Bookkeeping

A company selling merchandise on credit will record these sales in a Sales account and in an Accounts Receivable account. You should consider our materials to be an introduction to selected accounting and bookkeeping topics (with complexities likely omitted). We focus on financial statement reporting and do not discuss how that differs from income tax […]

Rent payable liability arises when a business has held, occupied or benefited from a rented property for an accounting period and the rental payment for the same is still due at the end of the period. A liability account named as “rent payable account” is maintained in the general ledger to account for any unpaid

The physical nature of cash makes it ideal for immediate, low-value transactions. Unlike credit card or debit card payments, petty cash offers instant access, crucial in unforeseen circumstances. This liquid fund ensures business continuity for minor business expenses, preventing delays and maintaining smooth operations. Petty cash is an important accounting method for businesses because it

I already entered the info from 1099-G, however this question is coming up again under my state/CA return. If you received a 1099-G for your Paid Family Leave, you do not need to change anything on the state input page. You would enter the amount listed on your W-2 for PFL on this screen unless

The Code of Euric as well of the Fuerzo Juzgo both outlined legal precidence for the property a husband and wife share, with the latter containing the custom of the community of property. Community property was subsequently brought to the United States; for example, insured by Spanish rules, California formally recognized community property in 1849.

Claiming tax shields can increase the risk of audit from the tax authorities. If the taxpayer is found to be non-compliant or incorrectly claiming deductions or credits, they may be subject to penalties, fines, and interest charges. For example, if a company has an annual depreciation of $2,000 and the rate of tax is set at

This division helps achieve a clear picture of a company’s performance, its ability to generate revenues, and its overall financial health. It is possible that management could deliberately shift expenses out of the cost of goods sold category and into operating expenses in order to falsely imply an improvement in gross margins. This could be

Airlines, for example,  make billions in extra income every year through baggage fees and food or other in-flight services. Instead, think about your travelers’ needs and how your organization can best support them. If a guest is booking with you – whether you’re an airline, an OTA, or a hotel – this reflects a sense of

Nestled on thousands of acres in Tennessee’s Smoky Mountains, Blackberry Farm is beloved by guests for its nourishing locale and extensive culinary offerings. In addition to furnishings and beauty products, Blackberry enthusiasts can enjoy fare from the farm’s online shop, with a selection of Blackberry jam, honey, and even a quarterly cheese delivery club. Our EntryDocs

ASC 330, part of the Accounting Standards Codification (ASC), is the accounting standard issued by the Financial Accounting Standards Board (FASB) that governs how businesses should handle the accounting and reporting of inventory. This standard is vital for companies that hold inventory, ensuring the accurate valuation and presentation of their stock on financial statements. NRVs