Anfisa is a talented accountant.
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Enter the relevant information in the given sections, so you know why you made the journal entry. If we transfer money from a liability or asset or equity account to an expense and income account.
Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. You do not have to bill your customer or worry about collecting overdue amounts. (more& […]
The announcement came as Macy’s posted another quarter of strong sales growth. Our quantitative analysis of the latest earnings and guidance, based on results and sentiment, to identify which stocks are more likely to see short-term gains or losses. The company reported stronger-than-anticipated earnings and revenue in September, sending its stock up 6.1% in reaction – and to a new record closing high of $159.50. Check out our earnings calendar for the upcoming week, as well as our previe […]
Once a business knows its OpEx, it can use more complex formulas that lend insight into overall profitability, such as operating profit margin. Operational activities are a company’s key commercial activities in generating revenue. So Carly is spending 60 cents of every dollar she earns on the day-to-day costs of running her business. Whether that result is good or bad depends on the norm for her industry. Tara received her MBA from Adams State University and is currently working on her D […]
The more precise accrual accounting method has you record transactions when you earn revenue and incur expenses, not necessarily when cash flows. The term payroll accrual often refers to the wages earned by employees that are not yet paid. Accruing a bonus means including payments for any cash bonus, paid time-off, or other extra wage-related payments you expect to make at the end of the pay period. Bonus accruals can be a risky proposition, as they require the employer to be quite certain ahea […]
These vary in complexity, so you need to understand the differences before you go with one site or another. They ask how many of each product you have in inventory when you create a record and at what point you should be alerted to re-order. Then they actually track inventory levels, which provides insights on selling patterns and keeps you from running low. Most small business accounting sites offer the option to import existing lists in formats such as CSV and XLS. (more…) […]
As the Group of 20 seals a new global minimum tax for companies, the president has scaled back his plans to tax U.S. corporations more. Both income from and expenses for producing oil and gas which are subject to the Michigan severance tax are eliminated from the tax base to the extent the income and expenses were used in the calculation of federal taxable income. “Corporation” means a person that is required or has elected to file as a C corporation (more…) […]
CategoryAmountRevenueSales revenue$1,000COGS$100Gross Profit$900ExpensesInterest expense$100Electricity expense$50Maintenance expense$50You sold $1,000 worth of popsicles. If popsicles cost $4 each (they’re vegan, gluten-free, and organic, after all), that means you sold 250 popsicles. Here’s an example of what a balance sheet looks like if you’re a Bench customer. This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. E […]
Fortunately, you don’t have to become a tax law expert or live in fear of IRS auditors knocking at your door. We’ve prepared the following guide to small business taxes for dummies (and savvy business owners who want to take advantage of tax-saving strategies). When it comes to corporations, the income was typically taxed similar to income tax of individuals. When you’re getting your business started, keep track of all of your income and expenses from day one. Corporations in […]
For example, a manager may need to train their staff, which requires 8 hours of their time. The implicit cost is the cost of their time which could have been employed doing their other daily tasks. Is total revenue minus total cost, including both explicit and implicit costs. The issue of explicit costs versus implicit costs is tied to two other concepts – accounting profit and economic profit.
Rent or other mortgage payments required for the land the firm is using. Equipment that businesses ( […]
These interpretations provide guidance for CPAs as the profession becomes more technologically dependent. CPAs should spend some time each year reviewing the updated interpretations and guidance to ensure they’re staying up to date on any relevant updates. In 1999, the nearly 120 existing committees underwent a re-organization with approximately half of the standing committees being replaced with a volunteer group model that placed an increased emphasis on the use of task forces. The incr […]
