Clear the balance of the expense accounts by debiting income summary and crediting the corresponding expenses. The next day, January 1, 2019, you contingent liabilities in balance sheet get ready for work, but before you go to the office, you decide to review your financials for 2019. What are your total expenses for rent, electricity, […]

For instance, if a company takes out a ten-year, $8,000 loan from a bank, the assets of the company will increase by $8,000. Its liabilities will also increase by $8,000, balancing the two sides of the accounting equation. With a greater understanding of a balance sheet and how it is constructed, we can review some […]

Trump will have 10 days to come up with the $175 million bond, which is required to stop the New York Attorney General’s assets to seize his assets to enforce the New York civil fraud judgment against him. Sometimes corporations prepare bonds on one date but delay their issue until a later date. Any investors […]

Xero is best if you need a complete startup accounting software solution to manage your books but prefer a more minimalistic and simplistic accounting software for small business. Cloud-based accounting solution QuickBooks Online is tailor toward small to medium-sized businesses. While it offers a ton of financial management features, from basic bookkeeping to advanced reporting, […]