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Bookkeeping
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Working Capital Ratio: What Is Considered a Good Ratio?
- August 18, 2023
- Posted by: wadminw
- Category: Bookkeeping
No CommentsCommon examples of current assets include cash, accounts receivable, and inventory. Examples of current liabilities include accounts payable, short-term debt payments, or the current portion of deferred revenue. Current assets include anything that can be easily converted into cash within 12 months. Some current assets include cash, accounts receivable, inventory, and short-term investments. Current liabilities
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The Difference Between Temporary & Permanent Accounts
- December 16, 2022
- Posted by: wadminw
- Category: Bookkeeping
If the profit & loss account is having a debit balance, it means that the business has made a loss & a credit balance means that the business has made a profit. Knowing which accounts are permanent or temporary allows for more accurate and timely financial reporting. Permanent accounts capture the long-term effects of business
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FASB Proposes New Disclosure Rules for Public Companies on Income Statement Expenses
- December 8, 2022
- Posted by: wadminw
- Category: Bookkeeping
The changes in assets and liabilities that you see on the balance sheet are also reflected in the revenues and expenses that you see on the income statement, which result in the company’s gains or losses. Cash flows provide more information about cash assets listed on a balance sheet and are related, but not equivalent,
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What is a Contra Liability?
- November 3, 2022
- Posted by: wadminw
- Category: Bookkeeping
When accounting for assets, the difference between the asset’s account balance and the contra account balance is referred to as the book value. There are two major methods of determining what should be booked into a contra account. For example, if the balance of accumulated depreciation increases from $20,000 to $50,000, this means that the
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Why is my account showing a negative balance?
- April 1, 2022
- Posted by: wadminw
- Category: Bookkeeping
Content You returned something you bought with the credit card Request a credit balance refund How to consolidate your credit card debt Keep spending on the card When you have a negative balance you might not be able to process refunds and payouts or receive your deposit. TPG senior credit cards editor Matt Moffitt recently
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Affordable Accounting Services
- August 31, 2021
- Posted by: admin
- Category: Bookkeeping
Content Merritt Bookkeeping Features Historical Bookkeeping Get matched now with top rated accounting software Bookkeeper.com offers more services to QuickBooks Online users than QuickBooks Live and, upon enrollment, you’re assigned your own dedicated bookkeeper and account manager. Whether you need quarterly or monthly bookkeeping needs, Mazuma provides online accounting services for small businesses at a
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How Are Prepaid Expenses Recorded on the Income Statement?
- July 27, 2021
- Posted by: admin
- Category: Bookkeeping
Content What Are the Benefits of Prepaid Expenses? Illustration of Supplies Cost Accounting Prepaid Expenses: Definition They are also known as unexpired expenses or expenses paid in advance. It is important to show prepaid expenses in the financial statements to avoid understatement of earnings. Instead, they provide value over time—generally over multiple accounting periods. Because
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Cash vs Accrual Basis of Accounting
- May 24, 2021
- Posted by: wadminw
- Category: Bookkeeping
For business owners, comparative analysis (to project future earnings and identify trends) can be difficult with cash-basis accounting because of scenarios like this. Your customer paid you at the beginning of July, and you deposited the check on July 5. Here’s how this transaction would look for cash basis and accrual basis accounting. The accrual
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How to manage plumbing business expenses
- March 31, 2021
- Posted by: wadminw
- Category: Bookkeeping
Content Managing the Money: Financial Tips for Plumbing Companies Account Information Understand and Use the Percentage of Completion Method MEET YOUR NEW BACK OFFICE Detailed Method for Plumbers This includes setting up payments for installments on your taxes so that you are not hit with a huge expense at the end of the year and
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Balancing of ledger accounts Procedure, Illustration, Solution Accountancy
- January 8, 2021
- Posted by: wadminw
- Category: Bookkeeping
Content The Bankrate promise How Does Accounting Abuse Affect a Company? AccountingTools Consequences of Force Balancing things to do after completing a balance transfer Third, the opposite holds true for liability, revenue, and equity accounts. The mnemonic for remembering this relationship is G.I.R.L.S. Accounts which cause an increase are Gains, Income, Revenues, Liabilities, and Stockholders’
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