March 30, 2022

Accounting for Purchase Discounts: Net Method vs Gross Method

The net method of recording purchase discounts records the purchase and the accounts payable net of the allowable discount. Net method of recording purchase discounts is […]
June 22, 2021

The Double Declining Balance Depreciation Method

You can depreciate the part of the property’s basis that exceeds its carryover basis (the transferor’s adjusted basis in the property) as newly purchased MACRS property. […]
March 31, 2021

What Is Gross Annual Income? Calculation, Uses, & Importance

Employees who receive a salary are paid the same amount periodically, regardless of how many hours or days they work over the time period. Employees who […]
February 10, 2021

How to do bookkeeping for small businesses: A step-by-step guide

How often are you looking at your total current income and total current expenses? Leveraging bookkeeping services allows you to look at your income and expenses […]