The sales tax that’s collected goes to the government, not the business, so it’s not part of the seller’s sales or revenues. Is sales revenue an asset?No, sales revenue is not considered an asset. For accounting purposes, sales revenue is recorded on a company’s income statement, ...
Hence, the depreciation expense in each year will likely be different, but the total of all of the years’ depreciation expense for an asset will likely add up to the same total. The difference between book and tax depreciation leads some people to say, “Oh, the company has two sets ...
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Lastly, when you buy a fixed asset, which includes a sales tax. In this case, it is allowed to include the sales tax in the capitalized cost of the fixed asset, so the sales tax becomes part of the asset. Also, I'd recommend consulting your ...
The top economic planner said Thursday that it had approved 12 fixed-asset investment projects with total investment reaching 141.6 billion yuan (about 20.56 billion U.S. dollars) in April. Chinese museums receive 900 mln visitors each year Chinese museums held a total of 30,000 exhibitions each...
Service revenue appears at the top of an income statement, and is separated but added to the product sales for a revenue total. An income statement is not concerned withcash flow, it is concerned with revenues, gains, expenses and losses in both the operating and non-operating activities of...
Deferred tax assets and liabilities add a layer of complexity to tax accounting. There are significant differences between the two. Below is a detailed explanation of the two and how they work. What Is a Deferred Tax Asset? A deferred tax asset is an asset recorded on the balance sheet as...
In the case of businesses, an asset may be something that has the potential to generate cash flow, reduce expenses, or improve sales, regardless of whether it's atangible assetlike manufacturing equipment or a fleet of trucks or anintangible assetlike a patent or a trademark. For something t...
How Is an Excise Tax Different From a Sales Tax? Excise and sales taxes are two different types of taxes. An excise tax is imposed on specific goods and is generally the responsibility of the merchant to pay to the government. The merchant, in turn, may or may not pass the tax on to...