(nn) In lieu of the suspended personal exemption, New Mexico offers a deduction of $4,000 for all but one of a taxpayer’s dependents. (ll) For taxpayers with federal AGI that exceeds $150,000, the taxpayer will pay the greater of state income tax or 3 percent of federal AGI. (l) Exemption credits phase out for single […]
A credit memo shows the amount owed to a buyer for returned items. If the goods were already paid for, that amount could be issued to the buyer as a refund. But since businesses often purchase products on credit, the items may be returned before any cash has been paid. In that case, the credit […]
When the amount is material, the line item is typically presented separately on the balance sheet, below the liability account with which it is paired. The debit balances in the above accounts are amortized or allocated to an expense, such as Interest Expense over the life of the bonds or notes payable. The amount in […]
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The COGS to Sales ratio showcases the percentage of sales revenue that is used to pay for the expenses that vary directly with the sales of your business. This ratio indicates the efficiency of your business to keep the direct cost of producing goods or rendering services low while generating sales. Product Cost refers to […]
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