Substantial services don’t include the furnishing of heat and light, cleaning of public areas, trash collection, etc. Also, you may have to pay self-employment tax on your rental income using…

Compare the number of items sold to your monthly sales figures to make sure your inventory tracking sheet matches actual sales. By default, the Income Statement includes data for every…

It can also create errors and financial mistakes in both the current and upcoming financial reports, of the next accounting period. As mentioned, one way to make closing entries is…

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Though the balance sheet does not include an exclusive note for receivables, the note regarding financial instruments gives a breakdown of receivables by age. Based on the note, only about…