Financial Reporting GAAP Profit and Loss Retail 
CFO Share
AUGUST 5, 2021
In simple terms, that means the cannabis industry taxable income is closer to its revenue rather than profit. The difference between cost of goods sold and ordinary business expenses is well defined in Generally Accepted Accounting Principles (GAAP) but routinely ignored by small business bookkeeping services. Transportation costs.
Cube Software
MAY 10, 2023
This could be retail stores offering layaway plans or a media company offering subscriptions to streaming services. It is important to accurately track and report unearned revenue, so you can properly manage profit margins. This amount can vary month-to-month, and so should be updated regularly to reflect true financial data.
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