available online in Europe.All UK warranty cases are handled by Dynamic Distribution, our local distributor.Please contact them at the following e-mail address:warranty@dynamic-distribution.netOur warranty is valid for 24 months since date of purchase and covers manufacturing defects only. To claim your warranty you will need to provide a copy of the receipt or a copy of your bank statement.'
Exactly what is a Stated Income mortgage loan and is it riskier than other types?
Stated income basically means that you are not providing proof of your income but you are stating it. The risk is that the borrower may not have stable income and the lender may charge higher interest rates.
