Category: Bookkeeping

The use of debit abbreviations also aids in error detection and prevention. When accountants reconcile accounts, the clear distinction between “DR” and “CR” helps quickly identify discrepancies. This clarity is indispensable during the preparation of trial balances, where the sum of debits must equal the sum of credits. If an imbalance is detected, the abbreviations […]

Credit ratings for a company and its bonds are generated by credit rating agencies like Standard and Poor’s, Moody’s, and Fitch Ratings. The very highest quality bonds are called “investment grade” and include debt issued by the U.S. government and very stable companies, such as many utilities. The difference is the amortization that reduces the […]

Thus, the entirety of the $41,000 may be deducted, subject to the overall income limitation. The combined QBID allowed is less than the overall limitation, so it will not be reduced. James and Mary will be able to claim an $8,000 qualified business income deduction. Q53. Can an exempt Specified Cooperative pass through its nonpatronage […]

The total federal and state unemployment taxes will vary depending on each state’s unemployment program. Income tax is a type of tax the federal government (and most states) impose on individuals, businesses, and many other entities based on their income or profits. Payroll taxes include income taxes and taxes assessed for Social Security, Medicare, and […]

In this system, fixed costs are spread out over the number of units produced, making production more efficient as production increases by reducing the average per-unit cost of production. Economies of scale can allow large companies to sell the same goods as smaller companies for lower prices. Trimming operating costs too much can reduce a […]

Transaction fees, terms, and conditions apply to the use and reloading of the Card Account. “When it comes to Paychex, the personal touch is nice …. Having Paychex as my payroll service just makes my life a lot easier. Never had any problem with any tax issues or anything.” The complete large business payroll and […]

But before we get there, let’s recall what opening balances are, as they, as you can see, relate to the OBE occurrence. However, it might not happen, so you might need to invest some effort into searching for the cause of the discrepancy and fixing it. At this point, I suggest looking at various scenarios […]

These are the note’s principal, maturity date, duration, interest rate, and maturity value. A note receivable of $300,000, due in the next 3 months, with payments of $100,000 at the end of each month, and an interest rate of 10%, is recorded for Company A. Or, we can combine this entry with the journal entry […]

Dividends are taken away from the sum of beginning retained earnings and net income to get the ending retained earnings balance of $4,565 for January. This ending retained earnings balance is transferred to the balance sheet. The adjusting entries are shown in a separate column, but in aggregate for each account; thus, it may be […]

When it comes to selecting the best Gibson SG for you, the first thing to consider is budget. If you want the SG look, feel and tone but don’t want to spend a fortune, the Tribute series is most definitely for you. Of course, if even that is a little too much, there are affordable […]