As a result, the normal credit balance in Accounts Payable is the amount of vendor invoices that have been recorded but have not yet been paid. The dual entries of double-entry accounting are what allow a company’s books to be balanced, demonstrating net income, assets, and liabilities. With the single-entry method, the income statement is...Read More

It has largely been replaced by the estimated GFR (eGFR) equations using creatinine levels in the blood — which means a 24-hour urine collection is not needed. The continuing resolution House lawmakers passed on Saturday keeps the government funded for another 45 days. While the Senate hasn’t voted on the legislation yet, they’re expected to...Read More

As a sole proprietor, you’ll report your business income and expenses on the Schedule C form of your personal income tax return. You’ll pay federal and state income tax on your business profits, and you’ll also pay self-employment taxes. The term corporation, for federal income tax purposes, generally includes a legal entity treated as separate...Read More

In some cases, the IRS may accept cash-basis accounting for a small business that does keep inventory if the business earns more than $1 million but less than $10 million. You’ll need annual gross receipts for the past three years to determine and support this claim and this is known as the inventory test. The...Read More