Examples of accounts include Sales, Rent Expense, Wages Expense, Cash, Loans Payable, etc. Each account’s balance had to be calculated Record Keeping for Small Business and the account balances were used in the company’s financial statements. In addition to the general ledger, a company may have had subsidiary ledgers for accounts such as Accounts Receivable. […]

Additionally, mutual funds are obligated to distribute the accumulated realized capital gains to the shareholders. Assume that the fund has $100 million worth of investments in different securities (a figure calculated from the day’s closing prices for each security). NAV per individual share is often close to or equal to the book value per share […]

For those who want even more protection, TurboTax offers Audit Defense, which provides full representation in the event of an audit, for an additional fee. TurboTax offers the following options for support when you receive an audit notice. Your profession and financial situation will play a key role in your odds of being audited. If you’re working at […]