The totals tell us that the company has assets of $9,900 and that the only claim against those assets is the stockholders’ claim. The accounting equation shows that one asset increased and one asset decreased. Since the amount of the increase is the same as the amount of the decrease, the accounting equation remains in...
R-squared is a measure of how much of the variation in the dependent variable is explained by the independent variables in the model. It ranges from 0 to 1, with higher values indicating a better fit. The coefficients b1, b2, …, bn can also be called the coefficients of determination. The goal of the OLS...
Lenders consider an organization’s creditworthiness when deciding whether or not to grant a loan. If an organization has good credit, the lender may feel the risk of default is low enough to be comfortable with issuing unsecured debt. Once done, the repayments you’ve made will be recorded. Incremental Borrowing Rate for IFRS 16, ASC 842,...
We look forward to meeting with you to get acquainted and to find out how we can be of service to your company. We are dedicated to understanding and serving your unique bookkeeping needs. Our customized solutions are designed to support your goals and drive sustainable growth. Danbury Small Business Bookkeeper & QuickBooks ProAdvisor They...
Deductible expenses include child and dependent care expenses, adoption expenses, child tax credits, and earned income tax credits. Income tax expense is a critical component of a company’s financial statements, reflecting the taxes a business owes based on its taxable income for a specific period. It represents the total amount of taxes a company incurs...
Auditors will check that there is separation of duties and approval needed in the purchasing and cash disbursement process. These controls dissuade employees from attempting to misappropriate money and help businesses catch honest errors. Explain how expense account analysis relates to the tests of controls and substantive tests of transactions that the auditor has already...
These courses often include video lectures, quizzes, and assignments to help reinforce your learning. When diving into small business bookkeeping for beginners, it’s crucial to steer clear of common pitfalls. Let’s look at some key areas where mistakes often happen and how to avoid them. When you sell a product or service, decide how long...
The standard deduction varies based on your filing status and changes annually to account for inflation. For example, the standard deduction for a single filer in 2024 may differ from that of a married couple filing jointly. If you figure your quarterly payments with TaxAct, you can print the payment vouchers and mail them to...
Under a hypothetical liquidation scenario in which all liabilities are cleared off its books, the residual value that remains reflects the concept of shareholders equity. This is the percentage of net earnings that is not paid to shareholders as dividends. Retained earnings are part of shareholder equity as is any capital invested in the company. Every company has an...
We get it, your Vancouver business is scaling and you’re shuffling a lot of tasks. We want to simplify your life and take bookkeeping off your hands. Whether you’re a one-man-show or a corporation with 50+ employees, you will receive the same level of care and attention. Our packages are more cost-effective than hiring an...