The rate shall apply for the calendar year following July of the year in which the Federal short-term rate is determined. The 2016 interest rate is five percent (5%) per year or .417 percent per month. The 2017 interest rate is six percent (6%) per year or .5 percent per month. Blind or elderly taxpayers, […]
Continue ReadingTherefore, the landlord will debit unearned rent income by $1,000, zeroing out the liability account, and credit rent revenue. Unearned rent refers to payment a landlord receives for the future use of an underlying property. In other words, it becomes income to the landlord once the tenant has used the property. Before that, any payments […]
Continue ReadingEffectively managing accounts payable and notes payable is essential to keeping your business running smoothly. Accounts payable (AP) refers to short-term obligations your business owes to suppliers or vendors for goods and services received on credit. Effectively managing notes payable ensures your business can leverage financing opportunities while minimizing risks, keeping operations financially sound and […]
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