Bookkeeping Archive

When Should a Company Use Last in, First Out LIFO?

Comparing 120,000 with 100,000 it seems that inventory has risen 20%. These materials were downloaded from PwC’s Viewpoint ( under license. So, under the Dollar-Value LIFO method, your inventory at the end of 2022 would be valued at $1,360. It is quite different from the FIFO method (first-in, first-out), where we would have taken the

The Most Trusted US Expat Tax Software

It provides multiple ways to contact customer support for tax filing assistance, including phone, chat, email and professional tax assistance. And while TurboTax also scored very well for this category, we’ve chosen TaxSlayer because it offers free professional tax assistance. MyExpatTaxes, an expat tax software that can e-file expat taxes for an accurate, fast and

2023 Texas Paycheck Calculator

Understanding your paycheck is essential for financial planning. While it might seem complicated, tools like our can simplify the process. By understanding each part of your paycheck, you can make more informed decisions about your money and plan for the future. Because Texas has no state income tax, your pay is only liable to

Book Value: Meaning, Formula, Calculation and Examples

Deriving the book value of a company becomes easier when you know where to look. Companies report their total assets and total liabilities on their balance sheets on a quarterly and annual basis. Additionally, it is also available as shareholders’ equity on the balance sheet. Suppose that XYZ Company total manufacturing cost formula has total

Things to remember when filing 2023 tax returns Internal Revenue Service

Year-End means it’s time to calculate taxes, deductions, and compensation and ensure payroll and taxes comply with federal, state, and local regulations. However, some apps don’t have these features, so it’s important to consider those little extra details when making your selection. Once you’ve identified your business’ needs, you can narrow down the options of

Encumbrance Accounting

Encumbrance accounting is also referred to as commitment accounting, which involves setting aside money ahead of time to meet anticipated expenses. The amount is set aside by recording a reserve for encumbrance account in the general ledger. This is to ensure that the organization has sufficient funds to meet anticipated payment obligations. In accounting,