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natta225 [31]
1 year ago
5

the u.s. internal revenue service taxes the taxable income of corporations as well as the taxable investment income of the firms

’ shareholders.
Business
1 answer:
Tresset [83]1 year ago
8 0

The US internal revenue service taxes the taxable income of corporations as well as the taxable investment income of the firms’ shareholders' double taxation of dividends.

Revenue is the entire quantity of income generated by means of the sale of products or services related to the organization's number one operations. Revenue, additionally known as gross income, is regularly known as the "top line" as it sits at the pinnacle of the income declaration. Profits, or net earnings, are an agency's general profits or income.

In accounting, revenue is the entire quantity of profits generated by using the sale of goods and services related to the primary operations of the business. commercial sales will also be known as income or as turnover. Some corporations get hold of sales from interest, royalties, or different expenses.

Whilst comparing sales vs income you have to understand that “sales” refers to the total amount of cash a company generates before getting rid of any fees. “income”, then again, is equal to sales minus the fees of doing commercial enterprise, which include depreciation, hobby, taxes, and other expenses.

Learn more about revenue here brainly.com/question/16232387

#SPJ4

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Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sale
kolbaska11 [484]

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Explanation:

The journal entries are shown below:

April 2

Cash A/c Dr $2,700

     To Sales revenue A/c $2,500

     To Sales tax payable   $200      ($2,500 × 8%)

(Being merchandise is sold for cash with sales tax)

April 3

Sales returns and allowances A/c Dr $250

Sales tax payable A/c Dr $20      ($250 × 8%)

     To Cash A/c                                        $270

(Being returned goods with sales tax is recorded)

April 4

Accounts receivable A/c Dr $1,134

    To Sales revenue      $1,050

    To Sales tax payable  $84       ($1,050 × 8%)

(Being merchandise is sold on credit with sales tax)

April 6

Sales returns and allowances A/c Dr $150

Sales tax payable A/c Dr $12     ($150 × 8%)

     To Accounts receivable                                     $162

(Being returned goods with sales tax is recorded)

April 30

Cash A/c Dr $972         ($1,134 - $162)

   To Accounts receivable $972

(Being the amount is received)

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