Accounting for the Numberphobic: A Survival Guide for Small Business Owners
depreciated anywhere from 3 to 15 years. This also means you won’t be able to claim it on your taxes in one lump sum. You will need to check with your accountant to determine how to deal with these items. For calculation purposes only, we will use 15 years for depreciation and 30 years for start-up costs. These expenses become part of your indirect
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The top line of the income statement is known as sales, or gross revenue. This represents the money a company takes in from the sales of goods and services. If the company happens to be an e-commerce business like Seamless or a marketplace like Upwork, the top line of the income statement represents the total value of all transactions otherwise kno
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Inventories are especially important to watch in manufacturing and retail firms, and their value on the balance sheet should be taken with a grain of salt. Because of the way inventories are accounted for, their liquidation value may very well be a far cry from their value on the balance sheet. Use your common sense when judging this: