She honed these skills over the last decade at museums including the Museum of Contemporary Art Chicago, Chicago Architecture Accounting Services for Nonprofits: Benefits and How to Choose the Right Provider Center, and Nelson-Atkins Museum of Art. Patricia has taken work and study residencies in Poland, China and Spain. In her free time, she likes […]

To illustrate how prepaid insurance works, let’s assume that a company pays an insurance premium of $2,400 on November 20 for the six-month period of December 1 through May 31. The payment is entered on retained earnings November 20 with a debit of $2,400 to prepaid insurance and a credit of $2,400 to cash. As of November […]

This would make it difficult to compare the financial statements of different businesses. Unless there is solid evidence to the contrary, accounting makes the assumption that the business entity will remain in operation for a very long time. According to this definition, the business will continue to operate for at least the foreseeable future. Analysing […]

Exxon Mobil’s equity multiplier ratio of 2.37x suggests that the company uses a more balanced approach to financing its assets, with a higher proportion of equity compared to debt. The equity multiplier is a critical indicator of a company’s financial structure. It helps stakeholders understand how a company is financing its operations and growth. How […]