As the common-schools movement gathered momentum toward midcentury, its emphasis on moral instruction seemed to provide a bridge between women’s role as the guardians of republicanism in the home and their suitability as teachers outside the home. In recent years, more people are acknowledging the…

The price change can also be beneficial in a case where there is a marketing allowance, and the seller wants his or her customers to enjoy it. In the seller’s bookkeeping records, the credit memo will show a debit of $20 to Returns and Allowances…

Foreign partnerships with income in the U.S. must also file Form 1065. However, foreign partnerships earning less than $20,000 in the country or partnerships that receive less than 1% of their income in the U.S. may not have to file. If your business is a…

You can also finance new products, pay debts, or pay stock or cash dividends. We can find the retained earnings (shown as reinvested earnings) on the equity section of the company’s balance sheet. Overall, Coca-Cola’s positive growth in retained earnings despite a sizeable distribution in…

Full-year residents and part-year residents of NYC who qualify for and claim the federal Earned Income Credit may be able to claim the New York City Earned Income Credit. This results in roughly $ of your earnings being taxed in total, although depending on your…

A credit to a liability account increases its credit balance. Each of the accounts in a trial balance extracted from the bookkeeping ledgers will either show a debit or a credit balance. The normal balance of any account is the balance (debit or credit) which…

Oregon taxpayers can subtract from their state taxable income some or all of the federal tax they paid. Oregon’s high income taxes are partially due to the fact that Oregon has no state oregon income tax sales tax. Tax brackets for earnings under under $125,000…

Rent revenue, on the other hand, is an income statement account and is reported over the course of the period. Imagine a property owner, John, who rents out an office space to a company called XYZ Corp. The monthly rent for the office space is…

Your stockholders, creditors, and other outside professionals will use your financial statements to evaluate your performance. If you evaluate your numbers as often as monthly, you will be able to identify your strengths and weaknesses before any outsiders see them and make any necessary changes…

Alternatively, many accounting software packages allow users to enter accounts they wish to track and automatically generate a T-Account. A T-account can have many different types of transactions within it but they must always follow this same basic format. Now these ledgers can be used…