This portion of shareholders’ equity reflects the company’s ability to generate income and retain that income for future growth. When a company earns a profit, that net income is added to retained earnings, which subsequently can be used for reinvesting in business operations, paying off debt, or acquiring new assets. After all liabilities have been …
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Meanwhile, the IRS only allows bad debt deductions under the direct write-off method once it is certain that a particular debt will not be collected. Instead of using the bad debts expense account, we debited the allowance account instead. With the allowance method, allowance for doubtful accounts is recognized in the balance sheet as the …
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You can generally expect to wait between 24 and 48 hours from the time you e-file your taxes for your return to be accepted by the IRS. From there, the average wait time to have your refund approved by the IRS is two how does turbotax work days. The average wait time for your refund …
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