FIFO is commonly used in businesses where inventory has a short shelf life, such as the food and beverage industry. However, it can be applied in various types of businesses and is acceptable under Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). In this example, your original inventory of $1,000 reduces by […]

When customers are unable to clear their dues within the credit period, they may often request the seller to accept promissory notes as a surety for subsequent payment. Promissory notes are also issued by borrowers to lenders as a surety to enable financing. Interest must be calculated (imputed) using an estimate of the interest rate […]

So we’ve covered how much QuickBooks Pro, Premier, and Enterprise cost and the additional fees to expect with each. Each of these versions gives you access to specialized features and reports at no additional cost. That’s why we’ve created this complete guide to QuickBooks Desktop pricing. By the end, you’ll know how much QuickBooks Pro, […]

When using T-accounts, a debit is on the left side of the chart while a credit is on the right side. Debits and credits are utilized in the trial balance and adjusted trial balance to ensure that all entries balance. The total dollar https://accounting-services.net/ amount of all debits must equal the total dollar amount of […]

As Propeller’s Chief Operating Officer, she leads key initiatives in support of operational and strategic priorities to advance the organization’s mission and vision. Jessica also serves as a liaison with the Executive Director to provide management oversight and coordination of programs and special projects. When he first worked for the City of New Orleans, he […]

This is the most common metric used for any type of financial modeling valuation. Shareholders can use FCF (minus interest payments) as a gauge of the company’s ability to pay dividends or interest. In other https://quickbooks-payroll.org/ words, it reflects cash that the company can safely invest or distribute to shareholders. But as a generalization, most […]

Average total assets are found by dividing the sum of beginning and ending total assets balances found on the balance sheet. The beginning total assets balance in the current year is taken from the ending total assets balance in the prior year. Solvency implies that a company can meet its long-term obligations and will likely […]