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On the other side, current liabilities are $2,800,000 and long-term liabilities are $2,000,000. The balance sheet is just a more detailed version of the fundamental… Read More »Accounting Equation: What It Is and How You Calculate It
The extraterritorial income exclusion isn’t allowed for transactions after 2006. However, income from certain long-term sales and leases may still qualify for the exclusion. For… Read More »Filing a Schedule K-1 Tax Form for Inheritance
Before getting into how the accounting equation helps balance double-entry bookkeeping, let’s explain each element of the equation in detail. We calculate the expanded accounting… Read More »Definition, Explanation and Examples
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Legal compliance dictates retention periods for records, varying by document type and jurisdiction. For example, the IRS generally requires tax-related documents to be recording transactions… Read More »Recording in Journals & Posting in Ledgers
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