11 Sep, 2011
Meanings of Salary by Urvashi (Delhi) Why does salary have different meanings under different headings? For example: When we are calculating gratuity we include basic salary, dearness allowance, and commission but when we are calculating the value of prerequisites like rent free accomodation we include basic salary, dearness allowance, commission, bonus etc.. Why? Hello Urvashi, [...]
09 Sep, 2011
Advanced and deferred payments Which T-accounts are affected when a client pays rents in advance? Which accounting statement is affected is affected by this transaction- P$L or Balance sheet? Hello, Thank you for your question. Prepaid rent is a prepaid expense which is a current asset account. The T accounts affected when a client pays [...]
07 Sep, 2011
Valuation of Services by Simon (Sussex, UK) A usual charge for a sale of an advanced teaching service from School A is 250. However a Customer performs some duties for School A (ie some cooking/cleaning/teaching a less advanced subject in the school) and therefore only pays 100 for the service usually costing 250. Should Business [...]
29 Aug, 2011
INCOME by CLAUDIA FLEMING (CAMERON PARK, CA, USA) HOW DO I RECORD PREPAID INCOME? FOR EXAMPLE, 1ST AND LAST MONTH’S RENT PAID IN JANUARY (RECORDED IN JAN) AND TENANT LEAVES IN JUNE, LAST MONTH, WITH JUNE ALREADY PAID FOR IN JANUARY Hello Claudia, Thank you for contributing with your question. Prepaid income is recorded as [...]
27 Aug, 2011
Company Start Up by Maria (San Diego) 1. Does this also apply for a single member LLC? 2. Lets say the official start day of my business is March 2009 but I bought expense (start up cost) in December 2008 a prior year can you still deduct it since it was in 2008 and not [...]
11 May, 2011
Jesus 20th Century If jesus were a 20th century American rather than a 1st century Galilean Jew, where do you think he would choose to go and with whom would he associate?… Journal Entry Purchases a computer on credit Clearing Suspense Accounts When I clear a Suspense account do I have to clear it entry [...]
24 Mar, 2011
Airline Taxes Deductible by Eva (Woodburn, OR) Are the taxes that you pay for an airline ticket tax deductible under misc. taxes? Thanks Hi Eva, If the airline ticket was for business travel, then the ticket and taxes are both included together as a travel deduction. Click here to post comments. Join in and write [...]
28 Jul, 2010
Just got a job as a information technology assistant and need to come up with questions to ask for a requested work order. Any suggestions?
25 Jun, 2010
Demolished Property My rental property was demolished midway in 2009 by the city of Birmingham, AL. I still own the land. What is the tax treatment? I was not paid anything by the city for the value of the home. Click here to post comments. Join in and write your own page! It’s easy to [...]
23 Jun, 2010
Form 1065 Without an EIN by Kyle (Virginia Beach, VA) My business never officially started after obtaining a business license. We never applied for an EIN, and now I need to know how to file without one. The business made $0 income, and has $0 debt. We have officially dissolved the business. Hello Kyle, It [...]