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Income statement presentation as either operating income or other income is acceptable since US GAAP does not say where it should be located.
Loan repayment income statement. Credit Cash for 50000. Therefore the loan payment will be recorded as follows. Debit Interest Expense for 11249.
If accounting for the PPP Loan and Forgiveness as a Government grant earned. Because the received loan money is what is used to cover the rent and revenues are used to cover repaying that loan. Similarly any repayment of the principal amount will not be an expense and therefore will not be reported on the income statement.
Ignore Rent but show the entirety of the monthly loan repayment. The statement also lists down every single repayment you make towards you loan and records the date on which you made the payment as well as the date on which it was credited to your loan account. Offsetting of revenue with expenses is not a preferable presentation method ie.
Forgiveness whether recorded as a contribution under ASC 958605 or as an extinguishment of debt under ASC 40520 should be separately presented in the income statement if amounts are material. When a company makes a principal payment to pay down the balance of a loan it reports the amount of the payment on its cash flow statement. Debt repayment is not included in the Income Statement due to simple basic reason because Debt in itself is a liability which has to be paid off by the organization it is by nature neither income or expense which can be treated as same.
Statement of Account for your home loan. Receipt of the PPP loan proceeds would be recorded as cash from financing activities and any amounts forgiven would be disclosed as a noncash financing activity. Accrued interest associated with forgiven principal will be included in the forgiveness.
Principal repayments are reported as cash outflows from financing activities and interest payments are reported as outflows from operating activities. Income Statement Statement of Activities Presentation. An example of income statement presentation for PPP loan forgiveness might look something like this.
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