is a loan considered income?
is a loan considered income? Thank you
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10/08/09 8:33am PDT
Viewed by asker 10/08/09 11:41am PDT
Viewed by asker 10/08/09 11:41am PDT
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CopperCanyonTax
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10/08/09 10:08am PDT
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The solution
No. It is a loan. You would deposit the money into the bank and the offset would be a liability account titled loan payable. When you make payments you split the payment. Part of it goes against the liability account to reduce the balance and a portion goes to interest expense.
Marc Barnes
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Marc R Barnes
Copper Canyon Tax and Financial Services
coppercanyontax.com
Copper Canyon Tax and Financial Services
coppercanyontax.com
