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Also in accrual accounting, expenses are matched to the revenue they produce. Say the carpet-cleaning job required a special disposable attachment for your equipment. You’d record that expense at the same time you record the revenue for the job — regardless of when you actually bought the attachment. This means you might end up paying taxes on money that you don’t actually have on hand yet. Lenders and investors have a clearer view into your company’s profitability if yo […]
Depreciation is an expense, just like any other business write-off. So you’ll want to make sure you calculate depreciation properly.
Let’s break down how you can calculate straight-line depreciation step-by-step. We’ll use an office copier as an example asset for calculating the straight-line depreciation rate. You will find the depreciation expense used for each period until the value of the asset declines to its salvage value. The method is called “straight line&rdquo […]
There are many operations that can be applied to raw materials such as welding, cutting and painting. It is important to differentiate between direct materials and indirect materials. Understanding every aspect of your company is vital for any aspiring business owner. This can bring substantially more accurate, precise calculations when estimating cost. In this example, the total production costs are $900 per month in fixed expenses plus $10 in variable expenses for (more…) […]
Buyers and consumers of legal services have become increasingly sophisticated. As part of the selection process, clients now delve deeply into a firm’s experience and expertise, rather than lean on personal relationships. The balance of power between clients and partners has shifted dramatically toward clients. Only a small mistake or duplicated data entry may result … Continue reading “Accounting vs Law: Whats the Difference?”
The resulting weighted unit contribution margins for all products are then added together. A company may express a break-even point in dollars of sales revenue or number of units produced or sold. No matter how a company expresses its break-even point, it is still the point of zero income or loss. To solve this problem, management must identify and separate costs into fixed and variable categories. A company breaks even for a given period when sales revenue and costs charged to that period are […]
In fact, small startups can use pro forma financial statements to understand their current financial value and make calculated future predictions. Balance SheetsA balance sheet is one of the financial statements of a company that presents the shareholders’ equity, liabilities, and assets of the company at a specific point in time. It is based on the accounting equation that states that the sum of the total liabilities and the owner’s capital equals the total assets of the company. E […]
The income statement summarizes a company’s revenues and expenses over a period, either quarterly or annually. Since an income statement is meant to provide a full picture or overview, it will often rely on the use of estimates rather than precise figures. To explain, to get by day to day and make solid choices, companies might have to act fast. They need to be able to assess broad concepts in an efficient manner in order to function well, or they may need to predict future needs in order […]
Comparing your budget with your actuals is an important step to gauge the effectiveness of a budget. It’s unrealistic to expect that you will achieve every business goal and reach your estimates every month. In an annual cycle, there will be months where your business will be booming, and there may be a few months where sales are slow. Due to seasonal inconsistency and industry trends, you will have to spend cash effectively so that the business isn’t at risk of shutting down during […]
They submit the detailed report of the auditors so that their performance can be verified. Standards of Reporting1.The report shall state whether the financial statements are presented in accordance with generally accepted accounting principles . The auditor should be aware of and consider interpretive publications applicable to his or her audit. If the auditor does not apply the auditing guidance included in an applicable interpretive publication, the auditor should be prepared to explain how […]
A profit and loss statement displays the company’s revenue and expenses, which, when combined, result in the net income. The small business owner can then focus on what needs to be done to improve the business’s net income. Most income statements include a calculation of earnings per share or EPS. This calculation tells you how much money shareholders would receive for each share of stock they own if the company distributed all of its net income (more…) […]
