Category Archives: Bookkeeping

How to Decrease Retained Earnings With Debit or Credit Chron com

Content Step 3: Explanation on Expense Accounts Everything About Retained Earnings Journal Entries Normal balance of retained earnings definition What is the Retained Earnings Formula? Journal Entries for Stockholders’ Equity It is based on the accounting equation that states that the sum of the total liabilities and the owner’s capital equals the total assets of… Continue Reading

Income statement 1 year

Content Choose Your Reporting Period The Income Statement vs. the Balance Sheet Income Statement Guide Interest Expense Net income or net loss Expenses recognised in the income statement should be analysed either by nature (raw materials, transport costs, staffing costs, depreciation, employee benefit etc.) or by function (cost of sales, selling, administrative, etc.). (IAS 1.99)… Continue Reading

Melvin, Bibb, Segars & Associates, P C : A professional tax and accounting firm in Huntsville, Alabama: Splash Page

Content Budgeting for Success in Huntsville, AL What’s the best way to set up a consultation or an appointment with a tax preparer during the COVID-19 pandemic? Bearden Stroup & Associates, CPAs Why Choose Paramount Tax & Accounting – Bountiful? What types of businesses does Warren Averett’s Huntsville, AL CPA firm have the expertise to… Continue Reading

Jansen Company reports the following for its ski department for the year 2019 All of its costs are

Content What Does the Departmental Overhead Rate Tell You? What Is the Departmental Overhead Rate? What Is Element of Cost in Management Accounting? Recommended explanations on Business-studies Textbooks New questions in Business Typically, departments share the cost of insurance and office rent. Gross profit is a measure of the profit that a company makes on… Continue Reading

Cost of Goods Sold COGS on the Income Statement

Content How to Calculate Goods Sold in a Retail Business Limitations of COGS Basic Cost of Goods Sold Formula How to Calculate Cost of Goods Sold How Do You Calculate Cost of Goods Sold? Stay up to date on the latest accounting tips and training This cost flow removes the oldest inventory costs and reports… Continue Reading

What Is the Cost Principle and Why Is It Important?

Content Historical Cost vs Market Value Examples of Historical Cost Concept Cost Principles Characteristics of the Cost Concept of Accounting Exceptions to cost principles In the above example, if the cost concept of accounting is followed, the company’s balance sheet will always show only the acquisition cost and not the present worth or value of… Continue Reading