Samuel's profit/loss

Q: What are some examples of such exclusions in gross income?

A: Gross Income: For individual: Gross income includes the income of an individual in the form of…

Q: What is Insolvencey?

A: Liability: It is the legal financial debt owed by a company to outside entities that arises over the…

Q: What is a description of loss of self-employment income statment? Give example

A: When the expense exceed the revenue then it result in loss. Self employment means the person is not…

Q: Should unrealized gains and losses be shown as net income or comprehensive income? Defend your…

A: Unrealized gains and losses refer to changes in the value of assets or liabilities that have not…

Q: Why profit shows as liability and loss shows as asset?

A: The assets and expenses have the debit normal balance. The liabilities and revenue have credit…

Q: What is Jasimes adjusted grosss income?

A: Adjusted gross income: Adjusted Gross Income is the difference between the gross income minus…

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: What are some costs of home ownership that are not deductible?

A: Costs are the monetary value of expenditures for goods, services, labor, products, equipment, and…

Q: What is Income?   What is Total Income?   What is Net Income?   What is taxable income?

A: Income, in financial terms, refers to the money that an individual or business receives in exchange…

Q: Taxable income is ????????????????? why not gross income less deductions????

A: Taxable Income is income on which tax is payable by the taxpayer. It can be calculated as follow…

Q: What instances of gross income exclusions exist

A: Wages, salaries, pensions, alimony, interest, dividends, and rental income all count toward a…

Q: Income Taxation What did you learn in the subject income taxation

A: Learning from income tax   1) Income tax collection is maintained by the internal revenue services…

Q: How to compute gross estate

A: "Gross estate" could be a term that won’t describe the entire dollar price of a personality's assets…

Q: How can we determine ordinary gains and capital gains?

A: Answer: In the course of normal business, an ordinary gain is income. The gain or loss of foreign…

Q: Why is share in a considered a is perpetuit

A: In finance a perpetuity refers to that financial asset or that financial security that goes on…

Q: What is the relationship between depreciation and net income?

A: Depreciation is the part of cost of a asset which is charged to income statement yearly as a expense…

Q: What are royalties ?

A: Royalties means payments  made for the purpose of use of property or license or some other important…

Q: Define Property dividend.

A: Definition:   Dividends: The dividend is the income of the shareholders for their shareholdings in…

Q: How did you come up the number for Income before income tax, why did you subtract the quipment cost.

A: Income before tax=Tax expenseTax rate-Depreciation expense

Q: How do defreinciate between a accured income and prepaid income

A: Introduction: Accruals: Transactions recorded in the books but not yet received or paid cash called…

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: Net income may be based on estimates.   true or False

A: Net income: Net income is the revenue of the company after deducting all the expenses and taxes. It…

Q: Definition of Estate?

A: Estate: Definition of estate is similar to definition of Assets. Assets owned by an individual in…

Q: Measurement of income approach consists of how much money an individual makes.

A: This question describes about the technique based on income measurement is concerned with how much…

Q: What is the difference between active income, passive income and portfolio income? Provides examples…

A: Active Income Income earned while providing a service is referred to as active income. Examples of…

Q: Revenues Costs: Variable cost of goods sold Variable selling and administrative expenses

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Define capital gain (loss)

A: Whenever an asset is sold, the seller incurs either a profit or a loss. The asset may be a real…

Q: What is accrued rent?

A: The accrual basis of accounting is the accounting done for the transaction even if the cash inflow…

Q: A net income will _______ the owner's capital account.

A: IncreaseExplanation:When a business generates a net income, it means that its total revenues exceed…

Q: What is good works net income or liss

A: The Income statement tells the profit or loss of the firm. It's main purpose is to figure out the…

Q: The purpose of a statement of retained earning is to ?

A: Statement of Retained earnings is prepared to show the details of changes occurred in equity over an…

Q: Calculate Brisky's Net Income.

A: Income statement:   The financial statement which reports revenues and expenses from business…

Q: What is unearned income ,income recived  in advance ?

A: Unearned income or Income received  in advance: Earned revenue that represents to a future…

Q: Which of the following is excluded from gross income? a.Scholarships for tuition b.Prizes c.Rental…

A: Gross income means the that taxable income from where deduction under various section is still…