The income statement is one of the core financial statements for any business. Every daily operation that impacts cash flow has a direct impact on the income statement. If you understand what ...

Companies record both income tax expense and income tax payable in journal entries. For companies that use the cash basis for both financial and tax reporting, income tax expense equals income tax ...

Reporting taxes, applying for a loan and making a new company budget will require you to know how much money you bring in each year. Annual income is one of the most valuable metrics for quick, ...