door Cobie Rouwendal | feb 29, 2024 | Bookkeeping
Just as reporting standards vary regionally, they also vary by industry. When in doubt, don’t be afraid to talk to other business owners and find out how they hired a bookkeeper and what bookkeeping methods they prefer to use. When you account for deferred...
door Cobie Rouwendal | dec 28, 2023 | Bookkeeping
To illustrate an Accumulated Depreciation account, assume that a retailer purchased a delivery truck for $70,000 and it was recorded with a debit of $70,000 in the asset account Truck. Each year when the truck is depreciated by $10,000, the accounting entry will...
door Cobie Rouwendal | dec 19, 2023 | Bookkeeping
Current liabilities are usually considered short-term (expected to be concluded in 12 months or less) and non-current liabilities are long-term (12 months or greater). If you’re injured by an automobile, it’s likely that your auto policy will govern how your...
door Cobie Rouwendal | dec 19, 2023 | Bookkeeping
Cash outflows include any fees or charges that are subtracted from the balance. Depreciation is a non-cash expense and therefore has been ignored while calculating the payback period of the project. On the other hand, payback period calculations can be so quick and...
door Cobie Rouwendal | nov 30, 2023 | Bookkeeping
Employees can take Paid Family and Medical Leave after working at least 820 hours during the qualifying period. Eligible employees receive a percentage of their average weekly wage, up to an annual maximum. Since there’s no standard list of W-2 codes for box 14,...
door Cobie Rouwendal | okt 24, 2023 | Bookkeeping
In addition to indirect materials and indirect labor, manufacturing overhead includes depreciation and maintenance on machines and factory utility costs. The period costs could not be capitalized as they are not directly related to the production of the inventory and...
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