Income tax payable is calculated usinggenerally accepted accounting principles (GAAP), using the current tax rates in the jurisdictions where the organization is subject to tax. Businesses operating in the United States are subject to federal, state, and local tax laws. They must also follow the ...
One of the activities that frequently occur in accounts payable is the processing of travel expense reports that employees of a company submit for their business trips. These reimbursements are bound to specific legal—especially tax—requirements; on the other hand, internal company regulations may a...
Sales tax is also a net tax since only during the calculation of tax payable is net revenue realized. Because of this, it is considered a transitory item by many traders since during the procurement process, they are able to charge for the value added tax (VAT). No matter what the legal...
What is stretching payable? What effect does this action have on the cost of giving up a cash discount? Cash Discount: In business and economics, a cash discount is a reduced cash cost that the seller of a particular product or service offers to the cons...
The sales tax payable column that is used under the perpetual system but not the periodic. D. The accounts receivable column that is used under the perpetual system but not the periodic. E. The column for recording cash that is used under the perpetual system but not the periodic. 查看...
Consider the case where a business sells goods to another company. The seller will record the sales invoice amount as accounts receivable. The purchaser will treat the incoming supplier bill as accounts payable. Accounts receivableis acurrent asset account. The selling company records that it has ...
accounts payable Accounts receivable is key to managing cash flows: in addition to knowing the amount of money you have, it's helpful to know the amount of money you will have in the near future. It’s also helpful to know the amount of money you owe, which is where accounts payable...
QuickBooks Live Assisted Bookkeeping:This is a monthly subscription service offering ongoing guidance on how to manage your books that you maintain full ownership and control. When you request a session with a Live Bookkeeper, they can provide guidance on topics including: bookkeeping automation, cat...
business day. This functionality can be used, for example, to enhance the due date and payment date control in Accounts payable. You can then avoid any unplanned interest or fees for late vendor payments. Additionally, payment processing is easier, because due dates are always on a processing ...
s,if they meet the conditions of annual taxable sales value over 300000 yuan,having a sound financial accounting system,being able to account accurately the output tax ,input tax and tax payable as required and providing precise tax information.Once t ...