The closing process for a partnership entity is much the same as any other entity except for the final step, the closing of net income to the capital account. It is important to go through the entire closing process, however, so that know all the steps. Many partnership example problems well ask us to close… Continue reading Partnership Closing Process – Journal Entries for The Closing Process of Partnership Entity
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What are the key characteristics of a partnership?
Discussion question related to partnership of: What are the key characteristics of a partnership? Contrast them with other types of entiteis Accountinginstruction.org
Overtime Calculation – Financial Accounting
Overtime calculation in a few different formats. Overtime is generally thought of as time and a half. In other words overtime rates are time and a half of the original rate. Although we often use the term time and a half many don’t understand what it means fully. Overtime is usually calculated similar to a… Continue reading Overtime Calculation – Financial Accounting
Payroll Periods and Time Frames
We will discuss payroll pay periods that companies could use to process payroll. Companies could process payroll monthly, weekly, biweekly, and semimonthly. It is useful to know the number of pay period in a year so we can calculate payroll and make comparisons between hourly wages and salary wages. For more accounting information see website:… Continue reading Payroll Periods and Time Frames
FUTA, SUTA Workers Compensation – Financial Accounting
We will discuss Fedural Unemployment Tax Act FUTA and State Unemployment Tax Act SUTA. We discuss these two payroll accounting acts together because they are closely related. Although the states have their own write to create taxes for their state the federal FUTA law uses state SUTA as part of the federal calculation. For more… Continue reading FUTA, SUTA Workers Compensation – Financial Accounting
Change In Estimates – Financial Accounting
We will discus the accounting for a change in a financial accounting estimate related to depreciation. The calculation of depreciation is an estimate of the cost allocated to the useful life. There are a few components of the calculation that are estimates that can change as we get better information over time. One component of… Continue reading Change In Estimates – Financial Accounting
Allowance Method % Accounts Receivable vs % Sales Method u
We will compare the percentage of accounts receivable to the sales method for calculating the allowance for doubtful accounts and bad debt expense. Under the allowance method we need to calculate the the estimated accounts receivable to be uncollectible and the bad debt expense for a period. We can use either a balance sheet approach… Continue reading Allowance Method % Accounts Receivable vs % Sales Method u
Allowance Method VS Direct Write Off Method – Financial Accounting
We will compare and contrast the allowance method and the direct write off method for dealing with accounts receivable. Accounts receivable is an asset but it is possible for it to be overstated by the amount of receivable not collectible. We could weight until we determine these receivables to be collectible to writhe them off,… Continue reading Allowance Method VS Direct Write Off Method – Financial Accounting
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QuickBooks Online 9.15 Bank Reconciliation Second Month
We will enter a bank reconciliation for the first second of operation in QuicKBooks Online. Bank reconciliation are one of the most important internal controls an accounting system can have. The biggest internal controls is the double entry accounting system itself. The use of accounting software like QuickBooks Online requires us to be in balance… Continue reading QuickBooks Online 9.15 Bank Reconciliation Second Month