Generally, natural resource acquisition costs are recorded in an Undeveloped Property account. ExxonMobil later assigns that cost to the natural resource if exploration efforts are successful. If the efforts are unsuccessful, it writes off the acquisition cost as a...
First launched in 1998 by the Legal Electronic Data Exchange Standards Committee, LEDES billing created a standardized format specifically for electronic legal invoicing. LEDES was released to the legal world in 1998 and facilitated the exchange of legal billing...
If line 12 is $2,500 or more on both your prior and current quarter Forms 941, and you’ve deposited all taxes when due, the balance due on line 14 should be zero. Under “Report for this Quarter of 2024” at the top of Form 941, check the appropriate box...
This distinction is crucial when deciding the type of professional services a business needs to thrive. This is one of the reasons why pursuing a career in accounting is a bit more challenging. Accountants may quote a client a fixed price for a specific service or...
Cash flow is crucial to all types of businesses, and most will have trouble at some stage. There will be times when it’s tough to buy inventory or make a debt repayment. It can be especially challenging in franchise accounting because payroll and franchise fees are...
You come to know about such deductions only when you receive the statement from the bank. However, there can be situations where your business has overdrafts at the bank. NSF fee for the rejected dishonored check of $10 charged by the bank. Dividends amounting to...
You can apply for a business credit card using your personal credit score and income; business credit is not a requirement. If you’re considering a business credit card, you might want to look for one that offers a generous rewards program and/or charges no annual...
This number changes often, so investors sometimes use the weighted average of the shares outstanding to determine the EPS for a specific time period. For example, they may compare the forward EPS (that uses projections) with the company’s actual EPS for the current...
Like all Intuit products, its user interface and navigation tools are simple and understandable. While growing your team as a business owner can be exciting, it’s important to make sure you have your ducks in a row when it comes to payroll. Fortunately, there...
The Effective Tax Rate represents the average rate at which your income is taxed, providing a broad view of your overall tax burden. It is calculated by dividing the total tax paid by your total taxable income. In contrast, the Marginal Tax Rate refers to the rate of...
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