If the scrap value is substantial, it can impact the total depreciation claimed over an asset’s life. For examples of scrap value that is meant to be the disposal, residual, or salvage value of a plant asset, see our major topic Depreciation. The scrap value of an asset can be negative if the cost of …
Read more “Salvage Value Definition, Importance, Depreciation”
Include the partner’s distributive share of tax-exempt income allocated by the transferor partnership related to proceeds received by the partnership as a result of the partnership making a transfer election to transfer its credits under section 6418. Also include the partner’s distributive share of allocations made to the transferor partnership from a pass-through entity for …
Take your learning and productivity to the next level with our Premium Templates. Access and download collection of free Templates to help power your productivity and performance. Consider the average payment period same example above – Company A selling goods to John on credit for $10,000, due on January 31, 2018. However, let us consider …
Read more “Credit Sales Defined, Example, How to Record, Types”
This is a simple pay stub that has all the elements required in the pay period. A check stub is advantageous to you in the event that an employee suffers an injury and paych stub needs to file for worker’s compensation. Pay stubs documents help to verify how much an employee would have been making …
To comply with the matching principle, the estimated costs of repairing and replacing the products under the warranty should be recorded in the same period as the revenues from those product sales. A warranty is a guarantee from a manufacturer or seller that defective products will be repaired or replaced. The warranty sets forth the …
Being familiar with this concept gives you an understanding of how a balance sheet should look and can help safeguard against errors. If you have a debit in one account, it follows that there will be a credit in another account. In this system, all transactions are categorized as one or the other. Speaking of …
Read more “8 Best Online Bookkeeping Services of March 2024”
This election is available if you treat these amounts as capital expenditures on your books and records regularly used in computing your income and expenses. Next, compare this percentage to your markup policy. Little or no difference between these two percentages shows that your gross profit figure is accurate. A large difference between these percentages …
Read more “Dear Penny: Can I withdraw a lump sum from my late wifes IRA and avoid taxes?”
The cheapest QuickBooks plan starts at $30 a month—higher than any of our other recommended bookkeeping solutions. And if you want the best reporting QuickBooks can offer, you’ll need at least the $55 Essentials plan or, preferably, the $85 Plus plan. Since your software for accounting is connected to the cloud, they can use their …
Read more “7 Best Online Bookkeeping Services for Small Businesses”
We strive to provide a fulfilling client experience that adds value to your business and exceeds your expectations. Please join us to learn how iLab can optimize the management of your core facility. Marcum’s direct involvement in the mining industry gives us a deep understanding of issues that can seriously impact your business. Marcum is …
Read more “TOP 10 BEST Accounting Services in Miami, FL March 2024”