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Calculating double-declining balance depreciation for tax purposes in Excel using the variable-declining balance function

For tax purposes, only prescribed methods by the regional tax authority is allowed. By dividing the $4 million depreciation expense by the purchase cost, the implied depreciation rate is 18.0% per year. If the company was using the straight-line double declining balance method depreciation method, the annual depreciation recorded would remain fixed at $4 million …

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How do marketable securities impact a company’s financial statements?

If a debt security is expected to be held for longer than one year, it should be classified as a long-term investment on the company’s balance sheet. Marketable securities are liquid financial instruments that can be quickly converted into cash at a reasonable price. The liquidity of marketable securities comes from the fact that the …

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6 Best Law Firm Accounting Software in 2024

This involves an outstanding interface, multiple customer support channels, and a detailed knowledge base. We awarded a higher ease-of-use score to all-in-one software that doesn’t require an accounting integration. As for integrations, Soluno partners with several leading platforms, including QuickBooks for accounting, LawPay for online payments, and Microsoft Office for productivity. Its platform is designed …

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Contingent Liabilities Financial Accounting

This liability was contingent upon the occurrence of the oil spill, an unforeseen event. When an organization ventures into practices that directly or indirectly affect the environment, contingent liabilities may arise. For instance, a manufacturing company https://www.facebook.com/BooksTimeInc/ might incur costs to rectify environmental pollution caused by their operations. The outcome of the lawsuit has yet …

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