An enrolled agent is a federally authorized tax practitioner empowered by the U.S. Department of the Treasury to represent taxpayers before the IRS for tax issues including audits, collections and appeals. To become an enrolled agent one must pass an... Read more
A simpler way to describe this is to call it the “tone at the top.” It is highly important because it filters down to other employees and to all other components of control and can, therefore, have a huge impact on the company. The last c... Read more
The Working Capital Ratio is employed by financial analysts, investors and lenders to determine a business’ capacity to cover for its short-term financial commitments. Boiled down to its essence, net working capital is a financial ratio describ... Read more
The goods that were stored in WIP that have completed the manufacturing process are credited to the WIP inventory account and debited to the finished goods inventory. Superior Glass also incurs $1,250 in factory overhead costs during the accounting p... Read more
The post-closing trial balance contains real accounts only since all nominal accounts have already been closed at this stage. A Post-closing Trial Balance lists all the balance sheet accounts that have a non-zero balance at the end of a reporting per... Read more
Financial StatementsFinancial statements are written reports prepared by a company's management to present the company's financial affairs over a given period . Shares IssuedShares Issued refers to the number of shares distributed by a company to its... Read more
They are cumulative earnings that represent what is leftover after you have paid expenses and dividends to your business’s shareholders or owners. Retained earnings are also known as retained capital or accumulated earnings. Not every business... Read more
Although statement of retained earnings are not themselves an asset, they can be used to purchase assets such as inventory, equipment, or other investments. Therefore, a company with a large retained earnings balance may be well-positioned to purchas... Read more
This will depend on the nature of the account and whether it is a liability, asset, expense, income or an equity account. When you buy or sell goods and services, you must update your business accounting books by recording the transaction in the prop... Read more
We believe everyone should be able to make financial decisions with confidence. For those trying their hand at self-employment, QuickBooks Self-Employed does an excellent job, especially if you pay for a subscription for the tax bundle, which makes t... Read more
