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  1. No they cannot do that. You are an exempt...

    No they cannot do that. You are an exempt employee.
  2. Answers
    1
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    355

    You have left no option but put the expenses in...

    You have left no option but put the expenses in 2008 even there were no accrual and keep your 2009 budget. It will show your actual is larger than your accrual in 2008.
  3. Answers
    1
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    2,242

    A=production needs: 5,000 bottle x 1/4 gram ...

    A=production needs: 5,000 bottle x 1/4 gram
    B=cushion for May: 8,000 bottle x 1/4 gram x 20%
    C=beginning inventory: 250 gram

    April budget=A+B-C, this is in grams, multiply by $16 per gram you...
  4. Answers
    2
    Views
    3,678

    Stimulate Demand The right promotion can drive...

    Stimulate Demand The right promotion can drive customers to make a purchase. In the case of products that a customer has not previously purchased or has not purchased in a long time, the...
  5. Answers
    1
    Views
    880

    Dr. Fixed Asset, Cr. Cash/Notes Payable, depends...

    Dr. Fixed Asset, Cr. Cash/Notes Payable, depends on the nature of payment.

    Also, you need to record the depreciation for the months that you used them. Dr. Depreciation expense Cr. Accumulated...
  6. Answers
    1
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    555

    Just use your acquisition price at the time you...

    Just use your acquisition price at the time you bought them.
  7. Question: Journal entry

    by MaggieMouse
    Answers
    2
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    496

    The entry for this should be Dr. Cash, Cr,...

    The entry for this should be Dr. Cash, Cr, Interest Receivable. Your question needs to be clarified to get a better answer.
  8. Answers
    1
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    597

    The sum of digits method is one of the...

    The sum of digits method is one of the accelerated depreciation method. You need to convert that into straight-line method, for the use of the installment amount.

    Finance lease is also capital...
  9. Your journal entry: Dr. payroll expense...

    Your journal entry:

    Dr. payroll expense (include net amount and taxes)
    Cr. Cash

    Cash should be the total of payroll amount and taxes. You don't need the payroll taxes payable amount. You can...
  10. Cannot avoid paying the penalty but look at it...

    Cannot avoid paying the penalty but look at it this way: if your condo investment yield a return more than the penalty then just treat the penalty of cost of your capital.
  11. Answers
    2
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    1,058

    Should recognize the warranty expense as a...

    Should recognize the warranty expense as a percentage of sales. Dr. Warranty Expense Cr. Warranty Liability

    Whenever the actual repair happens, Dr the warranty liability and credit cash or...
  12. Answers
    2
    Views
    725

    https://www.askmehelpdesk.com/taxes/forgot-fed-tax...

    https://www.askmehelpdesk.com/taxes/forgot-fed-tax-id-how-retrieve-22889.html
  13. Answers
    1
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    1,435

    The only shareholders for an S-corp are...

    The only shareholders for an S-corp are individuals, estates, certain exempt organizations, or certain trusts.
  14. Question: Prorate rent

    by MaggieMouse
    Answers
    6
    Views
    864

    Moving in on the 10th means the tenant was not...

    Moving in on the 10th means the tenant was not there for the first 9 days of the month and he will be there from the 10th. How many days are there from the 10th to the end of the month.

    You can...
  15. Answers
    1
    Views
    630

    Typically you don't need a footnote for that,...

    Typically you don't need a footnote for that, unless you really need to disclose something, which you will know when it comes up.
  16. Question: Prorate rent

    by MaggieMouse
    Answers
    6
    Views
    864

    monthly rent / (30 or 31) days x days occupied...

    monthly rent / (30 or 31) days x days occupied (20 or 21)
  17. Answers
    1
    Views
    423

    It's a misconception that one has to be good at...

    It's a misconception that one has to be good at math to be an accountant. Accounting is more about definitions and concepts. As long as you know how to add and subtract, multiply and divide, and...
  18. Answers
    2
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    7,595

    When you accrue an expense, it means the activity...

    When you accrue an expense, it means the activity has occurred, but the cash transfer hasn't happened yet. By the same token, in your question, to accrue for relocation costs, is the same as expense...
  19. First of all it starts with "I owe" was...

    First of all it starts with "I owe" was confusing. Owe and Own has opposite meanings. It won't make any sense later you mentioned that you are receiving dividend.

    Let's assume you meant you have...
  20. Question: Sales mix

    by MaggieMouse
    Answers
    2
    Views
    2,352

    The question should also identify sales mix by...

    The question should also identify sales mix by revenue or by profitability, since it also gave you the contribution margin.

    If by revenue, see the above answer.

    If you profitability, then you...
  21. Answers
    2
    Views
    1,345

    Taft should create an entry to record the...

    Taft should create an entry to record the deferred Income Tax, using its investment income proportionate to Flame's income multiply to tax rate, under equity method. Dr. Income tax expense, Cr....
  22. Answers
    2
    Views
    827

    How about calling other contractors to see how...

    How about calling other contractors to see how much they charge?
  23. Question: Fica taxes

    by MaggieMouse
    Answers
    1
    Views
    741

    If you want to pay yourself a salary(salary needs...

