When you foot the columns on one side, the sum must match the foots on the other. If there is no match, then the columns “don’t foot,” meaning either the math or one or more of the entries are in error. To cross foot means to verify, or cross verify, that the sum of the totals in […]
Monthly Archives: February 2021
If you have a table of values, with both columns and rows, you can cross-foot to double-check your numbers. This means adding together all the column foots, footing in accounting and then comparing the result with the sum of all the rows in the table. You don’t need to foot a column if there is […]
During negotiations, officials for Maine offer to issue ten thousand shares of $1 par value common stock for this property. The shares are currently selling on a stock exchange for $12 each. The investor decides to accept this proposal rather than go to the trouble of trying to sell the land. The most common example […]
There are three types of transactions you will need to know when preparing a journal entry for common stock. These are issuing stock exchange for cash, for other non-cash assets or companies buying back their own stock. However, if there is such discount stock, the accounting treatment would treat such discount as a reduction of […]
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We can set up financial reports for your review to streamline your business and save you valuable time. These reports are important tools that can guide your business in making financial decisions, planning, and evaluating performance. We customize and maintain Xero to provide you with useful and timely information in the form of financial statements, […]