Bookkeeping

The salvage value is the estimated amount the asset can be sold for at the end of its useful life, and the useful life represents the number of years that the asset is expected to be productive. However, it is important to consult with a tax professional or consult your local tax laws to ensure […]

This account is derived from the debt schedule, which outlines all of the company’s outstanding debt, the interest expense, and the principal repayment for every period. Under all circumstances, each transaction must have a dual effect on the accounting transaction. For instance, if an asset increases, there must be a corresponding decrease in another asset