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How to prepare income statements There are different ways in how two income statements are prepared. The income statement of a Service company consists of Service Revenue minus any Expenses related to that service, which results in Net Income.
We will write a custom essay sample on Accounting. The basic differences between the financial statements of a merchandising business and a service business include reporting cost of merchandise sold on the income statement and the: In a merchandising company you will probably have inventory that needs to be valued.
The asset that your inventory represents can be offset by your accounts payable if you purchased inventory on account.
At the end of the year for tax purposes you have to account for the change in your inventory value. In addition in a mechanizing company you may have to handle local sales taxes and such. In a service company there is no inventory and normally no local taxes on services sold. Distinguish the activities of a service business from those of a merchandising business.
The primary differences between a service business and a merchandising business relate to revenue activities. Merchandising businesses purchase merchandise for selling to customers.
The cost of the merchandise sold is subtracted from sales to arrive at gross profit.
The operating expenses are subtracted from gross profit to arrive at net income. Merchandise inventory, which is merchandise not sold, is reported as a current asset on the balance sheet.Please read. This calculator is intended to provide estimated net price information (defined as estimated cost of attendance — including tuition and required fees, books and supplies, room and board (meals), and other related expenses — minus estimated grant and scholarship aid) to current and prospective students and their families based on what similar students paid in a previous year.
Get instant Homework Help for your questions, 24/7 online Tutors for assignment help and support, worlds largest Database of notes, documents and many more. Keywords: Income Tax, Tax Accounting, Accounting for Income Tax, Temporary Differences, Permanent Differences, Net Operating Losses.
ACCOUNTING FOR INCOME TAX Income Tax and Tax Accounting Income Tax is defines as “A tax that governments impose on financial income generated by all entities within their jurisdiction”.
The Benefits Of Income Smoothing Accounting Essay When entities experience exogenic or endogenous dazes they turn to the finance section to decide the issue, due to fiscal instability. It is of import to cognize what income smoothing is and the benefits and costs it can convey to a concern.
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Xinyuan reported noisy Q1 financial results that were impacted by a new accounting change. The noise for the quarter is simply based on a timing issue, at least for the time being.