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The term that companies use on their income statement for reporting the interest earned on cash temporarily held in savings accounts, certificates of deposits, or other investments. Because the interest wasn't part of the original investment, they record it separately, as interest income.
The term that companies use on their income statement for reporting the interest earned on cash temporarily held in savings accounts, certificates of deposits, or other investments. Because the interest wasn't part of the original investment, they record it separately, as interest income.
www.wisegeek.org/what-is-interest-income.htm
Interest income is income earned in the form of interest that accumulates on investments. A classic example is the interest paid to the holder of a certificate of deposit. Savings accounts, dividends, and shares in credit unions can also generate interest. As a general rule, this type of income is treated as taxable, and it must be reported on income tax filings to avoid legal penalties.
When someone earns income from interest, the financial institution is responsible for issuing a form stating this. In the United States, this form is the1099-INT or1099-DIV, and it will be issued in any case where someone has earned more than $10 US Dollars (USD). If less than this amount was earned, it still needs to be reported. People can report interest income directly on their tax forms in some cases, while in the instance of larger payments, they will need to file what is known as a Schedule B.
is the difference between interest received from assets and interest paid on liabilities
Interest income is one of the example of a passive income in which it is earned through the passage of time.
Interest income is the amount of interest that has been earned during a specific time period. This amount can be compared to the investments balance to estimate the return on investment that a business is generating.
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Interest earned in cash saving accounts,certificates of deposit ,or other investment .Its record is separate maintaining of the any company .Its call interest income.
