compute the gross taxable income

Q: explain how accounting profit and taxable profit differ.

A: Accounting profit and taxable profit are two separate methods of calculating a company's profit that…

Q: Which of the following are recognized in other comprehensive income?       service cost

A: The other comprehensive income includes the revenues and expenses of the company. The assets and…

Q: Statement of comprehensive income can be presented as

A: Statement of Comprehensive Income can be defined as the statement that contains the summary of the…

Q: What does comprehensive income provides?

A: Net income: The bottom line of income statement which is the result of excess of earnings from…

Q: What are the two ways that other comprehensive income may be displayed (reported)?

A: Income:   It refers to the earnings of the organization from their business activity for a period of…

Q: Which of the following is reported in profit or loss in accordance with PAS 1? I.      Sales revenue…

A: PAS 1: Presentation of financial statement prescribes the basis of presentation of general purpose…

Q: Define Gross Profit Method.

A: Definition:   Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a…

Q: The statement of profit or loss and other comprehensive income shall present

A: Profit or loss and other comprehensive income: this is a statement prepared by the company for…

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: Differentiate between the accumulated benefit obligation and the projected benefit obligation.

A: ABO (Accumulated benefit obligation) and PBO (Projected benefit obligation) are similar in most of…

Q: What is the difference between a traditional format income statement and a contribution format…

A:

Q: Define Unearned revenue

A: Definition: Deferred revenues: Deferred revenue is a liability to render service or to deliver…

Q: What categories of expenses are represented on the Schedule A for itemized deductions?

A: Definition: Income tax: Income tax refers to the direct tax levied on individual persons or…

Q: Give the formula to determine taxable wages

A: Any money earned by an individual is subject to government taxation. Hourly pay, overtime pay, a…

Q: Distinguish between one-time, recurring, and tangible and intangible expenses and benefits.

A: An expenditure is a business's operational cost incurred to produce income. It may be described as…

Q: What does the gross profit percentage measure, and how is it calculated?

A: Gross margin percentage: The percentage of gross profit generated by every dollar of net sales is…

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: The formula for Adjusted Gross Income (AGI) is: Gross Income - Exclusions Gross Income - Deductions…

A: Adjusted Gross Income (AGI) is a key financial metric used in the United States to determine an…

Q: Should options given as part of compensationpackages be reported on the income statement asan…

A: Stock options are recognized as a compensation expense in the financial statements of a company.…

Q: Distinguish between cash-basis net income and accrual-basis net income.

A:

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: Define Accrued income taxes.

A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…

Q: Compute the gross profit under each plan

A: This is a follow-up question. we need to compute the gross profit of each plan. The financial data…

Q: How to calculate or compute the operating income and the net income

A: Operating Income: Income generated from the business operation is called operating income. In simple…

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: deferred revenues

A: Income statement represents the net income that is calculated by deducting the expenses from the…

Q: What is referred by unearned income? How is it adjusted in the final accounts?

A: Unearned income:Unearned income is known as deferred income or deferred revenue. It is the money…

Q: what is the process of projecting the income statement

A: Income statement forms a part of financial statements and is prepared with a view to calculate the…

Q: Topic: Income Taxation Active incom

A: There are two types of income active and passive income.