Bookkeeping

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  • What Is an Outstanding Check? Everything You Need to Know Explained Simply

    Those checks that have been written by the payer but have not yet been cashed or deposited by the payee. Maneuvering through the financial labyrinth of checks, especially outstanding checks, demands awareness and action. For individuals, the risk lies in overspending and the potential for overdraft fees should the outstanding check be presented for payment…

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  • Explanation Explanation

    Under the accrual method of accounting, the amounts are reported in the accounting period in which the employees earn the salaries and wages. Since salaried employees earn a specified annual amount, it is likely that their gross pay for each pay period is the same recurring amount. For example, if a manager’s salary is $48,000…

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  • How to Determine an Assets Salvage Value

    Once you’ve determined the asset’s salvage value, you’re ready to calculate depreciation. If the residual value assumption is set as zero, then the depreciation expense each year will be higher, and the tax benefits from depreciation will be fully maximized. When calculating depreciation, an asset’s salvage value is subtracted from its initial cost to determine…

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  • Mark to Market MTM Meaning, Formula & Example

    For financial institutions, it allows them to manage their risk positions more effectively, especially when they hold various complex financial products. The fair value of an asset is a sale price that is agreed upon by two willing parties—a buyer and a seller—who freely enter into a transaction with full cognizance of the asset’s value.…

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  • Nonprofit Balance Sheet Guide & Template

    They act as a safety net, providing financial resilience in times of unexpected expenses, loss of revenues, or other unforeseen circumstances. Net assets in a nonprofit balance sheet refer to the difference between total assets and total liabilities. Overall, the liabilities section of the nonprofit balance sheet offers insight into the organization’s financial obligations. As…

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  • THE BEST 10 Bookkeepers in ORLANDO, FL Updated March 2024

    The reputation of our firm comes from our well-customized, wide range of small business accounting services. From boosting a company’s capital margin to expansion, everything is taken care of by our chief financial officers. Our accounting packages are all custom-made in favor of all types of industries. Our team of experienced CPAs seamlessly manages your…

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