Month: December 2013

Worker’s Compensation Insurance – A Basic Understanding

Any business with employees should have worker’s compensation insurance, also referred to as workman’s compensation insurance.  Most states mandate this insurance if the employer reaches a certain number of employees (numerical and not full time equivalents).  The most common cited minimum count is three or more employees (eight states).  However, I strongly urge you to …

Worker’s Compensation Insurance – A Basic UnderstandingRead More »

Accelerated Depreciation – An Explanation

When it comes to depreciation, no two businesses are alike. Unlike traditional straight line depreciation where the asset value is cost out to depreciation expense in equal increments over a given life expectancy, accelerated depreciation expenses the cost at higher values during the earlier accounting periods and at a lower amount towards the last half …

Accelerated Depreciation – An ExplanationRead More »

Current Liabilities Section of the Balance Sheet

The current liabilities section of the balance sheet identifies those amounts due to third parties within the current year.  These include accounts payable, credit card accounts, accrued payroll, taxes, unearned revenue, deposits and those amounts due within one year related to debt instruments.  In general they are listed from the most immediate amounts due to …

Current Liabilities Section of the Balance SheetRead More »