Category: Bookkeeping

Who Needs to File New York State Taxes? RapidTax

Generally, you must file a New York State income tax return if you are a New York State resident and are required to file a federal return. You may also have to file a New York State return if you…

What is Responsibility Accounting? Explained with Example

The Sarbanes-Oxley Act of 2002 (SOX) added new audit responsibilities relating to fraud. External auditors now have to certify that a client’s internal controls are adequate in addition to expressing an opinion on the financial statements. Omega Fashion Inc. had…

Long-Term Liabilities: Definition, Examples, and Uses

Bonds get issued by a company in order to raise capital and are typically repaid over a period of years. Current obligations are much more risky than non-current debts because they will need to be paid sooner. The business must…

What Is an Amortization Schedule? How to Calculate with Formula

The average interest rate on a used car loan was 9.65% in the first quarter of 2020, compared to 5.61% on a new-car loan, according to Experian’s State of the Automotive Finance Market report. According to the Federal Reserve, in…

Is Accounts Payable A Liability Or An Asset?

Content Free Financial Statements Cheat Sheet What Are the Categories of Liabilities? Client Resources What are liability Accounts in accounting? When the income is not deferred any more, the reported amount in this account title is decreased by the sum…

What is the journal entry to record a warranty liability?

When the cash outflow occurs, the debit is to accrued warranty and the credit is to cash. There is no income statement impact when the warranty claim is paid. This warranty is the assurance-type warranty that the company provides to…

Pro Forma Financial Statements with Templates and Examples

Use this Excel pro forma invoice template to create your own pro forma invoices. As a slight aside, for more in-depth insights on pro forma adjustments as well as some handy best practices and examples, we urge https://texas-news.com/what-to-take-into-account-when-choosing-a-car.html you to…

Extracting income from a family company with no retained profits

Content Statement of retained earnings Statement of income and retained earnings What is Retained Earnings? ACCA CBE 2023 Exams Funding for growth What is the difference between net income and retained earnings? It’s common for shareholders to accrue substantial sums…

How to Clear Out Outstanding Checks in QuickBooks?

Content What are outstanding checks? The bank statement balance differs from the cash balance on the balance sheet What happens to an uncashed personal check? Example of Writing Off an Old Outstanding Check How to Clear Out Outstanding Checks in…

Salaries, Wages and Expenses on a Balance Sheet Chron com

We also allow you to split your payment across 2 separate credit card transactions or send a payment link email to another person on your behalf. If splitting your payment into 2 transactions, a minimum payment of $350 is required…