That individual would then later be eligible to be licensed once a certain amount of work experience is accomplished. Other states have a one-tier system whereby an individual would be certified and licensed at the same time when both the CPA exam is passed and the work experience requirement has been met. Senior accountants in…
The company may look like a very profitable business, but that isn’t really true because three years-worth of revenues were combined. In order to properly compute for the year’s total profits, as well as the total expenses, the temporary accounts must be closed, and a new balance created at the beginning of a new accounting…
The payment made to the electricity provider is a debit to the cash account and a corresponding credit to the utility expense account. This entry is used to record the payment made to the electricity provider, which is then reflected in the company’s financial records. The journal entry for recording an electricity bill payment in…
Operating net income takes the gain out of consideration, so users of the financial statements get a clearer picture of the company’s profitability and valuation. Net income is your company’s total profits after deducting all business expenses. Some people refer to net income as net earnings, net profit, or simply your “bottom line” (nicknamed from…
Steven L. Fowler CPA PLLC can help you with tax preparation services, consulting, business planning and auditing. CPA’s is a verified accounting firm, offering accounting and tax preparation services to customers and small business owners located in and around Abilene, Texas. CPA’s is a CPAdirectory verified accounting firm, licensed to practice in the state of…