What is the Difference Between Revenues and Receipts?
However, if Company B were to purchase the wrenches from Company A and then sell them, it gains control of the wrenches, becoming the principal. In this case, Company B is an agent and reports any revenue from the wrenches as net. For these reasons, most U.S. states have moved away from estate and inheritance […]
Depreciation Tax Shield Calculator
Let’s take a look at how we would calculate Depreciation with each approach. Below, we take a look at an example of how a change in the Depreciation method can have an impact on Cash Flow (and thus Valuation). As you can see from the above calculation, the Depreciation Tax Savings as the expense increases. […]
A Guide to Bookkeeping for Trucking Owner Operators
Apart from the daily tasks of running a trucking business, the back-office duties need your attention just as much. Truckers’ bookkeeping allows you to record all operations of your business effectively. Technology has grown rapidly and drastically impacted different aspects of society by streamlining various complex processes. Regarding the trucking industry, numerous software currently exists […]
3 4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business Transactions on Financial Statements Principles of Accounting, Volume 1: Financial Accounting
A useful tool for analyzing how transactions change an accounting equation is the T-account. The left side of a T-account is for debits, whereas the right side is credits. However, the effect of debits and credits on the balance in a T-account depends upon which side of the accounting equation an account is located. Just […]
How Do I Apply for an ITIN? Ultimate Guide for International Founders doola: Start your dream US business and keep it 100% compliant
With tax professionals and Certified Acceptance Agents (CAAs) nationwide, our offices are well-equipped to guide you through the ITIN application or ITIN renewal process. The time it takes to get an ITIN varies depending on the method of application. Generally, it takes four to six weeks, and up to 11 weeks if there is a […]
Reconciling a credit card
Reconciling your credit card accounts in QuickBooks Online helps ensure the accuracy of your financial records. It allows you to identify any discrepancies and resolve them promptly, providing you with a clear and up-to-date understanding of your business’s financial health. By setting up your credit card accounts correctly in QuickBooks Online, you’ll be able to […]
What is the difference between a debit and a debit balance?
Most credit and debit cards offer you some protections against unauthorized purchases. However, it’s important to monitor charges on both cards regularly. Revenue accounts record the income to a business and are reported on the income statement. Examples of revenue accounts include sales of goods or services, interest income, and investment income. A single transaction […]