Thistrust fund recovery penaltyis triggered when a person with the authority to make payment decisions willfully fails to deposit the taxes. The possibility of these penalties means employers must get things right. Report quarterly about their employ... Read more
Generally, the applicable method is the 200% declining balance method, switching to the straight line method in the first tax year that the straight line rate exceeds the declining balance rate. You must make the election on your return filed no late... Read more
According to anERP Software Market Outlookstudy conducted in 2019 by the Allied Market Research, the ERP software market is projected to grow at CAGR of 10.2% from 2019 to 2026. W., "Ensuring ERP implementation success," Information Systems Managemen... Read more
Plugging in the information that you have from the parts maker, there are 300 partially completed units. The accountant first finds out how many units have been finished and sent out. Since these items are 100% complete, each unit sent out is one equ... Read more
We want to increase the asset Supplies and increase what we owe with the liability Accounts Payable. Metro purchased supplies on account from Office Lux for $500. We want to increase the asset Cash and increase the equity Common Stock. Transactions i... Read more
However, equity originally involves a notion of a share or an appropriation, and accordingly an equitable distribution of business profit among its stakeholders should have been considered. The amount of equity (shareholders’ equity) cannot be ... Read more
For the latest information about developments related to Form 2553 and its instructions, such as legislation enacted after they were published, go to IRS.gov/Form2553. Michael Marz has worked in the financial sector since 2002, specializing in wealth... Read more
Any time your company purchases something that it’s going to sell online, that’s also a transaction that needs to be recorded. To find the transactions that truly go into an ecommerce business, you will need to dive into the backend of al... Read more
For example, George approaches his employer, Ben, for a payroll advance. George and Ben are good friends outside of work, so Ben agrees to an advance of $700, even though company policy states that advances top out at $500.... Read more
The journal entry puts the van on the books by increasing the balance in the asset account. It reduces the balance in the cash account with a credit for the same amount. Double-entry accounting is the foundation of financial management at most busine... Read more
