Journal Entries Examples Format How to Explanation
Journal entries are always dated and should include a description of the transaction. If you purchased a computer system and printer for $5,000, cash is withdrawn from your bank account and transferred to the business branches of accounting you bought it from. In double-entry bookkeeping, you took $5,000 from your cash account and moved it […]
Small Business CPA & Accounting in Lancaster, PA
John was the Editor/ Publisher of the SC Tax Council’s newsletter The Tax Councilor with a circulation of over 3,000. Through SCTC, NATP and a variety of other continuing education courses, he maintains his tax education each year by attending Bookkeeping Services in Lancaster seminars and update schools. For a small monthly fee, we will […]
Salvage Value Learn How to Calculate an Asset’s Salvage Value
There are six years remaining in the car’s total useful life, thus the estimated price of the car should be around $60,000. The carrying value of the asset is then reduced by depreciation each year during the useful life assumption. salvage value meaning Companies can also get an appraisal of the asset by reaching out […]
Gross Margin: Definition, Example, Formula, and How to Calculate
You can calculate this by subtracting the cost of goods sold from a company’s revenue—both are figures you can find on the income statement. But be sure to compare the margins of companies https://www.kelleysbookkeeping.com/ that are in the same industry as the variables are similar. The term gross profit margin refers to a financial metric […]
Gross Profit Margin: Formula and What It Tells You
For example, let’s say you own a contracting business, and last month, you brought in Total Revenue of $110,000. A strong understanding of your margins in business allows you to make quick decisions to support the growth and resilience of your company. He provides a service for cutting customers’ lawns, trimming bushes and trees, and […]
Double Entry: What It Means in Accounting and How It’s Used
Assets, Expenses, and Drawings accounts (on the left side of the equation) have a normal balance of debit. Liability, Revenue, and Capital accounts (on the right side of the equation) have a normal balance of credit. On a general ledger, debits are recorded on the left side and credits on the right side for each […]
The Definitive Guide to Running a Successful Service Department
No one wants to work overtime, so be sure to schedule night or holiday shifts responsibly. While many customer service teams might not have a service operations team, it‘s a very important department to develop in a growing company. When you’re planning to scale your customer service department, a service operations team will help make […]
Single Member LLC Florida Taxes
The revenue generated from this tax helps boost tourism, maintain important facilities, and reduce property taxes used for these purposes. Each county can decide the rate at which to impose these taxes within the limits outlined above. The only exception to this is for diesel fuel, which the state government requires all counties to charge […]
How do I calculate the unit price for a product?
In the following article, we shall go through the fundamentals of this concept, including the formula for calculating the cost per item. Ultimately, there’s no definitive answer on how to price a product, and as Phill Agnew, Senior Product Marketing Manager at Hotjar suggests, it’s a complex area where many companies make mistakes. For example, […]
How to Catch and Correct Transposition Errors
Tangible assets include furniture, land, buildings, machinery, and so on. Intangible assets, on the other hand, such as goodwill, copyright, patents, and so on. Before we dive into the https://www.bookstime.com/ golden rules of accounting, you need to brush up on all things debit and credit. If you want to keep your books up-to-date and accurate, […]