Complex Financing

Accounting involves few jargons that need to be known if you are trying to master it. The most basic terms is ‘credit’ and ‘debit’. Credit and debit are used in our everyday life in the most common sense of the term. However, when it comes to accounting, it has some separate significance. In terms of accounting, debit is the money owed by the bank and credit is its opposite.

Credit and Debit are amounts that should ultimately balance each other out in the end for accounting. Accounting involves noting down the minute details of every transaction from depositing a bill to buying any item.

There are a few basic methods for keeping track of debit and credit in terms of accounting. You first need to figure out and take a note of all that you receive, and a record of where you receive them from. Whatever you receive becomes part of your debt while the place you receive it from becomes part of your credit.

For example you purchase a CD using your credit card. In term Read more…

PROVIDENCE – The amount of money flowing into the state treasury in the first 10 months of the 2011 fiscal year is ahead of estimates by 3.4 percent, the R.I. Department of Revenue said Monday.

From July 2010 to April this year, Rhode Island collected $2.35 billion in taxes and other revenue, $76.86 million ahead of the $2.27 billion that had been forecast for the 10-month period by fiscal advisers last November, according to the state’s monthly revenue report.

The report’s release comes as the semiannual Revenue Estimating Conference is expected to release its outlook for the coming year, a crucial prediction that state budget writers use to craft next year’s budget.

As of Monday, the projected deficit for fiscal year 2012 stands about $330 million, but most everybody is expecting good news Tuesday, a feeling bolstered by the better-than-predicted revenue figures so far this fiscal year. If advi

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Kiewit Offshore Platform

— The first floating offshore platform to be installed in the Gulf of Mexico since last year’s Deepwater Horizon blowout was christened Friday at the Kiewit Offshore Services facility in Ingleside.

Construction of the semi-submersible platform, named the Opti-Ex, began in July 2008 and will be completed in another two or three weeks, Kiewit project manager Beni Gossett said.

Components were shipped from as far away as South Korea, Kiewit President Fuat Sezer said.

Like the structure itself, the $400 million needed to build it rose slowly from a financial landscape marred by the tragedies of Hurricane Katrina and the Deepwater Horizon explosion and an exodus of some key investors early in the process, said Nicolas Saverys, CEO of Exmar Offshore Co., the company that designed the platform.

“This achievement is a triumph of teamwork, endurance and perseverance,” he said to about 300 industry officials and guests at the christening ceremony.

Gulf oil exploration, drilling and production ground to a halt following the Deepwater Horizon explosion in April 2010 that killed 11 workers and led to a six-month spill that released almost 5 billion barrels of oil.

The Obama administration declared a moratorium on all deepwater drilling in the Gulf from May to October 2010. S

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BOSTON – The total compensation costs for private industry workers increased 2.8 percent in the Boston-Worcester, Mass.-Manchester-N.H. metropolitan area for the year ended in March, the U.S. Bureau of Labor Statistics said Wednesday.

The 2.8 percent hike compares to a 2.0 percent increase a year earlier. Wages and salaries, the largest component of compensation costs, advanced 2.3 percent.

Nationally, compensation costs rose 2.0 percent as wages and salaries grew 1.6 percent.

The Boston metropolitan area is the closest relevant data to Providence. The Bureau also breaks down data two other areas in the Northeast including: New York-Newark-Bridgeport and Philadelphia-Camden-Vineland.

The New York metropolitan area compensation costs advanced 2.4 percent while Philadelphia matched the Boston area’s increase, at 2.8 percent. Wages and salaries increased by 1.9 percent in both the New York and Philadelphia metropolitan areas.

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PROVIDENCE – U.S. Attorney Peter F. Neronha on Friday told Gov. Lincoln D. Chafee the state law establishing up to three medical-marijuana centers violates federal law and could lead to civil and criminal prosecution.

The governor received the news in a three-page letter that was hand-delivered.

“The Department of Justice maintains the authority to enforce [federal law] vigorously against individuals and organizations that participate in unlawful manufacturing and distribution activity involving marijuana, even if such activities are permitted under state law,” Neronha wrote. “The [state law], the registration scheme it purports to authorize and the anticipated operation of the three centers appear to permit large-scale marijuana cultivation and distribution.

“The Department of Justice could consider civil and criminal legal remedies against those individuals and entities who set up marijuana-growing facilities and dispensaries, as such actions are in violation of federal law,” Neronha said in the letter.

The governor’s office issued a statement saying only that it had received the letter and it is under review.

The R.I. Department

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