A trademark associated with a service rather than a product.
A trademark associated with a service rather than a product.
Under the accrual basis of accounting, this account reports the cost of the temporary help services that a company used during the period indicated on its income statement.
What is a service department? Author: Harold Averkamp, CPA, MBA Definition of Service Department A service department is usually associated with a manufacturer’s production departments. However, a service department...
A revenue account in a bank’s general ledger that indicates the amounts earned by the bank by servicing its customers’ accounts at the bank.
The total of interest and principal payments required to be paid on loans payable.
A department within a factory that does not directly produce a product. Examples are the factory maintenance department, factory administrative department, and quality assurance department.
See production service department.
Under the accrual basis of accounting, the Service Revenues account reports the fees earned by a company during the time period indicated in the heading of the income statement. Service Revenues include work completed...
This is an administrative expense which reports the fees incurred by a company for the expenses associated with its checking account transactions.
An income statement account at a financial institution used to record and report the amounts earned from fees charged to customers.
The U.S. government agency responsible for federal income tax regulations.
and equipment Office equipment Furniture and fixtures Vehicles Leasehold improvements Construction work-in-progress (which is not depreciated until the asset is placed into service) Join PRO to Track Progress Mark the...
One of two broad functional categories for sorting and reporting a nonprofit organization’s expenses. (The other is program expenses.) Supporting services expenses consists of 1) management and general expenses,...
The supplier of goods or services.
The activities provided by a nonprofit in carrying out one of its major programs.
The situation where manufacturing service departments provide service to each other. For example, the factory maintenance department provides services to the factory administrative department and the factory...
If I want a gross margin of 25%, what percent should I mark up my product? Author: Harold Averkamp, CPA, MBA Definition of Gross Margin Gross margin as a percentage is the gross profit divided by the selling price. For...
will be increased with a debit of $300. Therefore, another account will need to be credited. In this case Service Revenues will be credited for $300. Service Revenues is a temporary account that will eventually be...
With regard to depreciation, what does the term mid-month convention mean? Author: Harold Averkamp, CPA, MBA Definition of Mid-Month Convention In depreciation, the mid-month convention means that an asset placed into...
that a retailer uses a temporary employment agency service to provide workers from December 15 to December 29. The temp agency will bill the retailer on January 6 and the retailer is required to pay the invoice by...
equation) will normally have their account balances on the right side or credit side. Example of Why Revenues are Credited To illustrate why revenues are credited, let’s assume that a company receives $900 at the time...
How much do you depreciate an asset and when? Author: Harold Averkamp, CPA, MBA Definition of How and When to Depreciate an Asset Depreciation begins when you place an asset in service and it ends when you take an asset...
into service. When the asset is placed into service, the account Construction Work-in-Progress will be credited for its balance (the accumulated costs) and will be recorded with a debit in the appropriate property,...
and the bank is the creditor. If a manufacturer sells merchandise to a retailer with terms of net 30 days, the manufacturer is the creditor and retailer is the debtor. Join PRO to Track Progress Mark the Question as...
that have not yet expired are considered to be assets. Unearned Revenue Wrong. Unearned Revenue is a liability account. It comes about when a company has received cash in advance of earning it. As a result the company...
’-Digits Depreciation To illustrate SYD depreciation, assume that a service business purchases equipment at a cost of $160,000. This asset is expected to have a useful life of 5 years at which time it will be sold for...
/10, net 30 the early payment discount will be 1% of the amount owed if paid within 10 days of the sale, service, or date of the sales invoice. Join PRO to Track Progress Mark the Question as Read Must-Watch Video...
account Deferred Revenues now has a credit balance of $11,000. For these amounts to be reported on its financial statements, the following deferral adjusting entry must be made: debit Deferred Revenues for $1,000 and...
Our Explanation of Debits and Credits describes the reasons why various accounts are debited and/or credited. For the examples we provide the logic, use T-accounts for a clearer understanding, and the appropriate general...
Our Explanation of Income Statement helps you learn the most important features of a corporation's income statement (also known as the statement of operations or profit and loss statement). We provide more understanding...
Our Explanation of Break-even Point illustrates how to determine the number of units or sales dollars that will result in zero net income. The techniques rely on a product's contribution margin or contribution margin...
Our Explanation of Adjusting Entries gives you a process and an understanding of how to make the adjusting entries in order to have an accurate balance sheet and income statement. Eight examples including T-accounts for...
of 10% minus (30% tax savings on the 10% interest rate) = 10% minus 3% = 7%. Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to Advance Your Accounting and Bookkeeping Career Perform...
Our Explanation of Break-even Point illustrates how to determine the number of units or sales dollars that will result in zero net income. The techniques rely on a product's contribution margin or contribution margin...
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