Bookkeeping

Net Sales here refer to the total amount of money your business receives from the sale of goods, while the cost of goods sold refers to the total expenses incurred to produce those goods. The revenue generated by retailers, manufacturers, wholesalers, and distributors from their primary activities is called sales revenue. On the other hand, […]

This reflects the fact that it factors in current assets and current liabilities, which are generally defined as being able to be converted into cash within a year. The working ratio is a financial metric used to assess the operational efficiency of a business, particularly in sectors like utilities, manufacturing, or transport. It is calculated

Basically, the more business operations rely on borrowed money, the higher the risk of bankruptcy if the company hits hard times. The reason for this is there are still loans that need to be paid while also not having enough to meet its obligations. A higher debt-equity ratio indicates a levered firm, which is quite

These accounts provide an efficient way for businesses to track their progress and achievements over time. Let’s say you have a cash account balance of $30,000 at the end of 2021. Because it’s a permanent account, you must carry over your cash account balance of $30,000 to 2022. If cash increased by $50,000 during 2021,

The mailings include more than 25,000 to those with more than $1 million in income, and over 100,000 to people with incomes between $400,000 and $1 million between tax years 2017 and 2021. The IRS estimates more than $1 billion in refunds remain unclaimed because people haven’t filed their 2020 tax returns yet. The average

You’ll usually find your business’ COGS listed near the top of your income statement, just under revenues. If Wyatt wants to calculate his operating net income for the first quarter of 2021, he could simply add back the interest expense to his net income. When deciding how to calculate net income, you can use different

With a strong desire to serve small businesses across multiple industries, we provide affordable and customizable accounting solutions, so there is something for everyone. For that reason, we do not offer a cookie-cutter solution to our clients but focus on every company’s budget constraints and bookkeeping needs. BooksTime’s all-start team of bookkeepers works remotely across

Let’s examine some sample types of disclosures from GE Healthcare’s Financial Statement for the year ended 2022. Management usually makes provisions of various types, e.g., currency rate fluctuation due to operations in multiple countries. In the case of plant, property, and equipment, there can be a change in amortization policies such as straight line or

This team can help you organize your accounting books to give you accurate numbers and reliable financial reports. In addition, clients can get employee onboarding or offboarding support. Seattle Accounting Services provides the guidance and expertise that Puget Sound organizations need to succeed in an ever-changing business and regulatory landscape. We offer a broad range

Depreciation using the straight-line method reflects the consumption of the asset over time and is calculated by subtracting the salvage value from the asset’s purchase price. In closing, the key takeaway is that depreciation, despite being a non-cash expense, reduces taxable income and has a positive impact on the ending cash balance. Assuming the company