Accounting II Essentials - download pdf or read online

By Duane R. Milano

ISBN-10: 0738671363

ISBN-13: 9780738671369

REA's necessities supply speedy and straightforward entry to severe details in quite a few various fields, starting from the main uncomplicated to the main complicated. As its identify implies, those concise, entire examine courses summarize the necessities of the sphere coated. necessities are beneficial while getting ready for assessments, doing homework and may stay a long-lasting reference resource for college kids, lecturers, and execs. Accounting II comprises present liabilities, long term liabilities, bonds, partnerships, businesses, profits and dividends, consolidations, assertion of money flows, and monetary assertion research.

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Example text

1 The Sample Partnership General Journal To record first quarter Federal Income Tax. At the end of the year, any adjustment needed to bring the income tax to the correct total would have to be made. Assume for example that in the example above, that at the end of the year, Sample Company discovered upon doing their tax returns that they really only owned $185,000. 2. 2 The Sample Partnership General Journal To record adjustment to 1992 Income Taxes. If instead of less taxes, the company had more than the amount paid in the four quarters, the entry would have included an additional debit to Income Tax, and a credit to a liability called Income Tax Payable.

These are then followed by the remaining paid-in capital accounts, which are often lumped into one title on the balance sheet. 2 CORPORATE INCOME TAXES Corporations differ from sole proprietorships and partnerships in that they are a separate legal entity. As such they are subject to income taxes of the federal government as well as states and municipalities. The usual procedure for paying taxes is to pay a quarterly estimate which should be equal to one fourth of the estimated total for the year.

In 1974, Congress passed the Employee Retirement Income Security Act (ERISA) which set up special rules for protecting employee benefits. Under these guidelines, a pension plan can be either contributory or noncontributory, qualified or unqualified, and funded or unfunded. Each of these distinctions will be examined individually. It has become increasingly difficult for organizations to set up qualified plans and follow all of the law’s requirements. Most companies now get expert legal and accounting assistance to assure compliance.

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Accounting II Essentials by Duane R. Milano

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