Bookkeeping 101

Refinancing the loan can help you save a lot of money in the monthly loan amortizations. In computer science, amortized analysis is a method of analyzing the execution cost of algorithms over a sequence of operations. This information may include lin…

Intuit accepts no responsibility for the accuracy, legality, or content on these sites. Another important thing to keep in mind when it comes to project-based accounting is that accuracy is key—this includes timesheets and resource allocation. Brainy…

Once the cycle concludes, steps are taken to begin the next accounting cycle. Once a transaction is recorded as a journal entry, it should post to an account in the general ledger. The general ledger provides a breakdown of all accounting activities …

Each entry causes a difference between the adjusted and post-closing trial balances. That way, you are prepared to enter accurate information into the financial statements….

Therefore, the depreciation of the equipment increases by approximately $50,000 for each year of use. This method uses the initial purchase value and subtracts the accumulated depreciation value for the time period to result in the total value of the…

As you can see above, if you increase an asset account, it will require a debit, but if you increase a liability account, it will require a credit. The cost of goods sold of $2,800 decreases the inventory, and is therefore a credit entry. It will hav…

Financial leverage ratios, sometimes called equity or debt ratios, measure the value of equity in a company by analyzing its overall debt picture. … In other words, the financial leverage ratios measure the overall debt load of a company and compar…

A vehicle that has been declared a total loss typically has some salvage value. The insurer usually retains the damaged auto as salvage and pays the vehicle owner the vehicle’s ACV….

Work in progress, also referred to as WIP, is a term used in supply chain management to describe the costs of unfinished goods in the manufacturing process. Work-in-progress, as mentioned above, is sometimes used to refer toassetsthat require a consi…

Tax rates and withholding tables apply separately at the federal, most state, and some local levels. The amount to be withheld is based on both the amount wages paid on any paycheck and the period covered by the paycheck. Federal and some state withh…