What is generally not a deductible business expense on Schedule C?

Q: accounting income and taxable income?

A: Accounting Income -: Accounting Income is the revenue a firm earns or keeps after paying off all…

Q: What types of ordinary and statutory income do not constitute assessable income?

A: Ordinary Income is that income which is taxable at ordinary rates or earned from working. Like…

Q: Sometimes a temporary difference will produce future deductible amounts. Explain what is meant by…

A: The future deductible amount caused by temporary difference means that the taxable income can be…

Q: How much shall form part of the ordinary allowable itemized deductions from gross income?

A: Deductions are the amount of money which has been allowed by the tax authority through which the…

Q: Is all accounting income taxable? is there any accounting income that is not taxable? Please Explain…

A: Accounting income is the profit left over after all applicable expenses have been deducted from…

Q: Which of the following may not form part of the regular itemized deductions from the gross income? *…

A: Itemized deductions: These are the Expenses which are deductible from the gross total income.  The…

Q: The following are deductions from items of income, except: *   Cost of sales or service Regular…

A: 1) Cost of sales or service refers to the direct cost of producing the goods sold by a company. It…

Q: An example of an expense classifi cation by function is: A . tax expense.

A: Expenses in the Income Statement are classified into two types: Expense by nature Expense by…

Q: Why do deferred taxes arise

A: The deferred taxes usually arise when there is balance of over or advance payment of taxes to an…

Q: kable income and accounting inco epreciation expense terest expense

A: Taxable income refers to the money earned by an entity on which the government levied a mandatory…

Q: Exclusion from gross income refers to income received or earned but is not taxable as income because…

A: Gross income is the total income of an individual without deducting any deductions or exemptions. It…

Q: What categories of expenses are represented on the Schedule A for itemized deductions?

A: Definition: Income tax: Income tax refers to the direct tax levied on individual persons or…

Q: Why is Unearned Revenue considered a liability?

A: Unearned revenue is the revenue that has not been earned yet but payment has been received from the…

Q: In a case of low value asset exemption, rent paid in advance by the lessee should be treated as O…

A: Rent paid in Advance by the lessee shall be classified as Prepaid Rent.. Option Prepaid Rent is…

Q: Which of the following is added to a taxpayer’s gross income from business in computing the total…

A: Gross Income - It is the amount of total income earned during the particular period from all sources…

Q: Elements of gross income

A: Option B is wrong because realized income is an element of gross income. Option C is wrong because…

Q: What are the situs rules on income tax situs on sales of goods?

A: Income tax:A tax charged on the income earned by the individual or corporates by the central…

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: How are deferred taxes calculated? What determines if the company has a deferred asset or a deferred…

A: Deferred tax is a fictitious asset or liability that reflects company income taxation on a premise…

Q: While earnings on assets held in a Tax Free Savings Account (TFSA) will not be taxed while the…

A: False

Q: The Internal Revenue Code authorizes deductions for trade or business activities if the expenditure…

A: The statement is True : The Internal Revenue Code authorizes deductions for trade or business…

Q: Which of the following circumstances does not give rise to a taxable temporary difference? O The…

A: A taxable temporary difference is a temporary difference that will lead to taxable amounts in the…

Q: Describe the presentation of deferred income taxes in financial statements.

A: Deferred tax asset: The deferred tax asset is the excess, overpaid, or paid in advance expenses.…

Q: What is a temporary difference related to deferred taxes?

A: Deferred Taxes:   The timing difference of tax effect called Deferred tax. Its recognized on all…

Q: Blank income is subject to federal taxes?

A: What is Federal Taxes?    Federal revenue enhancement is that the tax levied by the inner Revenue…

Q: Assuming it meets the conditions to net assets and liabilities, how will the company report deferred…

A: Under US GAAP, Crystal​ Critters should net off all the deferred tax assets and liabilities into one…

Q: How would you differentiate items that are exempted from gross income and items deductible from…

A: Items exempted from gross income refers to income which need not be part of income while calculating…

Q: Which of the following may be a current liability? Withheld Income Taxes Deposits Received from…

A: The liabilities are classified as current liabilities and long term liabilities.

Q: How does unearned revenue arise? Why can it be classifiedproperly as a current liability? Give…

A: Unearned revenue: The revenue which is received in advance by the company for the services or goods…

Q: What are the Payroll-related deductions?

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: How are the linked accounts for CPP different from the linked accounts for income tax - O a. CPP has…

A: Answer (c). CPP has both linked liability and expanse accounts, income tax has a liability account…

Q: Which of the following transactions would not result in a temporary difference between pretax…

A: Correct option is D. Payment of premiums for life insurance

Q: Which travel expenses are deductible and which ones are not? Provide reasons for both deductible and…

A: The travel expenses are costs usually related to the purpose of traveling for business-related…

Q: types of payments that are taxable/not taxable for FUTA?

A: Federal unemployment tax is a tax paid by the employers to the employees who have left the company…

Q: distinguish between temporary and permanent diff erences in pre-tax accounting incomeand taxable…

A: Taxable income is the income on which the assessee is liable to pay Income tax. It is the base upon…

Q: Is deferred liabilities are payroll related liability?

A: A conceded charge responsibility is a duty that is evaluated or is expected for the current time…

Q: Why deferred tax rate assets and liabilities are recorded in balance sheet?

A: The reasons for the recognition and reporting of deferred tax assets are as follows: The following…

Q: What is the permanent difference between pretax accounting income and taxable income?

A: A permanent difference is a difference between pretax financial income and taxable income in an…

Q: Understand the fundamentals of accounting for income taxes.

A:

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.