Contra revenue is the difference between gross revenue and net revenue. A company creates allowances for doubtful accounts to record the portion of accounts receivable which it believes it will no longer be able to collect. The amount in allowance for doubtful accounts is deducted from the accounts receivable account of a company. The purpose […]
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For example, some might check your client’s personal credit history instead of yours since customer payments determine whether the advance is paid on time. While nonrecourse factoring might sound less risky for your business, it’s also more expensive. If your clients have a history of late payments, you might want to consider another type of […]
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Content Here are some examples of work attire that can be deducted: Business Travel The online personality Taxes Self employed clothing write off Self-Employment Taxes The expense qualifies as a business expense if all the following apply. A franchise includes an agreement that gives one of the parties to the agreement the right to distribute, […]
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If the company has been in operation for at least two years, you will need to calculate the average of the total assets for the past two years. Let’s say that in its second year of operation, Linda’s Jewelry had $20,000 in assets. In basketball, a turnover occurs when a team loses possession of the […]
