September 09, 2019
Charles Lutwidge
What is bookkeeping?
When your average Jane or Joe hears the term bookkeeping, they may only imagine a bespectacled accountant scribbling complex mathematical formulas amid piles of bills, receipts, and checks. But it’s actually easy to understand what bookkeeping is all about. Bookkeeping...
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September 09, 2019
Charles Lutwidge
Unearned Revenue and How It Is Accounted for in Business
Before we try to explain the unearned revenue, let’s see what revenue means. Revenueis funding in cash or another form received by the business as a result of its economicactivities. There are three different revenue recognition situations: Accrual revenue –...
September 09, 2019
Charles Lutwidge
The Accounting Equation May be Expressed as Assets = Liabilities + Owner’s Equity
The main goal of any business is to maximize profits, and how well a business thrives depends on what economic resources are available to it. A simple equation can be used to represent these resources (assets) and show where they...
September 09, 2019
Charles Lutwidge
The Accounting Equation – Your Guide to Important Accounting Equations
The accounting equation can have many forms and a variety of uses in bookkeeping. You should not ignore any accounting equation if you want your business to be successful, as this equation is the foundation of your company’s balance sheet,...
September 09, 2019
Charles Lutwidge
Statement of Retained Earnings
Financial statements, including the statement of retained earnings, are an essential part of financial accounting of business operations and many of them are required by law. They are created on a monthly, quarterly, and yearly basis according to generally accepted...
September 09, 2019
Charles Lutwidge
Statement of Retained Earnings: Example Calculation
Uncovered loss or retained earnings in the balance sheet or statement of retained earnings are an indicator showing the company’s performance over the entire period of its existence. It is calculated cumulatively at the end of each defined reporting period....
September 09, 2019
Charles Lutwidge
Retained Earnings Explained
Retained earnings (uncovered loss) is an organization’s final accumulated financial result for the whole time a company has been operating. They’re a significant part of the financial statements, particularly the balance sheet. This article will cover retained earnings, how to...
September 09, 2019
Charles Lutwidge
What is retained earnings normal balance?
For any commercial organization, the main goal is to maximize profit from their activities. For this reason, owners are always interested in the value of the retained earnings. Retained earnings are an inevitable part of every business. These are the...
