Bookkeeping

Your suppliers take note of your timely payments and extend your terms to Net 30 and Net 45. This action will likely cause your ratio to drop because you’ll be paying creditors less frequently than before. Calculate the average accounts payable for the period by adding the accounts payable balance at the beginning of the […]

An income summary account is a temporary account used by businesses at the end of the year to organize their finances. Businesses earn money (revenue) and incur expenses throughout the year. At the end of the year, businesses gather all revenue and expenses and place them into an income summary account. You can either close

As mentioned previously, however, there are some instances where a service recipient is required to deduct taxes from an independent contractor’s pay. Backup withholding typically occurs when freelancers provide the wrong TIN or incorrectly report their income on a tax return. Companies must thoroughly understand the relationship between themselves and their workers – are they

The 500 year-old accounting system where every transaction is recorded into at least two accounts. During the month of February, Metro Corporation earned a total of $50,000 in revenue from clients who https://blstone-textile.com/farfetch-priem-i-prodazha-poderzhannyh-sumok/ paid cash. Retained earnings are the net earnings a company either reinvests in the business or uses to pay off debt. The