Posts Tagged "borrows"

Q&A: Basic accounting question – is a loan shown as income during the year the company (Inc.) borrows the money?

on Feb 15, 2013 in Stated Income Loans | 1 comment

by eyewashdesign: A. Golden Question by Independent_guy: Basic accounting question – is a loan shown as income during the year the company (Inc.) borrows the money? Hi All, treatment diagnosis When a company (corporation) gets a $ 100, dosage 000 loan, is the loan shown as a loan or INCOME in the company’s tax return/tax filing? THANKS. Best answer: Answer by yah0o.yeheyi dunno about tax return/tax filing thing but loans and payables are shown in the liability side in the income statement 😀 Know better? Leave your own answer in the comments! Q&A: Basic accounting question - is a loan shown as income during the year the company (Inc.) borrows the...

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