Meanwhile, your spouse/registered domestic partner and children continue to live in California in the home you own. Any individual who is a resident of California continues to be a resident even if they are absent from the state for a…

Learn about addiction treatment programs by reaching out to us today. It’s important for inpatient and outpatient rehab facilities to incorporate beneficial substance abuse group activities. Group therapy is a helpful and effective method of treatment if you conduct it…

Assets (the inventory account) increase by $1,000 and liabilities (accounts payable) increase by $1,000. Small businesses with more than one employee or looking to apply for a loan should use double-entry accounting. This system is a more accurate and complete…

However, it can be challenged by the shareholders through a majority vote because they are the real owners of the company. That said, calculating your retained earnings is a vital part of recognizing issues like that so you can rectify…

Standard costing techniques have been applied successfully in all industries that produce standardized products or follow process costing methods. Historical costing, which refers to the task of determining costs after they have been incurred, provides management with a record of…

You also must submit evidence of your identity, age, and U.S. citizenship or lawful alien status. For more information please see the Social Security Administration website. You will receive a letter from the IRS assigning your tax identification number usually…

We hope this program provides a great resource for you to upskill and strengthen your resume. As a Music Accountant, I’m psyched to work with some of the most creative minds, and I try to appeal to their creativity in…

Finance Strategists has an advertising relationship with some of the companies included on this website. We may earn a commission when you click on a link or make a purchase through the links on our site. https://www.kelleysbookkeeping.com/what-is-inventory-shrinkage-and-how-to-prevent-it/ All of our…

Profit is gross margin minus the remaining expenses, aka net income. With a contribution margin of $200,000, the company is making enough money to cover its fixed costs of $160,000, deducting non with $40,000 left over in profit. To convert…

The T-account summary for Printing Plus after closing entries are journalized is presented in Figure 5.7. Notice that the Income Summary account is now zero and is ready for use in the next period. The Retained Earnings account balance is…