Notes Payable Definition + Journal Entry Examples

By contrast, accounts payable is a company’s accumulated owed payments to suppliers/vendors for products or services already received (i.e. an invoice was processed). Notes payable is a formal...

How You Define a Going Concern in Business

If so, the auditor must draw attention to the uncertainty regarding the entity’s ability to continue as a going concern, in their auditor’s report. Separate standards and guidance have been issued by the Auditing Practices Board to address the work of...

Straight-Line Depreciation Calculator

Generally, if you receive property in a nontaxable exchange, the basis of the property you receive is the same as the adjusted basis of the property you gave up. Special rules apply in determining the basis and figuring the MACRS depreciation deduction and special...

2023 Tax Brackets: Find Your Federal Tax Rate Schedules

The chart below shows estimates of how much of your income would be taxed at each rate. Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more – straight to your e-mail. The United States levies tax on its...

What Is A Plant Asset? Example and More

The only exception is land, which does not have a limited useful life, so cannot be depreciated. For the past 52 years, Harold Averkamp (CPA, MBA) has worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting...