false
Liabilities are debts owed to an outside party (creditor) such as a bank loan, a truck note, etc. Expenses are the cost of operating the business and affect the net income. Expenses include things such as utilities, supplies, insurance, rent, etc. While liabilities are listed on the balance sheet, expenses are not. Also, Liabilities decrease Owners Equity (Stockholders Equity) while Expense decrease Net Income.
Yes the amounts are property, etc received would be taxable income to the receiver of the gratuity.
Salary, income, wage, stipend
The way to calculate DBR (Debt Burden Ratio) is to take all of a persons debt burden and add it together. Next, divide that debt burden by the after-tax income. This is the DBR.
The two basic financial statements are the Income Statement or Profit & Loss Statement and the Balance Sheet. The Income Statement reflects the revenues and expenses for a period in time such as January 1, 20xx through the date you are working on say August 31, 20xx. These revenues and expenses give you the net income or (loss) for that particular period. The Balance Sheet is a report of the business for a point in time, August 31, 20xx. The assets and liabilities of the business as well as the owners equity in the business make up the Balance Sheet. Assets - Liabilities = Owners Equity. The net income or (loss) from the Income Statement flows over to the Balance Sheet under the Equity section. Business use these reports to understand the financial position of their business ans where to make changes for future years. Investors use these reports to make decisions on whether they want to invest or provide loans to the business. Accountants use these reports to prepare tax returns for both individuals and businesses depending on the type of entity the are...corporation, partnership, sole proprietorship.
The sum of money placed on a persons property or income by the government is referred to as taxes. In the United States, these taxes are federal and state taxes.
A lien.
Tithe
Net Income is revenue minus expenses. Assets minus liabilities is Net Worth.
financial asset
Income property, goods or services that is subject to tax is called the taxable portion. This is usually based on a percentage of the value and other criteria.
It's pretty easy. The basic financial equation is: Assets = Equity + Liabilities. A part of equity is retained earnings. Retained earnings = net income - dividends Equity = Assets - Liabilities
The term contingent liabilities means liabilities that are not included in a normal balance sheet of a company's income. These liabilities are pending the actions of other outcomes such as court cases or employees benefits.
Income statement and balance sheet are linked in this way that income statement describes how assets and liabilities are utilized to earn revenue and net income while balance sheet describes the information about remianing amount of assets and liabilities.
Assets, Liabilities, Equity, Income, Expense
Assets, Liabilities, Expenses, Income & Equity.
The format of the Balance Sheet is Assets = Liabilities + Equity * Current Assets * Fixed Assets * -------------------- * Total Assets * Current Liabilities * Long Term Liabilities * -------------------------- * Total Liabilities * Equity * Net Income * ---------------------------- * Total Equity * -------------------------- * Total Liabilities and Equity