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The difference between the cost of an inventory calculated under the FIFO and LIFO methods is called the LIFO reserve (in the example above, it is $750, i.e. $5250 - $4500). This reserve, a form of contra account , is essentially the amount by which an entity's taxable income has been deferred by using the LIFO method.
A journal entry is the act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company's debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit. The total of the debits must equal the ...
A purchase returns journal (also known as returns outwards journal/purchase debits daybook) is a prime entry book or a daybook which is used to record purchase returns. In other words, it is the journal which is used to record the goods which are returned to the suppliers. The source document which is used as an evidence in recording ...
Folio Number: Every page of a journal is numbered. This number is known as a folio number. [5] The folio number is used as a cross reference between the journal and the ledger accounts. The use of folio numbers makes it easy to refer back from the ledger account to the journal entry or forward from the journal entry to the ledger account.
Gross sales are the sum of all sales during a time period. Net sales are gross sales minus sales returns, sales allowances, and sales discounts. Gross sales do not normally appear on an income statement. The sales figures reported on an income statement are net sales. [4] sales returns are refunds to customers for returned merchandise / credit ...
Among the U.S. demands that Israel appears to have refused is allowing the entry of 50-100 commercial trucks a day. The official said commercial activity had been halted because Hamas was ...
remuneration reserve - will be used later to pay bonuses to employees or management. translation reserve - arises during consolidation of entities with different reporting currencies; Reserve is the profit achieved by a company where a certain amount of it is put back into the business which can help the business in their rainy days.
Split-ticket voting played a prominent role in several battleground states during last week’s elections despite the practice becoming increasingly less common. Democrats clinched major Senate ...