How do defreinciate between a accured income and prepaid income

Q: Find the gross income, the adjusted gross income, and the taxable income.

A: Answer: Gross income is the total earned income. When any exempt income is adjusted in gross income,…

Q: Calculate the adjusted net income

A: Adjusted net income of the business shows all incomes and all expenses of the business and at the…

Q: What is a summary income account?

A: Lets understand the basics. For recording the financial event and transaction, we pass the journal…

Q: How do I determine net income

A: Net Income/Loss earned during a particular period is computed by drawing the statement of Income for…

Q: WHAT IS THE TOTAL COMPREHENSIVE INCOME

A: Incomes routed through profit and loss are shown pretax and at the end the income tax is reduced…

Q: How much income should be declared by Junnel?

A: When creditor foregoes part/full claim and the creditor also pays cash, then these 2 are considered…

Q: how do you calculate the net income

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: How to prepare pro-forma income statement?

A: Income statement is a statement which shows all incomes, expenses for calculation of net profit or…

Q: Define accrual-basis net income.

A: Accrual Basis accounting: Under the accrual basis. the revenue and expenses are recorded accreting…

Q: what are contrast economic concepts of income from reported income?

A: As per the income statement, the reported income refers to the income left after subtracting the…

Q: Calculate Net interest Income Non-interest income Non-interest expenses

A: Given a  statement of the balance of a bank and we need to find out the interest income noninterest…

Q: What is accured expenses with example

A: Definition: Expenses: Expenses are costs incurred for the operations of a business. The costs…

Q: Which are the total interest expense in the income statement?

A: Interest expenses mean costs related to financing. It is also called finance costs. From the above…

Q: What is the income under accrual basis?

A: Accrual basis is method used by the company to record its transaction in the books. In this method,…

Q: Convert from cash-basis net income to accrual-basis net income

A: Cash basis : Under cash basis of accounting, revenues and expenses are recorded only when cash is…

Q: How to get the gross taxable compensation income?

A: Gross taxable compensation income: This is the amount that helps to know an individual, association…

Q: Definition of income measurement?

A: The income statement is one of the financial statement of the business.

Q: What is the net income What is the total comprehensive income/loss?

A: Comprehensive Income has all increases in equity over a lifetime, with the exception of those…

Q: What is meant by net income and net loss?

A: When the company has more amount of revenue it would have positive income whereas when company has…

Q: How do you determine net income applying the accrual accounting model?

A: Accrual Accounting Model:This method is a widely used basis of accounting that suggests the timing…

Q: Define net income and explain its computation.

A: Net income is the amount of income which is left over revenue after all the expenses have been…

Q: allocation of income or loss to have economic effect

A: Income or loss is the net result of operational activities of a business conducted during a…

Q: compute the gross taxable income

A: As per Bartleby guidelines, in the case of multi-part questions, we are only allowed to answer the…

Q: How to compute the amount of net income or net loss

A: Net Income or net loss is computed by preparing the income statement.The first step in computing the…

Q: What is referred by unearned income? How is it adjusted in the final accounts?

A: Unearned income:Unearned income is known as deferred income or deferred revenue. It is the money…

Q: Explain how to report various income items.

A: Introduction Income/Revenue is the money received from business/profession/service. There are many…

Q: erence between financial income and taxable income?

A: 7 Correct answer :- A Premium paid for officers life insurance   8 Correct answer :- C The…

Q: What is the net income

A: Income refers to the revenue which is received by the business when goods and services are sold or…

Q: What is unearned income ,income recived  in advance ?

A: Unearned income or Income received  in advance: Earned revenue that represents to a future…

Q: Net income calculated

A: Net income represents the income eared by the company that is presented in the income statement.

Q: What is the net income?

A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…

Q: What is gross income?

A: The concept of gross income can be understood in two contexts 1. for corporates 2. for individuals

Q: What are the definition criteria of an income and an expense?

A: Ans. Income is money what an individual or business receives in exchange for producing goods or…

Q: - unearned income

A: Unearned income is the income for which right to recognize income is not established yet.

Q: What is the tabular approach for finding the net income?

A: Net Income is the profit calculated after deducting all the expenses and paying off all the…

Q: How is the earned income credit determined?

A: Earned income credit: Earned income credit is a refundable tax credit system designed by the federal…

Q: What is the definition of gross income? “Gross income includes all income unless….”

A: As the name itself suggests that all kinds of incomes are included while computing gross income.

Q: Definitions of Common Income and Expense Items

A: Common Income can have following definitions: Common income is the excess of revenue over costs for…

Q: What is the difference of net income and gross income?

A: The answer is provided as follows:

Q: What is the definition of 'taxable income'?

A: Income: Income includes the income of an individual in the form of wages, salary, pension, etc. The…

Q: Define components of net income.

A: Net income: Net income is the excess amount of revenue after deducting all the expenses of a…

Q: Define net income.

A: Definition:   Earnings: The bottom line of an income statement which is the result of excess…

Q: How is net income calculated? Define revenues and expenses?

A: Formula to calculate net income :Net income = Sales revenue + Interest revenue - (Total expenses +…

Q: What does it mean when you have a debit balance of accrued interest income? Does a Debit balance…

A: The accrued expenses are the expenses incurred but not paid yet and hence are recorded as liability.…

Q: Explain the nature of net income, revenue, andexpenses.

A: Revenues means all operating and non operating revenues of the business for a particular period of…