Based on the information in the schedule, Gonzales will report sales of $304,000. This amount is the result of selling 7,000 units at $22 ($154,000) and 6,000 units at $25 ($150,000). The dollar amount of sales will be reported in the income statement, along with cost of goods sold and gross profit. The best inventory […]

Wave’s software is simpler—designed for easy use for freelancers and small businesses—while QuickBooks’ platform is designed to cover complex business needs and grow as your business grows. If you’re a freelancer or other solo service provider, Wave is a better option. While Wave has a lot to offer when it comes to invoicing, know that […]

The Income Summary will be closed with a credit for that amount and a debit to Retained Earnings or the owner’s capital account. Primary revenue and expenses offer insights into how well the company’s core business is performing. Secondary revenue and fees, on the other hand, account for the company’s involvement and expertise in managing […]

This assessment often depends on the specific terms and conditions of the incentive program and requires a thorough understanding car dealership accounting of the contractual arrangements with the manufacturer. When it’s time for auto service or repair in Yorkville NY, you don’t want to go just anywhere. As a Chevy-authorized service center, we have the […]

Whether you’re browsing recovery tattoo ideas or seeking inspiration for your own recovery tattoo, such designs embody the enduring spirit of resilience and renewal. This simple yet powerful sobriety tattoo features the infinity symbol intertwined with a phrase, symbolizing endless recovery and a never-fading commitment to staying sober. It whispers a personal promise, “life does […]

Generally, contract retainage is specified in the contract and is a percentage, typically five to 10 percent, of the total contract amount. Essentially, this ASU improves disclosure requirements, prompting more useful information out of financial statements. The FASB put it in place to ensure companies provide more transparency into how they recognize their revenues. According […]

Standard costing is an area within management and cost accounting that relates to establishing standards. For most companies, establishing and controlling costs is a significant factor in increasing profitability. However, these companies cannot manage their costs if they don’t have a benchmark against which to check. Therefore, standard costing helps companies in establishing those benchmarks. […]

Handling client trust accounts demands strict adherence to ethical guidelines and best practices. It is crucial to never commingle trust funds with the law firm’s operating funds and to promptly disburse funds as required. The previous chapter discussed the six components of law firm finances and the various KPIs law firms should track to encourage […]

Accounting consulting professionals help clients with financial management, financial forecasting and auditing. Collaborating with business leaders, they also prepare and file financial reports and tax documents, conduct tax research and suggest ways to improve financial reporting processes. This advisory role requires attention to detail and good analytical skills to make observations that are based on […]