That means if you find a stale check made out to you, contact your bank and the check-issuing bank and find out their policies. Uncashed checks are those that the payer has written but the payee has not yet cashed or deposited. Uncashed checks that are outstanding for over six months are considered stale. Can […]
Category Archives: Bookkeeping
Inventory write-offs are typically done when goods are stolen, damaged, expired, or made obsolete by a new product or shifts in demand. Let’s put the COGS formula into practice, since this is an especially important part of the inventory accounting process. Ending inventory, also called closing inventory, refers to the total value of a company’s […]
RealPage also trained landlords to limit concessions (e.g., free month(s) of rent) and other discounts to renters. The complaint also cites internal documents from RealPage and landlords touting the fact that landlords have responded by reducing renter concessions. RealPage’s alleged conduct deprives renters management assertion of the benefits of competition on apartment leasing terms and […]
For investors, that’s another key metric that gives them insights into the value of a company. Since DSI indicates the amount of time a company’s cash is tied up in its inventory, the aim is low DSI values for the company. If a company scores a low DSI, that company frequently selling its inventory, which […]
Property with a long production period and certain aircraft placed in service after December 31, 2023, and before January 1, 2025, is eligible for a special depreciation allowance of 80% of the depreciable basis of the property. The special depreciation allowance is also 60% for certain specified plants bearing fruits and nuts planted or grafted […]
The balance sheet would report equipment at its historical cost and then subtract the accumulated depreciation. A contra liability is a general ledger account with a debit balance that reduces the normal credit balance of a standard liability account to present the net value on a balance sheet. Examples of contra liabilities are Discounts on […]
Accounts payable is always found under current liabilities on your balance sheet, along with other short-term liabilities such as credit card payments. On February 1, 2019, the company must charge the remaining balance of discount on notes payable to expense by making the following journal entry. Notes payable are required when a company borrows money […]
Thus, it writes off the expense incrementally over the useful life of that asset. When deciding on a loan term and amortization, it’s important to consider how long you plan to remain in the home. “As your loan matures, you can expect a higher percentage of your payment to go toward the principal, with a […]