Managing your "stuff." Practical guides for tracking physical goods, equipment, and the depreciation write-offs that follow.
Assets
Understand the critical bonus depreciation changes. Learn how to calculate bonus depreciation accurately, identify what property qualifies for bonus depreciation, and strategically manage the bonus depreciation phase-out to maximize your immediate tax savings this year.
Assets
Accounts receivable is a current asset, not revenue. Understand the key difference between accounts receivable vs revenue, why it is a debit, and how to record accurate accounts receivable journal entries, including provisions for bad debt.
Assets
Understand if accumulated depreciation is an asset or liability. Discover why this contra asset account has a credit balance and how it appears on the balance sheet. Master the difference between accumulated depreciation and depreciation expense for accurate financial reporting.
Assets
Understand what is notes receivable in accounting. We clarify if notes receivable is a debit or credit, detail essential notes receivable journal entries, and explain the difference between notes receivable and accounts receivable. Learn calculating interest on notes receivable and classification...
Assets
Understanding merchandise inventory accounting is crucial for financial health. Learn the difference between perpetual and periodic systems, discover how to value inventory using the weighted average inventory method, and master the cost of goods sold calculation.
Assets
Master calculating cost of goods sold and understand the accounting rules. We clarify if cost of goods sold debit or credit is correct and show how to record cost of goods sold journal entry step-by-step.
Assets
While the main building is ineligible, smart investors use bonus depreciation for rental property improvements and land improvements. Discover how to maximize your rental property depreciation deduction by utilizing bonus depreciation eligibility on appliances and other short-lived assets.
Assets
Understand what is special depreciation allowance (bonus depreciation) and how it works. Learn how to calculate special depreciation allowance for qualifying property, including computer software and vehicles, to maximize the benefits of bonus depreciation for your business.
Assets
Discover the answer to "are supplies an asset?" Supplies are initially recorded as current assets but become expenses upon use. Master the accounting for supplies, see examples of supplies in accounting, and learn where they appear on the balance sheet.
Assets
Learn the tangible assets definition and the crucial difference between tangible and intangible assets. Discover the formula for net tangible assets and see a net tangible assets calculation example to unlock your business's true physical worth.
Assets
Understand the Section 168 deduction and accelerated depreciation. Learn about the 100 bonus depreciation rules, the bonus depreciation phase out schedule for 2023, and what qualifies for bonus depreciation. Compare Section 179 vs 168 for strategic tax planning.
Assets
Understand the fundamental rule: is cash a debit or credit in accounting? Cash is an asset, meaning its normal balance is a debit. Learn the debit and credit rules and see practical journal entries for cash transactions using double entry accounting.