    If you want to pay yourself a salary(salary needs to be reasonable), you can go to the IRS.gov to print out a 941 form each quarter and 940 form for each year, to file the taxes.

    You can also file...
  24. Answers
    2
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    531

    It is not the matter of time to determine you are...

    It is not the matter of time to determine you are an employee or an independent contractor.

    In order to be treated as an independent contractor, you work on a project bases. You need to provide...
  25. Answers
    4
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    1,350

    It depends on how much money you have been making...

    It depends on how much money you have been making as a business. You need to look at your income statement to figure that out. Also, you may have some goodwill-it's intangible-basically means how...
  26. Answers
    2
    Views
    972

    A landlord can evict you or the bank/lender can...

    A landlord can evict you or the bank/lender can foreclose on you. Not quite clear about you situation. Do you own or rent exactly?
  27. Answers
    3
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    4,769

    You need to search for this building through...

    You need to search for this building through various sources, such as a real estate agents, or cruising the area for on sale buildings, or from networking, etc.

    Then if you are not planning on...
  28. In an efficient market, if there is business that...

    In an efficient market, if there is business that requires almost no skills, little investment but produce high profit, MANY people would have found it and all of them would been in it. The...
  29. Answers
    1
    Views
    4,231

    Here is the entry for recording the estimate-Dr....

    Here is the entry for recording the estimate-Dr. Expense(income statement a/c), Cr. Allowance(balance sheet a/c)

    Lowering the estimate will lower the expense on income statement, which will higher...
  30. Here is the simple version of the transaction,...

    Here is the simple version of the transaction, not considering any tax, transaction cost or depreciation:

    Bought-Dr. House 1.7M Cr. Payable 1.7M
    Installment-Dr. Payable .25M Cr. Cash .25M...
  31. Accounting treatment for investments depends on...

    Accounting treatment for investments depends on the intent of holding the stocks. Is there any indication of whether the shareholder wants to trade stocks frequently or wants to hold as long term...
  32. Answers
    1
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    562

    Dr. Bad Debt expense. Cr. Allowance for Doubtful...

    Dr. Bad Debt expense. Cr. Allowance for Doubtful Accounts
  33. Answers
    1
    Views
    898

    The longer the age of accounts receivable, the...

    The longer the age of accounts receivable, the less likely they can be collected.
  34. You should start when there is activity for the...

    You should start when there is activity for the business, including incorporating expenses. Before the business is up and running, all expenses should be categorized as organizational expenses, and...
  35. Answers
    1
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    480

    Are they equal value exchange or are there any...

    Are they equal value exchange or are there any boot involved? If they are equal in value then just credit the old asset and debit the new one, with corresponding accumulated depreciations. If there...
  36. Answers
    3
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    615

    No journal entry is needed.

    No journal entry is needed.
  37. Answers
    1
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    737

    The difference between single step and multiple...

    The difference between single step and multiple step is just the order of items appeared on the income statement. They will be the same.

    What's your result for either of them, if you have...
  38. Answers
    1
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    962

    The most important factor for an inventory budget...

    The most important factor for an inventory budget is the sale forecast/projection. Actually almost all budget start with Sales level.

    When you know what the expected sales are, you can use the...
  39. Answers
    1
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    573

    It should be shown in the retained earning at the...

    It should be shown in the retained earning at the previous period balance sheet.
  40. Answers
    4
    Views
    684

    Dr. Insurance Expense, Cr. Prepaid Insurance....

    Dr. Insurance Expense, Cr. Prepaid Insurance. Amount should be whatever the portion of the payment is.
  41. Answers
    7
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    7,768

    Are these identical coins? If they are then the...

    Are these identical coins? If they are then the sandwich example above is incompariable.
  42. Answers
    2
    Views
    475

    You are on a month-to-month contract so he has...

    You are on a month-to-month contract so he has the right to terminate as long as he gives you a month notice. Likewise, you have the right not to live there anytime.

    It is understandable that he...
  43. Answers
    2
    Views
    645

    I understand your frustration. Unfortunately, she...

    I understand your frustration. Unfortunately, she was right. She was indeed a tenant and you need to follow the legal procedure to throw her out.

    Maybe you will be better off having the brother...
  44. Yes.

    Yes.
  45. Answers
    1
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    613

    Not so much on your status but very much on how...

    Not so much on your status but very much on how much you will be making. If you are on the 30% tax bracket, then congrads, you are making a lot of money.
  46. Yes you can get the money now but you should...

    Yes you can get the money now but you should expect a 10% penalty on taxes.
  47. Answers
    1
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    1,273

    A simple Google search can help: Establishing a...

    A simple Google search can help:
    Establishing a Trust Fund
  48. Answers
    1
    Views
    774

    $11912.35 and $52784.44, you are trying to get...

    $11912.35 and $52784.44, you are trying to get the future value of $2500.
  49. Asset=liab+Capital stock+retained earning

    Asset=liab+Capital stock+retained earning
  50. Answers
    2
    Views
    1,795

    you can look up help in excel-count unique value...

    you can look up help in excel-count unique value among duplicates.
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