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Wave is a Canadian company that provides financial services and software for small businesses. Wave is headquartered in the East Bayfront neighborhood in Toronto, Canada.. The company's first product was free online accounting software designed for businesses with 1–9 employees, followed by invoicing, personal finance and receipt-scanning software (OCR). [1]
Revenues and gross profit are recognized each period based on the construction progress, in other words, the percentage of completion. Construction costs plus gross profit earned to date are accumulated in an asset account (construction in process, also called construction in progress), and progress billings are accumulated in a liability account (billing on construction in process).
Current assets: Assets which operate in a financial year or assets that can be used up, or converted within one year or less are called current assets. For example, Cash, bank, accounts receivable , inventory (people who owe us money, due within one year), prepaid expenses, prepaid insurance, VAT input and many more.
The advance rate is based on the amount of your invoices and typically falls between 70 and 90 percent of your total invoice amount. Most companies can also provide funds quickly, such as one to ...
If Foo Co. sells 210 units during November, the company would expense the cost associated with the first 100 units at $50 and the remaining 110 units at $55. Under FIFO, the total cost of sales for November would be $11,050. The ending inventory would be calculated the following way:
The opposite is true when the total credit exceeds total debits, the account indicates a credit balance. If the debit/credit totals are equal, the balances are considered zeroed out. In an accounting period, "balance" reflects the net value of assets and liabilities to better understand balance in the accounting equation.
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