Category: Bookkeeping

An exception to this rule is when an asset is disposed before its final year of its useful life, i.e. in one of its middle years. In that case, we will charge depreciation only for the time the asset was still in use (partial year). Like in the first year calculation, we will use a […]

Let us understand the balance sheet reconciliation policy in depth with the help of a couple of examples. Reconciliation serves an important purpose for businesses and individuals in preventing accounting errors hotel accounting and reducing the possibility of fraud. Businesses are generally advised to reconcile their accounts at least monthly, but they can do so […]

If you are investing your money, ratherthan saving it in fixed rate accounts, the reality is that returns on investments will vary year on year due to fluctuations in interest rates, market conditions, inflation, and other economic factors. We’ve discussed what compound interest is and how it is calculated. So, let’s now break down interest […]

You might want to automate your accounting to eliminate errors, have your transactions categorized correctly and funds allocated properly. Book your seat at our Weekly Public Demo to see how you can do it with Synder, or explore it yourself with a 15-day all-inclusive free trial. @lynda and Matthew @ParkwayInc here to give you a live discussion on what […]

Form 1099-NEC is a new form for tax year 2020 that must be used to report payments of $600 or more made to individuals or companies for services performed. The due date for sending out forms to recipients is February 1, 2021, and the due date for filing with the IRS is March 1 (or […]

Select a conversion type and the desired units. This table provides a summary of the Length or Distance units within their respective measurement systems. All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. In Japanese typography, these square symbols are used for laying out unit […]

In other words, operating leverage is the measure of fixed costs and their impact on the EBIT of the firm. In the table above, sales revenue increased by 10% ($62,500 to $68,750). However, it resulted in a 25% increase in operating income ($10,000 to $12,500). It does this by measuring how sensitive a company is […]

When one of these statements is inaccurate, the financial implications are great. (Figure)Identify which of the following accounts would be listed on the company’s Post-Closing Trial Balance. (Figure)Identify which of the following accounts would not be listed on the company’s Post-Closing Trial Balance. How the Post-Closing Trial Balance Influences Business Valuation and Fiscal Health The […]

Typically, you will have one single depletion calculation on each pool, and you base the asset impairment tests on a ceiling test. One of the unique aspects of PSCs is the concept of “cost recovery.” The contractor is allowed to recoup its exploration and development expenditures from a portion of the produced oil or gas. […]

Taxpayers with an ITIN can complete the registration process to access their IRS online account, which provides balance due, payment history, payment plans, tax records, and more. Acceptance Agents are entities (colleges, financial institutions, accounting firms, etc.) who are authorized by the IRS to assist applicants in obtaining ITINs. They review the applicant’s documentation and forward […]