Examlex
The "luxury auto" cost recovery limits change if mid-quarter cost recovery is used.
Note Payable
An obligation in writing that promises to pay a specified sum of money at a determined future date or on demand.
Capital Balances
The amount of money that owners have invested in a company plus any retained earnings or losses.
Net Income
The total profit of a business after all expenses and taxes have been deducted from total revenue.
Closing the Revenue
The process of transferring the balances from the revenue accounts to permanent accounts at the end of an accounting period.
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