Some people also choice to include the current portion of long-term debt in the liabilities section. This makes sense because although it stems from a long-term obligation, the current portion will have to be repaid in the current year. Thus, it&rsqu... Read more
H&R Block does not provide audit, attest or public accounting services and therefore is not registered with the board of accountancy of the State in which the tax professional prepares returns. Oct. 15— If you filed Form 4868 extending the due date o... Read more
We already know that the NRV of the rod and reels is $116 each. We also know that the market ceiling is the same as the NRV and the market floor is $74. Since the current market price is lower than the market floor, we would have to use the market fl... Read more
If shipping costs add, say, another $2,000 to the purchase, you'll need to set a higher price in your store to recover it. The advantage of going with the net method is that if you regularly get the early payment discount, the net approach is a more ... Read more
This money is typically collected after a few weeks, and is recorded as an asset on your company’s balance sheet. This discussion provides an accounts receivable definition and explains where the balance is posted in the financial statements. Y... Read more
If you cannot pay the full amount now, you may be able to enter into a payment arrangement with the IRS. The failure-to-pay penalty is 0.5% of your balance due for each month in which your taxes remain unpaid. This penalty will not be more than 25% o... Read more
The amount of money held and duration to be held determines whether the client’s money should be held in a client trust account or IOLTA trust account. Only Alaska, Kansas, Nebraska and Virginia allow attorneys to opt out of IOLTA completely, a... Read more
Financial statements are the key to tracking your business performance and accurately filing your taxes. They let you see, at a glance, how your business is performing. A revenue accrual relates to work that has been performed or products that have b... Read more
A checklist will help you keep track of essential information and minimize time-consuming errors and redundancies. There is really no doubt that automation has been a helpful development when it comes to accounts payable — and especiallythe accounts ... Read more
In reality, inflation erodes the value of monetary units, but accounting records are based on the assumption that a monetary unit has a stable value. ABC School has headlined in a scandal and many parents have boycotted the school in protest. ABC Sch... Read more
