Even going to school or worshiping in an area you don’t live in can result in eligibility. Your employer might sponsor a credit union or have relationships with credit unions in your area, so you’d have the ability to join those credit unions. Some careers…
The tax plan signed in late 2017 eliminated the personal exemption, though. Lifetime Learning Credit–Unlike the education tax credit right above it, this one can be used for graduate school, undergraduate expenses, and professional or vocational courses. It can be up to $2,000 for eligible…
Present value, also called present discounted value, is one of the most important financial concepts and is used to price many things, including mortgages, loans, bonds, stocks, and many, many more. Determining the appropriate discount rate is the key to properly valuing future cash flows,…
In conclusion, gross margin should be used in conjunction with other metrics to fully understand the cost structure and business model of the company, as in the case of all profitability metrics. Next, the gross profit of each company is divided by revenue to arrive…
At a contribution margin ratio of \(80\%\), approximately \(\$0.80\) of each sales dollar generated by the sale of a Blue Jay Model is available to cover fixed expenses and contribute to profit. The contribution margin ratio for the birdbath implies that, for every \(\$1\) generated…
They can include cash, accounts receivable, inventory, buildings, and equipment. When you increase an asset account, you debit it, and when you decrease an asset account, you credit it. For example, an allowance for uncollectable accounts offsets the asset accounts receivable. How Are Debits and…
Understanding both federal and state tax brackets is key when planning for taxes. What if you’re eligible for tax credits that are greater than what you owe – say, $1,000 in tax credits with a $500 liability? Whether you get that $500 difference refunded to…
This information is essential in understanding the actual earning of a company and making informed business decisions. For example, if a company allows a discount for early payment, the discount amount is recorded in a discount contra revenue account. If Company A offers a two…
The bookkeeper records supplier invoices in the accounting system, obtains approvals for them, and pays suppliers in accordance with the payment terms stated on each invoice. Today, in most cases, it is all done with the use of computer programs, i.e., software. Find out what…
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