After this analysis, they move the total profit or loss into their main savings account, also called retained earnings, and the income summary account is emptied and ready to be used again next year. This serves as an excellent way … Lire la suite
These regulatory our bodies collaborate to create a coherent and consistent framework that upholds market integrity while allowing ATS to innovate and compete successfully inside the monetary ecosystem. Nevertheless, navigating the regulatory setting surrounding ATSs could be complicated and challenging. … Lire la suite
This is the second stage in using the income summary account; the account should now have a zero balance. You can either close these accounts directly to the retained earnings account or close them to the income summary account. If … Lire la suite
Regularly generating these statements ensures you stay informed about your business’s performance. The income statement reflects your sales, costs of goods sold, and overall profitability. The balance sheet presents your assets, liabilities, and equity, while the cash flow statement tracks … Lire la suite
Imagine a retail store that purchases 100 units of an item for PHP 100 each and another 100 units for PHP 120 each. If the store uses the FIFO method, the first 100 units sold will be valued at PHP … Lire la suite