Finance
January 2018 Update
It’s hard to believe that January is over! Like most accountants, I was extremely busy and there’s more work ahead. Since it’s tax season, I’ve been getting a lot of requests to help folks with getting their QuickBooks® files ready for taxes. This typically involves bank and credit card reconciliations, account analysis, and financial statement…
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What is Owners’ Equity?
Owners’ Equity appears on a company’s Balance Sheet and is the amount owners have put into the company less what they’ve taken out, plus net income for the life of the company. Per the basic accounting formula, Owners’ Equity must equal Assets minus Liabilities.
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What are Liabilities?
Liabilities appear on a company’s Balance Sheet and are what the company owes. Per the basic accounting formula, Liabilities have to equal Assets minus Owners’ Equity. The company is obligated to pay their liabilities.
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What are Assets?
Assets appear on a company’s Balance Sheet and are what the company owns. Per the basic accounting formula, Assets have to equal Liabilities plus Owners’ Equity. If the company desired, they could sell the Assets, since they own them.
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The Basic Accounting Formula
The basic accounting formula is: Assets = Liabilities + Owners’ Equity. This formula can also be written as:Liabilities = Assets – Owners’ Equity. Additionally, this formula can be written as: Owners’ Equity = Assets – Liabilities. When looking at financial reports for a company, you’ll notice that this formula represents the Balance Sheet. When looking…
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December 2017 Update
Just wanted to share some news about what happened in December and plans for 2018. I spent most of my time in December catching up on work since I was in Puerto Rico for most of October and November. I was happy to be home, but I had a lot of work to catch up…
Read More3 Ways To Remove Negative Marks From Your Credit Report
Source: smallbiztrends.com | Re-Post QBScott 10/4/2017 – Your credit score takes a hit if you fall behind on payments to a creditor, and again if an account is sent to the creditor’s collection department or sold to a third-party collector. You may be able to repair some damage to your scores by resolving a collections…
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