On the other hand, companies also monitor their accounts payables to determine the dates in which payments are due to suppliers. If the accounts payables are due sooner than the money due from the accounts receivables, the company can experience a working capital shortfall. A current asset is an asset Devamı…
Along with that, the CP-2000 includes a response form, a payment voucher, and a return envelope. IRS audits typically result in an extensive examination of a taxpayer’s books, records, and other supporting documentation for amounts or positions taken on their tax return. So combining the $12,000 in regular income tax Devamı…
On the other hand, receipts are used as proof of payment already rendered and are for the payer’s reference and records. It’s good practice to provide a receipt when a client pays their invoice. Past-due invoices are only sent when clients exceed their final due date without paying their balance. Devamı…
There are two different ways through which you can compute the net cash flow of the business entity – the direct method and the indirect method. The main distinction between indirect and direct techniques is the estimation of operating activities or exercises. That is the reason, as a financial backer, Devamı…
Stonehenge in Great Britain is one of the oldest surviving calendars humans used to mark and measure time. This 24-hour time standard is kept using highly precise atomic clocks combined with the Earth’s rotation. Catholic countries, such as Spain, Portugal, and Italy, quickly adopted Pope Gregory’s calendar reforms for their Devamı…
The security system for this website has been triggered. Completing the challenge below proves you are a human and gives you temporary access. When deciding whether to discontinue a segment of a business, relevant costs include ________. Unlike assets, contra-asset is debited when its balance decreases, and it is credited Devamı…
This can be financially devastating, affecting the company’s ability to continue operations in a profitable way. Finally, the adjusting journal entry on 31 December 2017, along with the entry to record the payment of salaries on 4 January 2018, is given below with T accounts. In closing, our model’s roll-forward Devamı…
Usually, an accrued expense journal entry is a debit to an Expense account. A debit increases expense accounts, and a credit decreases expense accounts. Oppositely, a credit increases liability accounts, and a debit decreases liability accounts. When you incur an expense, you owe a debt, so the entry is a Devamı…
You might have designed the asset to have no value at the end of its useful life. Perhaps you hyper-customized a machine to the point where nobody would want it once you’re through with it. Even some intangible assets, such as patents, lose all worth once they expire. Following formulas Devamı…