Bookkeeping

Instead these expenses are reported on the income statement of the period in which they occur. A comparative income statement is a single profit and loss statement that shows multiple income and expenses from previous reporting periods. It compares different statement of operations to give a clue whether there is progress or not. It helps […]

The inventory of some companies, like car dealerships or jewelry stores, may cost several times more than any other asset the company owns. As an asset, the inventory figure has a direct impact on reporting the solvency of the company in the balance sheet. As a factor in determining cost of goods sold, the inventory

Implementing a robust accounts payable system is crucial for maintaining good vendor relationships and avoiding late fees. With the two condos that I personally own, I use a website called Cozy to do monthly rent payments and have a credit card that I only use for the investment properties. I generally have four or five

If you transferred either all of the property, the last item of property, or the remaining portion of the last item of property, in a GAA, the recipient’s basis in the property is the result of the following. If you have a short tax year after the tax year in which you began depreciating property,

If both dates fall within a fiscal year, the accountant faces no serious problem in incorporating the event and its effects in the statements. Finance Strategists is a leading financial education organization that connects people with financial professionals, priding itself on providing accurate and reliable financial information to millions of readers each year. For information

The payee of a note is the entity that loans the money to the maker and must be repaid. The articles and research support materials available on this site are educational and are not intended to be investment or tax advice. All such information is provided solely for convenience purposes only and all users thereof should be

Both the quick ratio and current ratio measure a company’s short-term liquidity, or its ability to generate enough cash to pay off all debts should they become due at once. Although they’re both measures of a company’s financial health, they’re slightly different. The quick ratio is considered more conservative than the current ratio because its calculation factors in

Current assets are generally subclassified as cash and cash equivalents, receivables, inventory, and accruals (such as pre-paid expenses). Fixed assets, on the other hand, are long-term, physical assets. They have a useful life of more than one year and cannot be readily converted to cash. Examples include factories, equipment, vehicles, buildings and real estate. On