What is unearned income ,income recived  in advance ?

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 are the objectives of accounting for income taxes?

A: FASB Summary of Statement No. 109 defines objectives of Accounting for Income Taxes.

Q: Deductions from gross income are subtracted from gross income to derive taxable net income. TRUE OR…

A: Gross income is the aggregate total income that is received by a taxpayer that is not tax-exempt…

Q: How would I determine January's net income?

A: An income statement is a financial statement used for reporting the financial performance of the…

Q: Determine the net income (loss) for the period.

A: Adjusted trial balance:  Adjusted trial balance is summary documents from all the ledger balances…

Q: Define Income tax paid

A: Income tax paid is a charge or payment made to the government by the individual or the firms in a…

Q: how do compute thesocial security taxable earnings?

A: Federal income taxes (FIT) are imposed in USA. Tax is calculated by applying tax rates which…

Q: Define accrual-basis net income.

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

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 the entry for the current year's interest expense on a common-sized income statement? Submit

A: Common size income statement is the ratio specific expenses to sales. Given: Interest expenses =…

Q: How/where is a revenue increase shown on a pro forma income statement?

A: Pro forma income statement is the budgeted or estimated income statement which shows all estimated…

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: Adjusting entry to record the accrual income tax expenses includes a what

A:

Q: What is the net income from the following incor

A: Net Sales = Sales - Sales return = 12800 - 360 = 12440

Q: Income Tax Due

A: To find income tax due on Income we need to prepare Income statement of Mica thok enterprise. Income…

Q: Distinguish between cash-basis net income and accrual-basis net income.

A:

Q: Define Accrued income taxes.

A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…

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: 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: HOW filing status affect the preparation income tax return

A: Tax return :- A tax return is a form or series of forms submitted to the Internal Revenue Service…

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: Define Income before taxes.

A:

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: How much is the amount reported as Cther Income?

A: Other income is the income which a business or a company has earned during  the year which has come…

Q: Define provision for income taxes.

A: A provision for income taxes is the estimated amount that a business or individual taxpayer expects…

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 the net income?

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

Q: - unearned income

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

Q: how is income tax expense calculated?

A: Income tax expense is form of direct tax which needs to be paid by individual or business…

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

A: The answer is provided as follows:

Q: What is the period of time covered by the income statement?

A: Answer:; Income statement is made for the period of one year and it is stated as for the year ended…

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: 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: Is unearned income a debit or credit?

A: The Adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: What is deferred income tax expense?

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Explain the difference between pretax financial income and taxable income.

A: Pretax financial income: Income that is computed based on the records and documents presented by an…

Q: what is Income Projections

A: An income projection statement is a formal document prepared by finance or accounting officers…

Q: What is the formula used to get the answers in interest expense and net income?

A: The interest expense is the amount a borrower has to pay against the amount borrowed. It is…