Metro issued a check to Rent Commerce, Inc. for $1,800 to pay for office rent in advance for the months of February and March. Upgrading to a paid membership gives you access to our extensive collection of plug-and-play Templates designed to power your performance—as well as CFI’s full course catalog and accredited Certification Programs. This […]

Content Retained Earnings with Net Losses Benefits of creating a statement of retained earnings Why a statement of retained earnings is important for startups. How to Calculate Retained Earnings Statement of retained earnings We can find the net income for the period at the end of the company’s income statement (consolidated statements of income). Examples […]

The amount of a corporation’s retained earnings is reported as a separate line within the stockholders’ equity section of the balance sheet. However, the past earnings that have not been distributed as dividends to the stockholders will A CPAs Perspective: Why You Should or Shouldnt Work with a Startup likely be reinvested in additional income-producing […]

Content To Amend Electronically When to file an amended tax return? What to Do If a CPA Makes a Mistake on a Tax Return? When a responsible person fails to file and/or pay business tax IRS reminds employers of penalty relief related to claims for employee retention credit (COVID- Understanding and appealing penalties Are there […]

” Nonetheless, each one gives us important insights in the process of deciding what is ethical in a particular circumstance. The first problem is that we may not agree on the content of some of these specific lenses. For example, we may not all agree on the same set of human and civil rights. We […]

Tax on a short period tax return is figured differently for each situation. The University’s fiscal year ends on June 30 and all accounts must reflect the correct financial transactions for the fiscal year. All income and expense must be accurately recorded in their correct accounts and all accounts must close in a solvent condition. […]

Content Power your business with Square Expanding a business Adding or eliminating product lines Benefits of a Breakeven Analysis Spend more time on your business.Not your finances. How to Calculate the Breakeven Point Break Even Analysis A more refined approach is to eliminate all non-cash expenses (such as depreciation) from the numerator, so that the […]

Content Which Business Attire Can Be a Business Expense? Work clothes that aren’t deductible Uniforms and work clothes Taxes Rent Expense Our Services If you get a phone call from someone claiming to be from the IRS regarding a refund owed to you and asking you for your SSN and bank account information, do not […]

At the end of the period, you’ll “post” these entries to the accounts themselves in the general ledger and adjust the account balances accordingly. Remember, it’s crucial that each debit and credit transaction is recorded correctly and in the right account. Otherwise, your account balances won’t match—which means you don’t have an accurate understanding of […]

Content Deferred Revenue Examples of deferred revenue in accounting Deferred Revenue: Definition & Examples How to Avoid Common Mistakes in Acquisition Accounting What is Deferred Revenue and Why is it a Liability? This misleads your investors to believe that you’re growing when the reality is something different. It also enables them to guarantee future income, […]