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How to Use the Percentage of Sales Method

by | Jul 3, 2023 | Bookkeeping

The balance sheet shows a business’s total assets, liabilities, and equity. The income statement shows the income of the business after an accounting period. It shows the revenue, the expenses, and the result, which could be profit or loss. A pro-forma financial...

What Is Pre-Seed Funding? + How to Raise It TRUiC

by | Jun 20, 2023 | Bookkeeping

While this increased demand should work to the founders’ benefit, new data shows that expectations for the seed round are still high. We’ve included everything from why and how to budget, to free financial model templates, to record keeping, to taxes and more …...

Income statement: Definition, preparation, and examples

by | Jun 19, 2023 | Bookkeeping

This number is essentially the pre-tax income your business generated during the reporting period. This can also be referred to as earnings before interest and taxes (EBIT). Operating Income represents what’s earned from regular business operations. In other words,...

Journal Entry for Issuance of Common Stock

by | May 31, 2023 | Bookkeeping

A company sells shares to an initial set of public shareholders in an IPO known as the primary market. After the IPO floats shares into the hands of public shareholders, these shares can be sold and purchased on an exchange or the secondary market. Alternatively, many...

Damm algorithm

by | Mar 14, 2023 | Bookkeeping

ContentWhat to do if you’ve made an accounting errorWhat happens if I make an accounting error?Transcription ErrorsCommon Transposing InstrumentsErrors of entry reversal If a business shows the wrong amount of VAT on an invoice, it is responsible for accounting...