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The gain or loss on the sale of an asset used in a business is the difference between 1) the amount of cash that a company receives, and 2) the asset’s book value (carrying value) at the time of the sale. A similar situation arises when a company disposes of …

SSA, P.C., has been providing accounting solutions to businesses and individuals for more than 40 years. Located in Colorado Springs, the firm comprises a team of experienced accountants specializing in different industries such as automotive, manufacturing, and privately held businesses. They provide a wide range of services, including audit and …

If a manufacturer rents its manufacturing facilities and equipment, the rent is a product cost (as opposed to an expense of the period). That is, the rents will be included in the manufacturing overhead which is allocated to is rent a period cost the goods produced. When the items in …

As a result, it becomes easier for AP teams to scale operations, support compliance, and improve financial reporting accuracy. Each line item is assigned to a specific general ledger account, such as Office Supplies, IT Services, or Travel Expenses, to ensure accurate classification on the income statement or balance sheet. …

Patriot Software Accounting is best if you manage a small business that isn’t likely to grow exponentially. (It’s not scalable.) We appreciate its integration with Patriot Software Payroll and approachable design, though you should seek alternatives if you need beyond-basic tools. You can go to a bank or credit union …

The amounts posted might be $100, $50, and $25, and a returned item that costs $10. The account balance includes purchases totaling $175 and items returned for $10. The net of the debits and credits is $165, or $175 minus $10, which is the account definition of account balance balance. …