September 2023 – okaykadorkey

Alcoholism and Alcohol Abuse

You can drink red and white wines for up to one year unopened. Champagne and sparkling wine will only last one day in the fridge. Fortified wines, such as port, sherry and vermouth, should be stored in the fridge after they’ve been opened. The colder temperature slows down the oxidation process lsd overdose symptoms and keeps the bottles fresher longer. White wine and rosé should also be recorked and stored in the fridge after opening. If you don’t have a wine cooler or temperature controlled storage space where you can stow your wine, a cool cupboard (not in the kitchen) is a great way to make do.

Unlike alcoholics, alcohol abusers have some ability to set limits on their drinking. However, their alcohol use is still self-destructive and dangerous to themselves or others. Drinking problems can sneak up on you, so it’s important to be aware of the warning signs of alcohol abuse and alcoholism and take steps to cut back if you recognize them. Understanding the problem is the first step to overcoming it and either cutting back to healthy levels or quitting altogether. Now that we’ve discussed the importance of choosing the right storage area, let’s move on to exploring the different types of liquor storage options available. “An upright position helps minimize the surface area that’s exposed to oxygen, slowing the oxidation process,” says Hoel.

While it won’t hurt you healthwise to consume, storing in a warm place can cause the liquor to oxidize more quickly and change flavors over time. If you’re unable to maintain the ideal temperature and humidity levels in your home, consider investing in a wine cooler or cellar. These specialized storage units are designed to maintain stable temperature and humidity https://sober-house.net/ conditions, creating an ideal environment for your liquor collection. While some open bottles, like red wine and whiskey, are better stored at cooler temperatures, other options require refrigeration to stay fresh. No alcohol should go to waste because it wasn’t stored properly, so here are the best ways to extend the shelf life of your bottles of cheer.

This wine barrel converted into a liquor cabinet by Instructables:

But bottled spirits will be comfortable at a wider range, especially if they are stored away from direct sunlight and humidity. Most liquor has a high-enough alcohol content to be kept at room temperature, either in a cabinet or on a bar cart. Warm temperatures can speed up oxidation, negatively affecting the quality and flavor. Unopened spirits and wine can theoretically keep for years if stored properly. But unless you’re having a party, or you only buy nippers, chances are you’re going to be storing some opened bottles for a while.

Clutter is more than just storage.

It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes. The winter holidays can also see a lot of great deals on liquor (both for gifts and for, you know, all that family togetherness). At the very least, you may find some good-value gift sets that include a larger bottle with a few smaller freebies, which can be a good way to try out new varieties. If you’re looking to stock up the liquor cabinet for some spring and summer entertaining, here are a few ways to do it on a budget.

Hard liquors like vodka, rum, tequila, and whiskey; most liqueurs, including Campari, St. Germain, Cointreau, and Pimm’s; and bitters are perfectly safe to store at room temperature. At the correct temp, you can leave your wine to slumber for ages until you’re ready to drink it. Once a bottle is opened, oxygen is introduced and flavors start to degrade; this is called oxidation. With more delicate liquors, oxidation happens faster than with higher proof spirits.

what is a contra asset

A contra liability account is not classified as a liability, since it does not represent a future obligation. Overall, contra accounts are offsetting balances that are the opposite of specific accounts. There are several examples of contra accounts, including accumulated depreciation, accumulated depletion, accumulated amortization, allowance for receivables, etc. These are all examples of contra-asset accounts, which are the prevalent type of contra accounts. Most accountants choose to record the depreciation over the useful life of an item in the accumulated depreciation contra asset account, which is a credit account. The balance sheet would show the piece of equipment at its historical cost, then subtract the accumulated depreciation to reflect the accurate value of the asset.

