Using a predetermined rate, companies can assign overhead costs to production when they assign direct materials and direct labor costs. Without a predetermined rate, companies do not know the costs of production until the end of the month or even later when bills arrive. For example, the electric bill for July will probably not arrive […]

LO 3.5Post the following February transactions to T-accounts for Accounts Receivable and Cash, indicating the ending balance (assume no beginning balances in these accounts). LO 3.1For the following accounts please indicate whether the normal balance is a debit or a credit. Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping. He […]

The difference between revenue and sales is relevant to investors viewing company reports. Regardless of the source, these sporadic gains contribute to a company’s total cash flow. But some companies routinely derive additional revenue from their business operations. Regulators know how tempting it is for companies to push the limits on what qualifies as revenue, […]

The properly maintained books of accounts help determine the business’s actual position. Cash is the most important and sensitive element of the business. Even a small business requires maintaining proper records of cash flow. Thus maintaining cash book helps in effective cash management; moreover, it saves time and effort in preparing separate cash accounts. Follow […]

For individual investors, many brokers charge larger commissions for bonds, since the market isn’t as liquid and still requires calling bond desks in many buy and sell scenarios. Other times, a broker-dealer may have certain bonds in their inventory and may sell to their investors directly from their inventory. We accept payments via credit card, […]

Once you’ve double checked that you’ve recorded your debit and credit entries transactions properly and confirmed the account totals are correct, it’s time to make adjusting entries. This means that for this accounting period, there was a total inflow (debit) of $11,670 into the cash account. Pepper’s Inc. totalled up all of the debits and […]

Read this article to learn about the preparation of balance sheet for non-profit organizations. There are several components of the accounting system of the non-profit organization. Let us understand more about the balance sheet of a non-profit organization. There are several components of the accounting system of non-profit organization. They have to prepare a Balance […]

The Intuit Online Payroll name is not present in the email. You may choose to outsource your payroll to a dedicated company but there is also a big choice of payroll software if you want to keep things in-house. Payroll software may be cheaper than outsourcing but you have to think about the time constraints […]

In conclusion, as a small-business owner, mastering efficiency in tax and accounting is a continuous journey. By implementing these strategies, you can not only help streamline your financial processes but also potentially position your business for sustained growth and success. At Accounting To Taxes, we offer tailored accounting outsourcing services that cater to a diverse […]

It’s still worth checking the fine print, however, because you don’t want to get trapped in an investment that gives you less than you thought you were earning. These example calculations assume a fixed percentage yearly interest rate. If you are investing your money, rather than saving it in fixed rate accounts,the reality is that […]