Get Appointment

Bookkeeping

Inventory Turnover Ratio: Definition, Formula & What It Means

Thus, the inventory turnover rate determines how long it takes for a company to sell its entire inventory, creating the need to place more orders. Simply put, the inventory turnover ratio measures the efficiency at which a company can convert its inventory purchases into revenue. Luckily, tools exist to take care of this, and mastering...
Read more

First In, First Out FIFO Lean Enterprise Institute

Because more expensive inventory items are usually sold under LIFO, the more expensive inventory items are kept as inventory on the balance sheet under FIFO. Not only is net income often higher under FIFO, but inventory is often larger as well. With this remaining inventory of 140 units, the company sells an additional 50 items....
Read more

What is the gross profit method?

However, it is still an acceptable method when making interim reports for internal use. Moreover, retailers with inventory stored in multiple locations will benefit from the retail method in determining ending inventory. For a detailed discussion of this method, read our article on retail accounting. It includes a free calculator for figuring your estimated ending...
Read more

ETFs vs Mutual Funds: Which To Choose Vanguard

While you can place your order at any time, it won’t be filled until the exact price of the fund is tallied up at day’s end. So you won’t know what you’re paying until the transaction is complete. But you’ll always pay the exact net asset etf vs mutual fund value of the fund’s holdings....
Read more

Accounting Bookkeeping Services CPA Cincinnati 45241

So BAS services, because they can only be performed by BAS Agent, are not the same as general bookkeeping services. The transition from our old system to Bookwerks was seamless and pain free. Their team worked behind the scenes bookkeeping services cincinnati and before we knew it we had transitional quickly and easily. We can...
Read more

Bank Reconciliation Definition & Example of Bank Reconciliation

Journal entries, also known as the original book of entries, refer to the process of recording transactions as debits and credits. Once the journal entries are recorded, the general ledger is prepared. You first need to determine the underlying reasons responsible for the mismatch between balance as per cash book and passbook. In most businesses,...
Read more

Taxes in Florida for Small Businesses: The Basics

South Dakota and Wyoming levy neither corporate income nor gross receipts taxes, and with the enactment of a budget in 2021 that includes the multiyear phaseout of its corporate income tax, North Carolina is due to join them by 2030. Florida is now the ninth state to implement or adopt a corporate income taxA corporate...
Read more

Purchases Journal Purchase Day Book

Selling on credit always requires a debit to Accounts Receivable and a credit to Sales. Because every credit sales transaction is recorded in the same way, recording all of those transactions in one place simplifies the accounting process. Note there is a single column for both the debit to Accounts Receivable and the credit to...
Read more