Category: Bookkeeping

The entire cost of a capital asset is not charged to any one year as an expense; rather the cost is spread over the useful life of the asset. Accumulated depreciation is a contra-asset account on a balance sheet; its natural balance is a credit that reduces the overall value of a company’s assets. Accumulated depreciation… Continue reading Depreciation Expense Formula + Calculation Tutorial

By showing adjustments and reductions made to certain accounts, investors and analysts can better understand a company’s financial health and potential risks. By using contra accounts, companies can provide a more accurate representation of their financial position in their financial statements. When a company receives the goods it ordered, it will record it as a… Continue reading Purchase Discounts, Returns and Allowances: All You Need To Know

If you qualify for our assistance, which is always free, we will do everything possible to help you. A current passport would meet all these requirements and is the only document you can submit on its own. ITIN holders must verify their identity through the video chat process and will need a valid email address, proof… Continue reading How do I get an Individual Taxpayer Identification Number ITIN?

Additionally, invoices provide necessary tax information for the client and contractor, allowing them to keep accurate records and file their taxes on time. We offer access to systems such as Sage 300, which automates processes and provides real-time insights on the cloud. We can also analyze your current systems and provide recommendations for integration overlay,… Continue reading Construction accounting for busy contractors

This is common for seasonal work such as tax preparation and filing. Client retention is a huge driver of revenue for CPAs, so they may be keen to incentivize you to stick around. Some CPAs might even offer discounts on future services if you write them a positive online review or refer a friend. Enjoy… Continue reading CPA Exam Tips: How Much Does it Cost to Take the CPA Exam?

Those features make Exxon a great dividend stock for investors seeking the same characteristics. If the company has paid the dividend by year-end then there will be no dividend payable liability listed on the balance sheet. Based on information like this (and more) the sector that I have the most concern with at this time… Continue reading Dividend Investing: How It Works and How to Get Started The Motley Fool

The calculations Musicality did in order to switch to ABC revealed that the Solo product was generating a loss for every unit sold. Musicality could also decide to continue selling Solo at a loss, because the other products are generating enough profit for the company to absorb the Solo product loss and still be profitable.… Continue reading Activity-Based Costing ABC: Method and Advantages Defined with Example