How to Calculate Rental Property Depreciation

Depreciation is the recovery of the cost of the property over a number of years. You deduct a part of the cost every year until you fully recover its cost. You can calculate depreciation by first determining the cost of the property minus any applicable deductions. Then, you’ll use the IRS modified accelerated cost system […]

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The data also doesn’t account for follow-up investigations that can change crime classifications. Your bookkeeping team consists of 3 professionally trained bookkeepers, including one senior bookkeeper who reviews all of your monthly statements and your Year End Financial package. Once we have everything set up, we’ll complete a month of your bookkeeping in 1-2 days. […]

Sales Revenue: Definition, Overview, & Examples

There a number of transactions that can reduce the gross sales of a business, resulting in net sales. These transactions are most likely to arise for businesses that sell physical goods, and least likely for those that sell services. These transactions are clustered into the general categories of sales allowances, sales returns, and sales discounts, […]

How To Use the Indirect Method To Prepare a Cash Flow Statement

Secondarily, decreases in accrued revenue accounts indicates that cash was collected in the current period but was recorded as revenue on a previous period’s income statement. In both scenarios, the net income reported on the income statement was lower than the actual net cash effect of the transactions. To reconcile net income to cash flow […]

What Is a Journal Entry in Accounting?

Only in the invoice, the trade discount is shown by way of deduction from the invoice price. In purchase and sale books/journals the net purchase or sale value after deducting trade discount from the total value of goods is shown. The transactions of the same nature are recorded in a special journal. These are termed […]