Presentation of Contra Accounts

You may not need to use contra asset accounts right now, but as your business grows, using contra asset accounts will likely become a necessity. Inventory obsolescence is an expense account, while the allowance for obsolete inventory is a contra asset account, which aims to reduce the inventory valuation on your balance sheet. Contra asset accounts provide business owners with the true value of certain asset accounts. For example, let’s say your accounts receivable balance is currently $11,500, but you’re not entirely sure that you’ll be able to collect the entire balance due. This type of account could be called the allowance for doubtful accounts or a bad debt reserve.

what is a contra asset

Contra Revenue Account

Contra asset accounts help companies record any reductions to their non-current and current assets.
However, these can cause a reduction in other balances on the statement.
A contra account is an entry on the general ledger with a balance contrary to the normal balance for that categorization (i.e. asset, liability, or equity).
Every contra asset account on a company’s accounting records will also have a pairing account.
Both the asset and the corresponding contra asset accounts must be stated clearly in the balance sheet.

Accountants use contra accounts rather than reduce the value of the original account directly to keep financial accounting records clean. If a contra account is not used, it can be difficult to determine historical costs, which can make tax preparation more difficult and time-consuming. As mentioned, contra asset accounts are usually listed below their matching asset accounts, and the net values of those assets are written next to the contra accounts.

Contra accounts definition

This means it received $4,500 in cash but needs to pay $5,000 back to the bondholders. The auditors aim to keep the balances at their adequate levels, but the controller might want to keep them as low as possible to reduce expenses https://www.kelleysbookkeeping.com/law-firm-accounting-the-ultimate-guide/ and maximize profit levels. This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee!

Definition and Examples of Contra Assets

Click here to read our full review for free and apply in just 2 minutes. You can estimate the total to record in the allowance for doubtful accounts based on uncollectible revenue totals from the previous year or you can conservatively estimate the amount. If you keep a lot of inventory in stock, chances are that some of the inventory will become obsolete. This frequently happens to manufacturing companies that sell products with an expiration date since any inventory remaining in stock past the expiration date quickly becomes obsolete. Contra Accounts serve as a reduction to the balance of their corresponding accounts to find their net values.

However, there are some prevalent contra-asset accounts that may exist for all companies. A contra account is an account that companies use to reduce the value of a related account. It usually how to sell tradelines and make easy money nets off against related accounts and provides an opposite effect to the balance. Therefore, contra accounts are the reverse accounts that decrease a specific account’s balance.

In either case, the net amount of the pair of accounts is referred to as the book value of the asset account in question. When a contra asset account is not stated separately in the balance sheet, it may be worthwhile to disclose the amount in the accompanying footnotes, where readers can readily see it. Treasury stock represents shares of a company’s own stock that it has repurchased from shareholders but not retired. Instead of increasing assets or decreasing liabilities (as would be typical when spending cash), buying treasury stock reduces shareholders’ equity. Specifically, it is contra to shareholders’ equity because it decreases the total shareholders’ equity on the balance sheet.

Contra revenue accounts reduce revenue accounts and have a debit balance. Contra asset accounts include allowance for doubtful accounts and accumulated depreciation. Contra asset accounts are recorded with a credit balance that decreases the balance of an asset. A key example of contra liabilities includes discounts on notes or bonds payable.

Therefore, it reduces the value of shareholders’ equity by the amount paid for those repurchased stocks. Allowance for doubtful accounts (ADA) is a contra asset account used to create an allowance for customers who are not expected to pay the money owed for purchased goods or services. The allowance for doubtful accounts appears on the balance https://www.kelleysbookkeeping.com/ sheet and reduces the amount of receivables. The allowance for doubtful accounts is a contra asset because it reduces the value of the accounts receivable (AR) account on the general ledger. Often when a company extends goods on credit, management expects some of those customers not to pay and so anticipates writing off bad debt.

Contra asset accounts also provide a clear picture of the companies’ accumulation of assets. Similarly, these accounts can also be essential in various calculations. For example, after six years, the asset’s book value on the balance sheet will be $40,000. However, it will also have a negative accumulated depreciation of $60,000, offsetting that cost. However, a contra-asset account usually has a credit or nil balance. This account offsets the balance in the respective asset account that they pair with on the balance sheet.

This is The Proper Way to Store Your Liquor