Accounting

Are CPAs worth it? If your tax return is simple, an RTRP is fine, but if you need someone who can handle more complexity, hiring a CPA might be smart. There is so much a good CPA can do to increase your refund or have a more strategic tax return. “”So many people think a … Read more

How do you record sweat equity on a balance sheet? Sweat equity is simply a grant of company stock at a discount to an employee or officer based on a contract. As such – the difference between the actual price of the stock and the exercise price of the grant would be recorded as stock-based … Read more

Are you a 52 53 week fiscal year filer? Fiscal year – 12 consecutive months ending on the last day of any month except December. A 52-53-week tax year is a fiscal tax year that varies from 52 to 53 weeks but does not have to end on the last day of a month. Read … Read more

What is paid in capital Illinois annual report? (j) “”Paid-in capital”” means the sum of the cash and other consideration received, less expenses, including commissions, paid or incurred by the corporation, in connection with the issuance of shares, plus any cash and other consideration contributed to the corporation by or on behalf of its shareholders, … Read more

How do you record cash basis accounting? A cash basis accountant would debit the expense and credit cash in the period when the bill is paid. An accrual basis accountant would debit a prepaid expense asset account in the current period and credit cash. Read more on smallbusiness.chron.com Using the cash basis of accounting, transactions … Read more

If you own a business, you may be familiar with the concept of net 30. You have 30 days after obtaining the products or services to pay your invoice under this payment period. Net 30-day payment terms are a common way for firms to manage their cash flow. The issue of whether Staples discloses net … Read more

What are variable costs examples? Common examples of variable costs include costs of goods sold (COGS), raw materials and inputs to production, packaging, wages, and commissions, and certain utilities (for example, electricity or gas that increases with production capacity). Read more on www.investopedia.com A coffee shop involves meticulous planning and expense control. Variable expenses can … Read more

You might need to make a lump sum purchase as a small business owner at some point, such as purchasing a new piece of equipment or a work vehicle. It’s crucial to accurately record these kinds of pricey purchases in your accounting system because they can be rather costly. We’ll go over how to record … Read more

How do I show payroll for self-employed PPP? When you applied for your PPP loan, you needed proof of payroll, in this case salary. To do this you’ll need your Schedule C, as well as a 2019 IRS Form 1099-MISC detailing non-employee compensation, invoices, bank statements, or a book of record that proves you are … Read more

The complete revenue from the sale of products and services in the state of Maryland, before any deductions or expenses are taken into account, is referred to as gross sales. All revenue derived from running a business is included in this, including sales, rental income, and any other kinds of income. A company’s gross sales … Read more