Adjustments to Income Additions to Income Adjustments to Income—Additions Bonuses & Income Tax Adjustments to Income—Deductions Additions to Income Rental Vehicle Net Income Leased Vehicle Net Income—Wholesale Recreation Vehicle—Other Net Income Indemnities to Dealer Employees (Non US) Bonuses & Income Tax Dealer Bonus Employee Bonuses Estimated Income Taxes Profit Sharing (Non US) Increase Read more about Adjustments to Income Menu[…]
Adjustments to Income NON US INCREASE LEGAL RESERVES ADDITIONS TO INCOME ACCOUNT 9925 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Year end, legal reserve increase calculation for current year. Mandatory accrual in Mexico – Article 20 of LGSM=5% of After Tax Profit, up to 20% of Capital Stock. TRANSACTIONS Jrnl. Dr. Cr. Increase Legal Read more about Increase Legal Reserves[…]
Adjustments to Income NON US INCREASE OTHER CAPITAL RESERVES ADDITIONS TO INCOME ACCOUNT 9920 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Reserve increase approved by Board of Directors at year end on profit after income taxes. TRANSACTIONS Jrnl. Dr. Cr. Other Capital Reserve increases at year end CD Increase Other Capital Reserves Read more about Increase Other Capital Reserves[…]
Adjustments to Income NON US PROFIT SHARING ADDITIONS TO INCOME ACCOUNT 9910 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Balance of employees profit sharing monthly estimations. TRANSACTIONS Jrnl. Dr. Cr. Monthly estimation of employees profit sharing CD Profit Sharing 9910 Profit Sharing Accrued 2450 COMMENTS Expenses are computed on Read more about Profit Sharing[…]
Adjustments to Income ESTIMATED INCOME TAXES ADDITIONS TO INCOME ACCOUNT 9900 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION The estimated provision for income taxes computed on the earnings of the current year as recorded in the books of account. TRANSACTIONS Jrnl. Dr. Cr. Monthly adjustment of income tax provision based on year-to-date book profit Read more about Estimated Income Taxes[…]
Adjustments to Income EMPLOYEE BONUSES ADDITIONS TO INCOME ACCOUNT 9550 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Compensation accrued or paid to dealership employees based upon total dealership profit. TRANSACTIONS Jrnl. Dr. Cr. Monthly accrual of employee bonuses based on total dealership profit SE Employee Bonuses 9550 Accrued Bonuses Read more about Employee Bonuses[…]
Adjustments to Income DEALER BONUS ADDITIONS TO INCOME ACCOUNT 9500 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Compensation accrued or paid to dealer based upon total dealership profit. TRANSACTIONS Jrnl. Dr. Cr. Monthly accrual of dealer bonus based on total dealership profit SE Dealer Bonus 9500 Accrued Bonuses 2411 Read more about Dealer Bonus[…]
Adjustments to Income OTHER DEDUCTIONS ADDITIONS TO INCOME ACCOUNT 9450 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Any expense incurred not expressly provided for in this Manual, such as losses not covered by insurance, damage claims, and cash shortages and overages. TRANSACTIONS Jrnl. Dr. Cr. Used car theft loss not covered by insurance G Read more about Other Deductions[…]
Adjustments to Income CUSTOMER SATISFACTION & FORD MOTOR COMPANY SUPPORT ADDITIONS TO INCOME ACCOUNT 9430, 9440, 9620 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Check received from Ford Motor Company on special Performance Bonuses from Ford Motor Company Support programs. TRANSACTIONS Jrnl. Dr. Cr. New Vehicle Receivable Performance Bonus Earned G Lincoln Support Read more about Customer Satisfaction & Ford Motor Company Support[…]
Adjustments to Income DIVISION CASH DISCOUNTS ALLOWED ADDITIONS TO INCOME ACCOUNT F L T C 9400 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Cash discount allowed to customers for prompt payment of accounts. TRANSACTIONS Jrnl. Dr. Cr. Remittance received from service customer less cash discount CR Cash in Bank—General 1001 Read more about Cash Discounts Allowed[…]