How is sales tax recorded? Is it considered an expense of a business? Why or why not?

Q: Define Income and Business Taxation

A: Income is the money which is earned by the individual or any person during the year. Like for the…

Q: business taxation.

A: Business taxation  is about taxing the business. This is a term associated with the normal business…

Q: Which business enterprises pay untaxed profits to owners/partners who then pay the taxes on their…

A: Profits are referred to as the gains which a business earns when it sells the good or provides the…

Q: How could failing to collect sales tax result in a larger tax liability for a business than failing…

A: Taxable amount is the measurement of the amount of tax that needs to be paid by an individual or a…

Q: Is the income tax expense shown in the income statement same as the income tax paid shown in the…

A: Cash Flow Statement: Cash Flow Statement is a fundamental financial statement that renders valuable…

Q: How does payments for tax and licenses affect accounting equation

A: The accounting equation shows that the asset is equal to the sum of liabilities and stockholders'…

Q: how does taxes affect Businesses?

A: Taxes According to Tax laws Taxes means the levy of money which was imposed by the government…

Q: What is profit, how is it earned? Explain its effect on businesses.

A: The income statement is prepared to find net income or losses incurred during the period. This is a…

Q: How do business owners determine their taxable income from their business ventures? How does this…

A: The given answer for the above mentioned question is given in the following steps for your…

Q: Which of the following is not an income for income tax purposes?

A: Assuming the question related to tax in Phillipines ---…

Q: why is inventory management important in tax planning

A: why is inventory management important in tax planning answer tax planning means the planning of tax…

Q: True or False: The income a U.S. company reports to the IRS (i.e. to calculate taxes), could be…

A: The income in the income statement is different from those the tax authorities choose and pay taxes…

Q: Property and income taxes are more popular than sales taxes and user charges? True or False

A: Taxes are the fees charged by the government to collect revenue and run the country. The money…

Q: assumption made for the tax effect method of accounting for a company’s income tax

A: Option A is wrong because an accounting balance sheet and a tax balance sheet will be different.…

Q: similarities between income taxation and business taxation?

A: Income taxation and business taxation are terms used related to taxation.

Q: Income Taxation What did you learn in the subject income taxation

A: Learning from income tax   1) Income tax collection is maintained by the internal revenue services…

Q: Identify which statement is incorrect:    Sale of goods or services by any person or entity may…

A: Tax is the amount of duty payable to government upon the happening of certain business transactions,…

Q: What is the impact of deferred annuities in consideration to business matter?

A: The legal contract between any entity and an insurance company is a deferred annuity contract. The…

Q: How does net income affect the operation of the business?

A: The bottom line of income statement is net income. It’s the outcome of sales and gains minus the…

Q: What is the sales tax? Is it an expense or a liability?

A: Sales tax is the tax on sales which is levied by the government. However, sales tax is an indirect…

Q: Is the income tax expense shown in the income statement same as the income tax paid shown in the…

A:

Q: Under what responsibility would investigating tax fraud be? tax accounting, Financial Accounting, or…

A: Tax fraud is a type of deception by misrepresenting or suppressing taxable income to evade or reduce…

Q: why the tax expense show in the income statement are different from tax paid in cash flow statement

A: Tax:   It is a compulsory payment imposed on individuals or entities on the basis of their income…

Q: How do I calculate the amount of sales tax that is included in total receipts?

A: Sales tax = Actual sales * Tax rate

Q: l financing affects tax liability

A: Step 1 Debt financing is well regulated under U.S. tax law. Businesses can deduct interest payments…

Q: Discuss how a sales tax is regressive.

A: 1. Regressive Tax - Regressive Tax is a tax on the amount which decreases subject to the amount…

Q: What is difference in conventional income statement and a commercial bank’s income statement?…

A: Financial statements are essentially prepared in order to understand the performance of a company.…

Q: Which of the following is not a common difference between net business income on the books…

A: * As per Bartleby policy, if question are unrelated then answer first only. As per IRS , business…

Q: Why there is a difference among the company tax rate times with the firm’s accounting income?…

A: In accrual accounting, an expense that arises from the recognition of a liability must be measured…

Q: We tax net income? What economic distortions would occur if we taxed gross receipts?

A: Gross income is the income to the company or an individual after operating activities or providing…

Q: Sale of goods or services by any person or entity may result to the payment of income tax.

A: Option a is wrong because sale of goods or services itself does not result in the payment of income…

Q: Which of the following statements is true about sales tax? O a. Sales tax is collected by retailers…

A: Sales: It can be defined as the selling of goods and services by the business to its customers.

Q: ages for cost of inve gal business mbling activities

A: Gross Income - It is the total income from all sources i.e. business or services, returns,…

Q: How is a business activity distinguished from an investment activity? why is this distinction…

A:

Q: What are the differences between income taxation and business taxation?

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: For purposes of the accumulated earnings tax, earnings can be accumulated for reasonable needs of…

A: An accumulated earnings tax is the tax that is imposed by the government on companies that…

Q: Why company tax rate is always different from company accounting income?

A: There is no possible comparison between the corporate tax rate and accounting income directly. The…

Q: Explain how to record sales tax.

A: Sales tax: It is a tax that the Company collects from the customer when the sale is made on cash or…

Q: What do accountants mean by the term revenue?

A: Revenue is the sum that a corporation earns from selling products and/or supplying its clients and…

Q: why is inventory tax management important

A: Inventory management is a prime component of COGS (cost of goods sold) and therefore its a key…

Q: Which of the following would be included in the journal entry to record the payment of accrued sales…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: What form of business pays personal income tax?

A: Income tax, as the name suggests, is calculated on the income of assessee and payable according to…

Q: Describe the fundamentals of accounting for income taxes.

A: