This memo shows the amount and reason for the seller’s credit in the accounts receivable account, which accounts receivable in the event of a credit sale means that the amount gets a reduce. No matter what kind of business you’re…
If incremental cost leads to an increase in product cost per unit, a company may choose to raise product price to maintain its return on investment (ROI) and to increase profit. Conversely, if incremental cost leads to a decrease in…
Drawings are neither assets nor liability; that’s the reduction of the company’s equity and deducted from the owner’s equity. Some terminology may vary depending on the type of entity structure. Before taking money or other assets out of their company,…
A note payable is a promise in writing to pay a specific amount of money by a specific future date. Like accounts payable, notes payable are recorded as liabilities. Our creditor (liability) exists currently in our records at $200 on…
The precise answer is 12.379%, which appears if you set the initial investment to $1,000 with a final amount of $5,000, 10 years investment length, and $100 periodic deposit. However, keep in mind that the rate of return may have…
FASB considers a significant influence criterion based on the ownership of outstanding securities whose holders possess voting privileges. If an investor has significant influence over the investee, it accounts for its investment under the equity method. Ownership levels as low…
Elevate your accounting firm’s tax services profitability by reducing operational costs tax calculator to estimate your tax refund and tax return and maintaining uncompromised quality. Outsourcing your firm’s tax functions to QXAS allows your accounting firm to leverage specialized expertise,…
Likewise, the $20,000 of common stock in the journal entry above comes from the 20,000 shares of common stock multiplying with $1 of the par value (20,000 shares x 1$). The dividend on preferred stock is usually stated as a…
When shares are repurchased, the treasury stock account is debited to decrease total shareholders’ equity. If the treasury stock is resold later, the cash account is increased through a debit while the treasury stock account is decreased. This increases total…
The application also offers top-notch integration with other CS Professional Suite applications that increase functionality tremendously. GoSystem Tax RS offers an excellent selection of help and support options, with users able to access help files from any screen in the…