Author: Anfisa Dmitrieva

The company’s investment in commercial paper was worth $17.4 billion and mutual funds were $800 million. government securities of $8.2 billion and certificates/time deposits of $7.3 billion. Mortgage/asset-backed securities were at $20 billion and mu…

A closing entry is a journal entry made at the end of accounting periodsthat involves shifting data from temporary accounts on the income statement to permanent accounts on the balance sheet. Temporary accounts include revenue, expenses, and dividend…

As shown in the income statement below, new income from a grant with donor restrictions is recorded and displayed in the With Donor Restrictions column. Often associated with funds held by donations to nonprofit organizations or endowments, restricte…

Plus, the work related percentage of your home internet use and phone expenses can be claimed as tax deductions. Proper tracking and claiming of tax deductions is the biggest strategy for getting the best tax refund. Along the way—and this is serious…

Payable. “Income tax expense” is what you’ve calculated that our company owes in taxes based on standard business accounting rules. You report this expense on the income statement. “Income tax payable” is the actual amount that your company owes in t…

Line 23 of Form 1040. Two lines on Form 1040 actually refer to your tax liability. Line 16 tells you the total tax you owe for the year, then line 23 tells you how much of that amount is still outstanding. Payments you’ve already made appear on line …

In most instances, you will be asked to verify or explain specific issues in question on your tax return, such as income figures or deductions. Depending on the circumstances, you may be able to respond to the audit via mail, though in some cases, th…

The Board decides on changes in discount rates after recommendations submitted by one or more of the regional Federal Reserve Banks. The FOMC decides on open market operations, including the desired levels of central bank money or the desired federal…

Calculated intangible value is a method of valuing a company’s intangible assets. Intangible assets include patents and other intellectual property. A brand is an identifying symbol, logo, or name that companies use to distinguish their product from …

Thus, the use of debits and credits in a two-column transaction recording format is the most essential of all controls over accounting accuracy. Accountants record increases in asset, expense, and owner’s drawing accounts on the debit side, and they …