Ask Experts Questions for FREE Help !
Ask
    phoebono's Avatar
    phoebono Posts: 1, Reputation: 1
    New Member
     
    #1

    Dec 11, 2017, 01:23 PM
    Prepaid expenses that may be to small?
    Do all annual service agreements need to be prepaid and amortized
    Or can small contracts say under $1000. Just be expensed?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #2

    Dec 11, 2017, 07:18 PM
    Your choice you can operate on a cash basis or an accrual basis

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Moving expenses prepaid [ 1 Answers ]

I got $10,000 from my firm as relocation expense. It is possible to put this as my moving expense since I did not keep track of the spending during my move. My firm told me all this amount was non tax before but happen to put this on my W2 and withheld tax for this amount later during my first pay...

Prepaid expenses [ 1 Answers ]

If an expense is paid for service contract for one year How the account to be journalised

Prepaid expenses and Taxes [ 1 Answers ]

How would prepaid expenses be accounted for in determining taxes and accounting for the deferred tax provision. For example, assuming rental payments are prepaid at the beginning of the year and are not yet expensed by the time taxes are accounted for- would these prepayments be taken as...

Prepaid expenses [ 2 Answers ]

Are prepaid expenses classified as liabilities on the balance sheet? Or are they just assets that represent prepayments of future expenses?

Prepaid Expenses [ 1 Answers ]

What are prepaid expenses in regard to current assets? Are they trading securities?:eek:


View more questions Search