Finance Leases: Present Value, Depreciation and Liabilities for IAS 17
From the dialogue box that pops up, select “financial” in the dropdown, then scroll down and select “PV”. FASB ASC 842 requires Cornell to determine whether a contract contains a lease before deciding on the appropriate accounting treatment. If the agreement contains a lease, it must be classified as either an operating or a finance […]
How to Deduct Your Medical Expenses 2023 TurboTax® Canada Tips
Please note that you can only deduct expenses that you’ve paid to treat, alleviate, or prevent a physical or mental illness. Many taxpayers are surprised because their itemized deductions are not having the same effect as they did on past tax returns. HSAs and MSAs require that you have a high deductible health plan and are established for paying medical […]
Budget definition
Most organizations use a static budget, which contains fixed amounts of revenues and expenses over the term of the budget. These budgeted amounts are used for variance analysis throughout the budget period, even if the actual circumstances change. A flexible budget is more useful over the full term of a budget, since it flexes with […]
Accountant Fees for Small Businesses Guide Average Small Business Bookkeeping Fees & Services
Double-entry accounting enters every transaction twice as both a debit and a credit. Your business’s books are balanced when all of the debits equal (or cancel out) all of the credits. Although it’s more complicated, it can prevent bookkeeping errors. And since it takes equity, assets and liabilities — on top of expenses and income […]
Sale or Trade of Business, Depreciation, Rentals Internal Revenue Service
You indicated that it would sell for $200,000 more than your parents have paid. Your parents will likely have to pay capital gains taxes on that appreciation, unless they made significant structural or material improvements to the property. They might have to pay the Medicaid surtax of 3.8% for a total tax of 23.8% on […]
MERCHANDISING Definition & Usage Examples
Retail merchandising involves organizing merchandise in an appealing way in order to engage and inspire shoppers to buy more items than they initially intended. The term covers everything from how merchandise is visually arranged in store, to how items are displayed to incite buyers to purchase add-ons, and how signage helps along the way. Home […]