Under US GAAP, this is how this building would appear in the balance sheet. Even if the fair value of the building is $875,000, the building would still appear on the balance sheet at its depreciated historical cost of $800,000 under US GAAP. Alternatively, if the company used IFRS and elected to carry real estate …
Analyzing Accumulated Depreciation on the Balance Sheet Read More »
A commission is an amount paid to a broker for facilitating a sale or transaction. It may fall into commission income or expense based on the source. Usually, the accounting for commission income and expense differs based on several factors. Public companies have been under compliance since December 2017, and private companies have been under …
Accounting for Commission Income and Expenses Beginner Guide Read More »
When customers are allowed to pay at a later date, the company records the sale with a debit to Accounts Receivable and a credit to the revenue account Sales. To ensure better credit management, you can define maximum Credit Limit based on the credibility, the volume of transactions, the capacity of repayment, etc. for your …
Harvard Business School Online’s Business Insights Blog provides the career insights you need to achieve your goals and gain confidence in your business skills. In other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provider. You’ll get bank details for the US, UK, euro area, Poland, Australia and …
Balance Sheet: Explanation, Components, and Examples Read More »
A nondividend distribution is a distribution that is not paid out of the earnings and profits of a corporation or a mutual fund. You should receive a Form 1099-DIV or other statement showing you the nondividend distribution. On Form 1099-DIV, a nondividend distribution will be shown in box 3. If you do not receive such …
Content What are some accounting concepts? Advanced Financial Accounting Accounting principles: Why are they so important for any business? Generally Accepted Accounting Principles (GAAP) Introduction to bookkeeping and accounting That’s where professional accounting services and CPAs come in. The best way to do so is to educate yourself on your business’s tax obligations, keep accurate …
