Adjustments to Income OTHER INCOME ADDITIONS TO INCOME ACCOUNT 9300 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Income from sundry sources not expressly provided for elsewhere in this Manual, such as storage fees; sale of scrap; income from vending machines; income from assets in Account 1830, Other Assets; and increases and decreases in the dealership’s equity Read more about Other Income[…]
Adjustments to Income GAIN OR LOSS—SALE OF FIXED ASSETS & SECURITIES ADDITIONS TO INCOME ACCOUNT 9250 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Gain or loss resulting from the sale of investments in subsidiaries and affiliates, marketable securities, property, plant, equipment, and other capital assets. TRANSACTIONS Jrnl. Dr. Cr. Improved land sold for cash Read more about Gain or Loss—Sale of Fixed Assets & Securities[…]
Adjustments to Income DIVIDEND INCOME ADDITIONS TO INCOME ACCOUNT 9200 ACCOUNT EXPLANATION TRANSACTIONS ACCOUNT EXPLANATION Dividends received from investments in stock. TRANSACTIONS Jrnl. Dr. Cr. Cash dividend received on stock owned by dealership CR Cash in Bank—General 1001 Dividend Income 9200
Adjustments to Income INTEREST INCOME ADDITIONS TO INCOME ACCOUNT 9150 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Interest income from marketable securities, receivables and investments. TRANSACTIONS Jrnl. Dr. Cr. Accrual of interest on customer’s note SE Accounts Receivable—Other 1130 Interest Income 9150 COMMENTS Income from the sale of new Read more about Interest Income[…]
Adjustments to Income CASH DISCOUNTS EARNED ADDITIONS TO INCOME ACCOUNT 9100 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Cash discounts earned by payment of vendors’ invoices within the discount period. TRANSACTIONS Jrnl. Dr. Cr. Check issued to vendor in payment of invoice less discount for prompt payment CD Accounts Payable—Trade 2100 Read more about Cash Discounts Earned[…]
Adjustments to Income NON US INDEMNITIES TO DEALERS EMPLOYEES ADDITIONS TO INCOME ACCOUNT 9060 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Accrual or payments made, as an indemnity, to employees dismissed from the corporation, in accordance with the rules established in the law or in the dealer’s policies whichever is greater. TRANSACTIONS Jrnl. Dr. Cr. Read more about Indemnities to Dealers Employees[…]
Adjustments to Income TRACTOR & IMPLEMENT NET INCOME ADDITIONS TO INCOME ACCOUNT 9050 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Net income from the sale of new and used tractors and implements. TRANSACTIONS Jrnl. Dr. Cr. New tractor sold for cash NV Cash Sales—Clearing 1010 Tractor & Implement Net Read more about Tractor & Implement Net Income[…]
Adjustments to Income RECREATION VEHICLE—OTHER NET INCOME ADDITIONS TO INCOME ACCOUNT 9000 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Net income from the sale of new and used recreation vehicles. Includes: Slide-In Campers (includes truck when sold with camper); Vn Cutaways (including the van); Motor Homes (complete unit); Van Top Conversions; Chassis Mount Campers; and Tent Read more about Recreation Vehicle—Other Net Income[…]
Adjustments to Income LEASED VEHICLE NET INCOME—WHOLESALE ADDITIONS TO INCOME ACCOUNT 5300 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Income and expense related to wholesale leased vehicles in service when the leasing activity is part of the dealership operation. Note that a wholesale lease is defined as one in which the dealer retains title to the Read more about Leased Vehicle Net Income—Wholesale[…]
Adjustments to Income DIVISION RENTAL VEHICLE NET INCOME ADDITIONS TO INCOME ACCOUNT F L T C 5200 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Income and expense related to rental vehicles placed in service when the rental activity is part of the dealership operation. This account should also be used to record the discount fee on Read more about Rental Vehicle Net Income[…]