Examlex
The cost of merchandise withdrawn by a partner for personal use is recorded as a debit to the partner's drawing account and a credit to the Purchases account.
Income Tax Rate
The proportion of income that is taken from a person or business in the form of taxes.
Consolidated Retained Earnings
The portion of earnings not distributed as dividends but retained by the parent company and its subsidiaries for reinvestment.
Intercompany Sales
Transactions of goods and services between subsidiaries within the same parent company, requiring elimination during consolidation for accurate financial statements.
Effective Tax Rate
The average percentage of net income that a person or corporation pays in taxes, effectively showing the portion of income gone to taxes.
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