Income Statement

As the Group of 20 seals a new global minimum tax for companies, the president has scaled back his plans to tax U.S. corporations more. Both income from and expenses for producing oil and gas which are subject to the Michigan severance tax are eliminated from the tax base to the extent the income and expenses were used in the calculation of federal taxable income. “Corporation” means a person that is required or has elected to file as a C corporation (more…) […]

For example, a manager may need to train their staff, which requires 8 hours of their time. The implicit cost is the cost of their time which could have been employed doing their other daily tasks.
Is total revenue minus total cost, including both explicit and implicit costs. The issue of explicit costs versus implicit costs is tied to two other concepts – accounting profit and economic profit.

Rent or other mortgage payments required for the land the firm is using. Equipment that businesses ( […]