You are reducing the cash asset, so you are going to credit cash. In the example below, assume we issue…

You’ll always have the human support you need, and a mobile friendly platform to access your up-to-date financials. Join over…

Accumulated Depreciation is a contra asset account with a credit balance that reduces the Accounting Periods and Methods normal debit…

Depletion pertains specifically to the reduction in the value of natural resources as they are extracted, while depreciation and amortization…

The primary purpose of an income statement is to convey details of profitability and business activities of the company to…

Ideally, you should deposit business revenue in your business checking account and transfer excess funds to your savings account for…

Such regulations underscore the complexity of state-federal tax interactions. There are certain tax matters, though, that make an audit more…

If you’re living and working abroad, our friendly, supportive Expat Tax Online Help Facebook group is here to assist. We’ve…

Only people who are knowledgeable and comfortable preparing their own tax return should use them. IRS Free File is available…

For the past 52 years, Harold Averkamp (CPA, MBA) hasworked as an accounting supervisor, manager, consultant, university instructor, and innovator…