If you have one job and you overpaid the Social Security tax, you would need to request your employer for a refund. Meanwhile, if you have multiple jobs, you could claim the overpayment using Form 1040. Additionally, if you owe any taxes, the IRS would automatically deduct the amount from Leer más…
In order to balance the journal entry, a debit will be made to the bad debt expense for $4,000. Although the accounts receivable is not due in September, the company still has to report credit losses of $4,000 as bad debts expense in its income statement for the month. If Leer más…
Retained earnings serve as a link between the balance sheet and the income statement. This is because they’re recorded under the shareholders equity section, which connects both statements. Retained Earnings represent the total accumulated profits kept by the company to date since inception, which were not issued as dividends to Leer más…