Author: Anfisa Dmitrieva

When the item is sold on Wednesday FIFO records the cost of goods sold for those items as $5. So, the balance sheet has the cost of goods sold at $1 and the balance sheet retains the remaining inventory at $5.50. LIFO stands for last-in, first-out, meaning that the most recently produced items are recorded as sold first. The difference between the cost of an inventory calculated under the FIFO and LIFO methods is called the “LIFO reserve.

This method is based on the premise that the firs […]

Revenue and profit are both good signs for your business, but they’re not interchangeable terms. Conquer paperwork in the office and put tools like time tracking, PTO, and more on the job site with one easy-to-use, mobile-ready HR system. To find the net profit of your business, here are a few simple steps. International Financial Reporting Standards are a set of accounting rules currently used by public companies in 166 jurisdictions. In the other states, the program is sponsored by Comm […]

The border style and border color are assigned here. This is also the location for the selection options. The user may elect whether the prebill should be selected when the matter or consolidation has A/R Activity, A/R Balance, No Details or Trust Balance. Using Styles in a bill’s design allows a user to completely change the look of a bill format in seconds, simply by modifying the style.

Right-click on the Component Tab and select the attachment from the list. Click and drag your mouse cur […]

Add total variable and fixed expenses and you have the total SG&A forecasted budget. Classify your expenses first into fixed and variable and next into selling, general, or administrative expenses.
Administrative expenses are the costs an organization incurs not directly tied to a specific function such as manufacturing, production, or sales. Cutting the cost of goods sold can be tough to do without damaging the quality of the product. Cutting operating expenses can (more…) […]

Depending on the type of corporation, some states require the inclusion of “Inc.” or “Incorporated.” The charter also includes the name of the authorized agent. No matter the location, a corporation must have a designated registered agent who serves as the authorized receiver of important legal documents for the corporation. Basic features of a corporation charter include the name of the business, the names of the individuals designated to serve on the initial board of d […]