Day: July 26, 2023

Clothing, being a consumable and not a long-term asset, is not subject to depreciation. Identifying and correctly classifying the assets are crucial for a company to continue their day-to-day business operations. Types of assets include current, non-current, tangible or physical, and intangible assets. Assets with a physical presence are tangible assets, and those without a…

The expense accounts and withdrawal account will now also be zero. The accounts that need to start with a clean or $0 balance going into the next accounting period are revenue, income, and any dividends from January 2019. To determine the income (profit or loss) from the month of January, the store needs to close…