LIFO and FIFO Inventory Management: A Complete Guide 2023

Filimonov Inc. has the following information related to purchases and sales of one of its inventory items. LIFO reserve is the difference between accounting cost of inventory calculated using the FIFO method and the one calculated using the LIFO method. Also, because the newest inventory was purchased at generally higher prices, the ending inventory balance […]

CFO vs Controller: How to Know Which One to Hire

Our articles, quick tips, infographics and how-to guides can offer entrepreneurs the most up-to-date information they need to flourish. Download our Executive Growth Reports now to see the kinds of reports a controller or CFO should deliver and keep them handy to compare with reports you receive from candidates. The easiest place to start in […]

Double Declining Balance Method A Complete guide with Explanation

Double declining balance depreciation allows for higher depreciation expenses in early years and lower expenses as an asset nears the end of its life. The depreciation of assets can meaningfully impact the bottom line of any business, and the double declining balance method is one of many strategies for assessing it. You can avoid the […]

Return on Retained Earnings RORE Formula Example Calculation

And a full update of the portfolio is included in the appendix slides. Now, if you paid out dividends, subtract them and total the Statement of Retained Earnings. You will be left with the amount of retained earnings that you post to the retained earnings account on your new 2018 balance sheet. If a company […]

Maximize your Savings: Tax Deductions for Massage Therapists

You can’t do business without having insurance coverage. A great insurance plan should cover a broad range if you want to expand your massage therapy practice. Beauty and Bodywork Insurance provides beauty professionals and students with general and professional liability insurance. For over a decade, we have been providing affordable coverage for beauty professionals, including […]

What is Shrink Shrinkage in Retail?

Making up for the lost sales normally means raising prices or even cutting costs (employee salaries, headcount, benefits, etc.). This can lead to loss of customers and problems in keeping quality employees on staff. Retailers should place resources into loss prevention measures to avoid shrinkage and not accept it. Stores are locking up products to […]

Deferred Revenue Journal Entry: Example, Definition, Recording, and Explained

As the expenses are incurred the asset is decreased and the expense is recorded on the income statement. Although it’s more common for service businesses, other topsail island types of businesses also need to account for deferred revenue. Manufacturing businesses often accept deposits for large orders in advance of delivery. How to record deferred revenue […]