Bill Kimball

Bill Kimball
Bill Kimball has over thirteen years of experience in public accounting and provides audit and assurance services to both public and private businesses in a variety of industries including petrochemical, healthcare, hospitality, restaurants, not-for-profit, settlement trusts and employee benefit plans.
Comprehensive Income

Comprehensive Income

January 6, 2022

More recently, in Statement no. 130, Reporting Comprehensive Income, it moved closer to the all-inclusive income determination method. This article explains this and other important aspects of Statement no. 130 and offers implementation guidance companies can use as they begin to comply with the statement. To determine your business’s net …

Does Prepaid Rent Affect Net Income?

Does Prepaid Rent Affect Net Income?

December 31, 2021

The following are general rules to qualify for the prepaid expense tax deduction and how they can impact yourbusiness. Prepaid rent is an important expense account to understand on the balance sheet. Whether it is an asset or liability depends on the party remitting payment and the one receiving it. Proper recording and amortization of […]

What Is The Difference Between Deferred Revenue And Unearned Revenue?

What Is The Difference Between Deferred Revenue And Unearned Revenue?

December 31, 2021

Company XYZ sells $2,400 in gift cards to customers in February 2015. Your customer makes an advance payment for their first year upon subscription. This revenue is deferred until they have received a full year’s use of your service. So while the company has received cash in this period it will not record revenue. How […]

Unearned Revenue Definition

Unearned Revenue Definition

December 30, 2021

There are several instances where a company could generate revenue before providing the goods or services that go with it. Unearned revenue is classified as a current liability on the balance sheet. It is a liability because it reflects money that has been received while services to earn that money have yet to be provided. […]

Public Accounting Ms

Public Accounting Ms

December 30, 2021

This article is an attempt to provide an insight into both types of accounting careers, which will help one to determine which career path is the best for your future. Public accounting firms range in size from sole practitioners to a few huge international firms that employ hundreds of thousands of CPAs throughout the world. […]

What Are Some Examples Of Investing Activities?

What Are Some Examples Of Investing Activities?

December 29, 2021

This section tells you how the company finances its long-term investment. Investing activities are business activities related to growing a business and bringing profits to the company in the long term. It involves buying and selling long-term assets and other business investments. When adding a new machine, for example, the company can …