However, these costs are often offset by reduced energy consumption and lower utility bills. Such investments support long-term savings while reinforcing the commitment to environmental responsibility. Beyond your initial startup costs, you’ll need to account for recurring expenses that come with running a plumbing business. When you add these expenses together, the total cost to…
Create a journal entry to debit the retained earnings account and credit the dividends account for the amount of dividends paid. The mechanics of this transfer involve debiting the retained earnings account and crediting the dividends account for the amount of dividends distributed. This entry signifies that the profits earmarked for dividends have been accounted…
Botkeeper Raises $25 Million in Series B to continue helping CPA firms thrive Aaron Gilmer, CPA, MPAc The round was led by Point72 Ventures, the global venture capital firm backed by prominent investor Steve Cohen. Additional investors include High Alpha Capital, Republic Labs, Oakridge, Peak State as well as existing investors Ignition Partners, Greycroft Partners,…
The Power of Zero-Based Budgeting Zero-based budgeting is the creation of a budget from scratch, without considering the previous year’s budget. Traditional budgets, on the other hand, rely on historical data and perform incremental budgeting. It ensures real-time income allocation to various business expenses and savings. ZBB starts from scratch, requiring each department to justify…
The company would also make regular payments to the investor of 5% of the original amount they invested ($10,000), at a yearly or monthly rate depending on the specifics of the bond (these are called coupon payments). At the end of the lifetime of the bond (when the bond matures), the company would return the…
To be the one earning the rental income, you’d purchase a piece of real estate and you let someone else live there in exchange for payment. Use networking events, online forums, and other resources to find new opportunities and create new income streams. This will help you create more income streams and give you more…
Every effort counts — whether you host a bake sale, launch a virtual race, or simply spread the word. Together, we can light up lives, restore hope, and build stronger, more connected communities. 👉 Before you dive in, would you consider making a donation today? Donate Now ➔Even $10 can provide a solar-powered light to…
If it has been confirmed that an account is no longer collectible and there has not been any allowance for doubtful debts in the books you can use the below journal entry to record bad debts. With the direct write-off method, you recognize bad debt expense only when a specific receivable is deemed uncollectible. It’s…
What is an Expenditure? Definition, vs Expense It involves effectively tracking, controlling, and optimizing expenses to ensure financial stability and growth. Whether for individuals or organizations, understanding and managing expenses is essential for various reasons. Yes, businesses should establish expense policies and controls to manage their spending effectively. Expense policies outline guidelines and procedures governing…
Two such companies are Colgate-Palmolive (CL) and the Kimberly-Clark Corporation (KMB). If your margin suddenly dips, that’s a good indicator that there’s something wrong, internally or externally. The choice between percentage-of-completion (POC) and completed contract methods significantly impacts the zakat base for long-term projects. The POC method may increase the zakat base due to higher…
