Wrapping up a business requires more than just putting a closed sign on the window. In order to avoid complications, you need to file appropriate final tax returns for the business to let state and ...

Tax Payable is a liability account that represents the payroll, sales and other taxes that you owe but for which you have not issued payment. This liability account provides an avenue to recognize the ...

Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University. The balance sheet, income statement, and cash flow ...

Balance sheets consist of assets, liabilities, and shareholders' equity, revealing financial health. Shareholders' equity equals assets minus liabilities and reflects theoretical investor value if a ...