If, for example, you sell a large capital asset for a gain and receive a large chunk of money, plan to put a portion of your gain in your tax reserve account or make an extra payment to the IRS. If you choose to annualize, on the other hand, you’d make payments at the end…
In other words, you would only owe $800 to the federal government. It’s really important to know how much an item is going to cost before you purchase it. It’s not as easy as just looking at the price tag; sales tax must be calculated in order to determine the total cost. In some international…
Stockholders’ equity is the net worth of a company from the shareholders’ perspective, calculated by deducting debts and obligations from total assets. It differs from assets and liabilities, which are resources owned by the company and its obligations to others, respectively. Stockholders’ equity represents the percentage of the company’s assets financed by its shareholders rather…
Therefore, calculating the impact on your retirement savings can be tricky. Speaking with an independent financial advisor could provide more clarity and give you more confidence when you make your decision. Poor investment returns or faulty assumptions and calculations can result in a funding shortfall, where employers are legally obligated to make up the difference with…
ABC’s controller creates a posting entry to move the total of these sales into the general ledger with a $300,000 debit to the accounts receivable account and a $300,000 credit to the revenue account. To post a journal entry, the first step is indeed to identify the ledger account where the debited account will appear.…
Certifications aren’t necessary to become a bookkeeper but can signal to employers that you have the training and knowledge to meet industry standards. After you have a few years of experience, you can earn the Certified Bookkeeper designation from the American Institute of Professional Bookkeepers by passing a series of exams. If you’re organized and…
Therefore, credit sales are considered short-term assets and will be labelled as https://www.facebook.com/BooksTimeInc/ such on your balance sheet. It is technically categorised as accounts receivable because you have assets that are not yet in your account. The sales journal records all credit transactions involving the firm’s products. Only inventory and other merchandise sales are recorded…
For people with prediabetes and diabetes, choosing foods with a low glycemic index that are also hydrating provides a double win. One 20-ounce bottle of Lemon-lime Gatorade contains a whopping 34 grams of added sugar and 140 calories. Similarly, 20 ounces of Powerade Fruit Punch also contains 140 calories and 34 grams of added sugar.…
The summary shall also describe any free or other reduced cost policies for the indigent and shall clearly distinguish hospital bed funds from other sources of financial assistance. The summary shall include notification that the patient is entitled to reapply upon rejection and that additional funds may be available on an annual basis. In addition,…
A recent survey suggests that 72% of self-employed contractors do their own accounting. If you’re among them, it’s crucial to understand what reconciliation is and how to do it right. Once you’re done, you should see a difference of $0, which means your books are balanced. To reconcile means to “make one view or belief…
