One of the main financial statements (along with the balance sheet, the statement of cash flows, and the statement of stockholders’ equity). The income statement is also referred to as the profit and loss statement, P&L, statement of income, and the statement of operations. The income statement reports the revenues, gains, expenses, losses, net income […]
Leia maisOccasionally, errors may occur that affect the balance of the petty cash account. This may be the result of an employee not getting a receipt or getting back incorrect change from the store where the purchase was made. In this case, an expense is created that creates a cash overage or shortage. After the owner […]
Leia maisConsider keeping your petty cash locked in a drawer, safe, or filing cabinet. A designated employee, the petty cash custodian, accounts for your business’s use of petty cash. When an employee takes money from the petty cash fund, the petty cash custodian must record who took the money, importing a board from trello the amount […]
Leia maisThe selling price or sales per unit is the price at which you are selling each product to your customer. Break-even analysis compares income from sales to the fixed costs of doing business. Five components of break-even analysis include fixed costs, variable costs, revenue, contribution margin, and break-even point (BEP). When companies calculate the BEP, […]
Leia maisXero is a great option for large teams and small- to medium-sized businesses that need high-level accounting systems. It’s also a good fit if you want to integrate Gusto Payroll to your accounting platform. The Growing plan is best suited for growing businesses, grants the same capabilities in addition to the ability to send unlimited […]
Leia maisIn New York, the standard deduction for a single earner is $8,000 ($16,050 for joint filers). This means that when calculating New York taxes, you should first subtract that amount from your income (unless you have itemized deductions of a greater amount). Tax brackets and rates depend on taxable income, adjusted gross income and filing […]
Leia maisContent Operating Expenses Accounting Treatment of Net Working Capital Extend accounts payable payment terms Changes to Net Working Capital Essentials of Credit Management Resources for YourGrowing Business It can use this money for investments, product development, new projects and more. However, if a company is holding on to excess working capital without making any efforts […]
Leia maisIs such reporting of non-GAAP numbers informative to investors, or is it used by companies to mislead them? Some studies show that investors and analysts find pro-forma earnings to be informative in determining a firm’s core profitability, particularly for loss firms. Boards of directors use pro-forma earnings to determine performance-based bonuses for CEOs, which, despite […]
Leia maisSucceeding in accounting requires effort and seeking help when needed. With dedication, you can excel in any accounting class, no matter its level of difficulty. Though accounting degree programs differ, there are universally easy classes. It’s a field steeped in analysis, critical thinking, and problem-solving. Each of these pillars of accounting presents its own set […]
Leia maisThe landlord typically sends an invoice several weeks early, so the tenant issues a check payment at the end of the preceding month in order to mail it to the landlord and have it arrive by the due date. Therefore, a tenant should record on its balance sheet the amount of rent paid that has […]
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