Kategori: Bookkeeping

Part of this incurred expense — the down payment — has been paid, while the rest is still due. Allowing too many incurred expenses to accumulate without paying them off can be dangerous because it may make it more difficult to do so. Businesses often take out loans to fund purchases, but loans do little […]

An increase to an account on the right side of the equation (liabilities and equity) is shown by an entry on the right side of the account (credit). On the income statement, revenue is also known as sales and net income, also known as the bottom line, is revenues minus expenses. Because revenue can also […]

By summarizing the equivalent units for each cost category, companies obtain a total that reflects the work completed during the period. For example, calculating equivalent production units may involve different costs, such as direct materials, direct labor, and manufacturing overhead in the manufacturing industry. In this case, the equivalent production units for each cost type […]

Remember to update your W-4 whenever your personal or financial situation changes. By taking the time to understand the process, you can avoid tax surprises and navigate tax season with ease. If you had no tax liability in the previous year and don’t expect to owe any taxes this year, you may be able to […]

When funds designated for a specific purpose or time frame are used as intended, we consider them as having moved from a “restricted” to “unrestricted” status. Every transaction your business engages in must be recorded on company books using journal entries. A journal entry always has at least one debit and one credit, and the […]

Not sure where to start or which accounting service fits your needs? Connect to your current accounting system to schedule disbursements exactly when and how you want to improve payment efficiency. By Bruce Jervis Companies selling equipment or materials to construction contractors face a unique challenge. Many suppliers of equipment and materials sell to constructors […]

Investopedia says that the average cost for a tax professional to complete taxes ranges from $176 to $270, based on the complexity of the financial situation. Once you have passed the CPA Exam and taken the ethics exam (if required), it is time to apply for certification. They may require you to submit documentation such […]