by Admin | Feb 19, 2025 | Bookkeeping
This decision could have far-reaching impacts on the business’s competitive positioning and customer demand. Let’s stick with Royal Flush to see how the overhead rate can help the company understand how its overhead costs compare with revenue generated in...
by Admin | Jan 9, 2025 | Bookkeeping
The company must impair or do a write-down on the value of the asset on the balance sheet if a company assesses that acquired net assets fall below the book value or if the amount of goodwill was overstated. The impairment expense is calculated as the difference...
by Admin | Dec 11, 2024 | Bookkeeping
I hired an attorney once for a personal injury case, and, even as an attorney myself, I felt a little bit like a fish out of water. Different practice areas are SO different, and personal injury lawyers and family law lawyers are two entirely different breeds. Law...
by Admin | Jul 15, 2024 | Bookkeeping
If your business makes $100,000 in gross sales, say, and has $5,000 in total contra revenues from returns, allowances, and discounts, your net sales would be reported as $95,000. When a product is sold with a rebate offer, the company estimates the number of rebates...
by Admin | May 21, 2024 | Bookkeeping
You can deduct the actual expenses of operating your car or truck or take the standard mileage rate. This is true even if you used your vehicle for hire (such as a taxicab). You must use actual expenses if you used five or more vehicles simultaneously in your business...
by Admin | Nov 16, 2023 | Bookkeeping
They are generally the core materials required for manufacturing a product and form part of the final product. In a business that makes shoes, cotton and leather are also considered direct materials. On the other hand, it is difficult to identify and distribute...
