Bookkeeping

The student or researcher must use Form W-4 for any part of such income for which he or she is not claiming a tax treaty withholding exemption. Do not use Form W-8BEN for compensatory scholarship or fellowship income. See Compensation for Dependent Personal Services in the Instructions for Form 8233. For purposes of chapter 4, … Leer más

When the price of the bond is beneath the face value, the bond is “trading at a discount.” When the price of the bond is above the face value, the bond is “trading at a premium.” One thing to remember is that the price of a bond is inversely related to the interest rate. A … Leer más

Manjula P. Modi also handles business consultation, financial statement, payroll processing, worker’s compensation audit, and preparation of W-2s and W-3s. Manjula is a CPA and former IRS agent who provides personalized accounting solutions suited to the clients’ needs. 1-800Accountant serves clients in Fort Worth and nearby metros. The company specializes in small business accounting, particularly … Leer más

As mentioned, the accumulated depreciation is not an expense nor a liability, but it is a contra account to the fixed assets on the balance sheet. Likewise, if the company’s balance sheet shows the gross amount of fixed assets which is the total cost, the accumulated depreciation will show as a reduction to the balance … Leer más

It supports better money management and improves the overall financial health of the business. A chart of accounts can be thought of as a filing system for your financial accounts. Not only does the chart of accounts sort these financial accounts by category, it also assigns each one a unique name and numerical code. As … Leer más

Corporation tax – To balance the need to raise revenue with the objective of having an internationally competitive tax system, the rate of corporation tax will increase from April 2023 to 25% on profits over £250,000. The rate for small profits under £50,000 will remain at 19% and there will be relief for businesses with … Leer más

Accrued interest is the amount of interest that has accumulated on a debt since the last interest payment date. An entry consists of interest income or interest expense on the income statement and an asset or liability account on the balance sheet. Accrued interest is usually received or paid within one year and is therefore classified … Leer más

One week later, they found out that 20% of the product has a technical issue which needs to adjust by the factory. Due to the warranty, ABC decides to send the products back to the supplier on 10 Jan 202X. By using the data of the above example, we will clarify it with journal entries.. … Leer más