Category: Bookkeeping

  • How Do the Income Statement and Balance Sheet Differ?

    The gross profit margin is an income statement ratio that measures the profitability of a company. Gross profit margin shows the percentage of revenue that https://centraltribune.com/navigating-financial-growth-leveraging-bookkeeping-and-accounting-services-for-startups/ remains after deducting the cost of goods sold. It is calculated by subtracting the cost of goods sold from the revenue, and then dividing by the revenue. Horizontal Analysis…

  • Statement of Retained Earnings Overview, Uses, How to Set Up

    Net income is the net profit margin after covering short-term liabilities, but it doesn’t account for long-term liabilities or dividend payments. Retained earnings, because they are calculated using the shareholder’s equity number from your balance sheet, account for both. You’ll use net income in the formula to calculate it, but the numbers are not the…

  • Intuit TurboTax 2024 Tax Year 2023 Review 2024 PCMag UK

    TurboTax Premium accommodates sole proprietors who file a Form 1040 and a Schedule C. Its target market includes small businesses of many types, including gig workers who are, for example, marketplace sellers, Uber drivers, or delivery people. This section of TurboTax starts by asking for your profession and posing standard small business questions, which other…

  • What Is Inventory? Definition, Types, and Examples

    If a returns system is implemented, returned goods may often be registered as MRO inventory, too, especially if damaged or requiring repairs. This is another accounting term designating items used in manufacturing that are not part of BOMs and are counted as manufacturing overhead. Mostly used by food service businesses, Toast can generate inventory reports…