What does “emotional wreck” mean?

Posted on Posted on: 06.10.2020 Modified on: 28.10.2020Categories Bookkeeping 101  Leave a comment on What does “emotional wreck” mean?

wrecked meaning

The answer to that all depends in part on the car coverage you’ve got in place and the extent of the damage done to your car. You will be informed as soon as the insurance company has reached a decision, and you will receive a check in the mail for either the total loss or the repairs.

A vehicle that has been declared a total loss typically has some salvage value. The insurer usually retains the damaged auto as salvage and pays the vehicle owner the vehicle’s ACV.

A home is determined as a total loss when the cost to rebuild the parts of the home that were damaged is higher than the actual value of the home. The insurance company has provisions to pay for repairs for your home, but their formulas tell them how much the repairs will Continue reading “What does “emotional wreck” mean?”

Beginning Work-in-Process Inventory

Posted on Posted on: 05.10.2020Categories Bookkeeping 101  Leave a comment on Beginning Work-in-Process Inventory

Works-in-Progress vs. Finished Goods

These items are either just being fabricated or waiting for further processing in a queue or a buffer storage. This work in process formula yields an estimate, rather than an exact figure. It does not take into account added costs that may be incurred as work is completed, such as the cost of scrap, spoilage or the need to rework some items.

Work in progress, also referred to as WIP, is a term used in supply chain management to describe the costs of unfinished goods in the manufacturing process. Work-in-progress, as mentioned above, is sometimes used to refer toassetsthat require a considerable amount of time to complete, such as consulting or construction projects. This differentiation may not Continue reading “Beginning Work-in-Process Inventory”

About Federal Income Taxes Withheld on Wages

Posted on Posted on: 05.10.2020Categories Bookkeeping 101  Leave a comment on About Federal Income Taxes Withheld on Wages

withholdings definition

Entering the proper number of W4 allowances helps avoid having to write a big check to Uncle Sam when you file your taxes. Under the federal tax system, your employer withholds money from each paycheck and sends it to the IRS to pay the taxes that you owe for the current year. When you file a return the following year, you calculate how much tax you owe for the entire year, using deductions, exemptions and credits to lower the bill. If you’ve paid too much, you get a refund; the amount of the refund depends on your particular circumstances. Practically speaking, claiming 0 withholding allowances on a W-4 means that your employer will withhold the maximum amount of income taxes from your paycheck.

Example of Withholding Tax

Tax rates Continue reading “About Federal Income Taxes Withheld on Wages”

How to Account for Capital Improvements

Posted on Posted on: 05.10.2020Categories Bookkeeping 101  Leave a comment on How to Account for Capital Improvements

How do I Account for Leasehold Improvements?

GAAP follows the Internal Revenue Service’s guidelines for tax deductions, including business property improvements. While these regulations don’t allow business owners to immediately expense improvement costs, the IRS does allow businesses to recoup through depreciation.

Leasehold improvements have different depreciation rules depending on whether you are working with U.S. tax basis financial reporting or the U.S. generally accepted accounting principles (GAAP) financial reporting. For tax purposes, leasehold improvements are eligible to be depreciated for periods of up to 15 years. Leasehold improvements are considered business assets because they’re attached to real property. Keep information Continue reading “How to Account for Capital Improvements”

What is the reciprocal of 7?

Posted on Posted on: 05.10.2020Categories Bookkeeping 101  Leave a comment on What is the reciprocal of 7?

what is the reciprocal of -1

Numbers that are opposites have different signs; that is, one is positive, and one is negative, as in -2 and 2. Reciprocal numbers are made when a fraction is turned upside-down. For example, the reciprocal of 5/4 is 4/5. In the usual real numbers with the usual multiplication, $\infty$ is not a number and so you don’t operate with it, and $0$ has no reciprocal.

The first step in finding the reciprocal of a number is to make it into a fraction. For example, the whole number 8 can be made into the fraction 8/1. Once you have a fraction to work with, just flip the fraction upside down to find the reciprocal. The fractions 8/1 and 1/8 are reciprocals. The multiplicative inverse of a fraction a/b is b/a.

To get the reciprocal of a number, Continue reading “What is the reciprocal of 7?”

How to Prepare Financial Statements

Posted on Posted on: 05.10.2020Categories Bookkeeping 101  Leave a comment on How to Prepare Financial Statements

what is the objective of financial reporting?

Because financial statements help you to see a snapshot of your company’s financial position, they are decision-making tools. Financial statements show business trends, the rate at which you are collecting receivables, the rate at which you are paying creditors and any cash flow problems. For example, accounts receivables reports show who is paying on time, 30 days late, 60 days late and 90 days late. Accounts payables reports let you know what is owed to whom and when.

The income statement is one of the financial statements of an entity that reports three main financial information of an entity for a specific period of time. Those information included revenues, expenses, and profit or loss for the period of time.

what is the objective of financial reporting?

It also includes Continue reading “How to Prepare Financial Statements”

Omission

Posted on Posted on: 02.10.2020Categories Bookkeeping 101  Leave a comment on Omission

what is the meaning of omitted

Did you know that Google doesn’t show all your pages in the search results, even though they have the potential to rank high? Your page is eligible to rank high, but doesn’t get displayed in the searches.

Using a 301 redirect is also a better solution than deleting the page completely because it will pass the link equity to page A. However, with a 301, page no. 2 will pretty much get deindexed so no page will be ranking for keyword no. 2 anymore.

Use a 301 only if the page isn’t actually ranking well for any keywords. In the criminal law, at common law, there was no general duty of care owed to fellow citizens. Nevertheless, such failures might be morally indefensible and so both legislatures and the courts have imposed liability Continue reading “Omission”

What REALLY Happens if You Don’t File Your Taxes

Posted on Posted on: 02.10.2020Categories Bookkeeping 101  Leave a comment on What REALLY Happens if You Don’t File Your Taxes

Products offered only at participating offices. Promotional period 11/14/2019 – 1/10/2020. Emerald Financial Services, LLC is a registered agent of Axos Bank. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Emerald Advance℠ line of credit is a tax refund-related credit product.

Unexplained deposits can be considered taxable income if you can’t prove the nontaxable source, such as a gift or nontaxable sale of assets. Be prepared with an answer to these inevitable questions.

Referred client must have taxes prepared by 4/10/2018. H&R Block employees, including Tax Professionals, are excluded from participating. On May 25, 2015, the agency announced that criminals had Continue reading “What REALLY Happens if You Don’t File Your Taxes”

CMA Program

Posted on Posted on: 02.10.2020Categories Bookkeeping 101  Leave a comment on CMA Program

what is the institute of management accountants

IMA provides services in the Americas, Middle East, Africa, Asia Pacific, and Europe. It has offices in Beijing, China; Zurich, Switzerland; Dubai; and the United Arab Emirates.

IMA provides a forum for members by promoting forward-thinking research and industry best practices and offering newsletters and journals. Each year, Institute of Management Accountants (IMA) conducts a global salary survey to discover trends in compensation and other useful information for members.

In this article, we’ll take a look at what four CMA holders have to say about the designation’s benefits. Becoming a CMA (certified management accountant) is a great way to take your accounting career to the next level.

At the end of the fiscal year 2018, IMA Continue reading “CMA Program”

Definition of normal range

Posted on Posted on: 02.10.2020Categories Bookkeeping 101  Leave a comment on Definition of normal range

Someone being seen as normal or not normal can have social ramifications, such as being included, excluded or stigmatized by larger society. When you think about abnormal psychology, rather than focus on the distinction between what is normal and what is abnormal, focus instead on the level of distress or disruption that a troubling behavior might cause.

The CDC reported that “cluster[s] of negative attitudes and beliefs motivate the general public to fear, reject, avoid, and discriminate against people with mental illnesses”. The French sociologist Émile Durkheim indicated in his Rules of the Sociological Method that it was necessary for the sociological method to offer parameters to distinguish normality from pathology or abnormality. Continue reading “Definition of normal range”