If you offer credit terms to your customers, you probably know that not all of them will pay. Creating this contra asset account builds in a safeguard against overstating your accounts receivable balance. Your bank account, the inventory you currently stock, the equipment you purchase, and your accounts receivable balance are all considered asset accounts. Some of the most common…

I couldn’t imagine being out here on the road without the support that Trucker CFO provides for our business. If you owed taxes in the previous year but not the current one, you must file Form 2290 to report the change and suspend your responsibilities. To comply with IFTA, you must report your trips and fuel purchases quarterly. The IFTA…

The interest rate can be based on the current amount being obtained through other investments, the corporate cost of capital, or some other measure. The most common values of both n and r can be found in a PVIFA table, which immediately shows the value of PVIFA. This table is a particularly useful tool https://www.bookstime.com/articles/prepaid-rent-accounting-definition-and-meaning for comparing different scenarios with…