Most prepaid expenses appear on the balance sheet as a current asset unless the expense is not to be incurred until after 12 months, which is rare. A prepaid expense is carried on the balance sheet of an organization as a current asset until it is consumed. The reason for the current asset designation is…
A general ledger or accounting ledger is a record or document that contains account summaries for accounts used by a company. In other words, a ledger is a record that details all business accounts and account activity during a period. You can think of an account as a notebook filled with business transactions from a specific account, so the…
Form 4506-T allows you to request a transcript of your tax return information, even if you haven’t filed a tax return. Certain types of loans, such as mortgages and business loans, may require you to have documentation of your income as part of the approval process. Filing your tax returns before you apply for a…
It’s essential to keep records of when and how you filed for future reference. To avoid interest on tax returns owed, you can consider making a payment arrangement with the CRA. This can help you avoid penalties and interest charges, as long as you make regular payments towards your tax debt. You can also consider…
When a company borrows money, it receives cash, which appears on its balance sheet as an asset. But this, of course, also incurs debt, which goes into the balance sheet as a liability. As the company spends the borrowed money, http://poiskfan.ru/obnovlenie-xp-orx-versija-0-1-1/ it reduces its assets and lowers its shareholders’ equity unless the business repays its…