Bookkeeping

Tax planning involves forecasting these permanent differences to anticipate their impact on future tax liabilities. Permanent differences are discrepancies between taxable income and financial accounting income that do not reverse. These differences occur when certain types of income or expenses are exempt or nondeductible for tax purposes. For example, interest income from municipal bonds is …

In the journal entries to issue stock second year, the corporation declares a dividend of $30,000, same dates as before. Double Entry Bookkeeping is here to provide you with free online information to help you learn and understand bookkeeping and introductory accounting. The calculation can be done on a per share basis by dividing each …

Gross Wages will appear on your Profit and Loss report, and the liability and cash accounts will be included on your Balance Sheet report. Payroll accounting involves both expense and liabilities accounts such as FICA Taxes Payable, Federal and State Income Tax Payable, Health Insurance Premiums Payable, etc. They include employee salaries, employer payments for …

To succeed in earning the CFS designation, one needs a combination of dedication, motivation, and preparation. Despite working full-time at a financial firm and juggling family responsibilities, he committed himself to studying for the CFS exams. His hard work paid off when he passed all required coursework and exams with flying colors within a year’s …

For example, companies could be required to provide additional disclosures about the market value of their assets. This would allow investors to make more informed decisions about a company’s financial health. This is a practical method of accounting when considering depreciation and its effects on the business. It allows the value of an asset to …