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Recent Balance Sheet questions

My LLC will be distributing preferred interest payments this

My LLC will be distributing preferred interest payments this year. Can you tell me what the other side of the journal entry will be? Credit Cash and debit which account, whether it should be an Equity account on the Balance Sheet or an Interest Expense account on the Income Statement?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,658 satisfied customers
I am very stressed out! I bought an art gallery two years

Hi, I am very stressed out! I bought an art gallery two years ago and had never owned a business before. My past CPA never explained Quickbooks to me and I had to figure everything out on my own. My old CPA looked at my Quickbooks and made her own journal entries but never entered them or explained them. Now I have a new CPA. I'm having to go back to 2014 and 2015 and enter all my journal entries. The taxes are filed so I'm trying not to worry, but I had no idea I was supposed to record entries. I thought recording deposits, payments, and reconciling every month was enough! What exactly should I be keeping up with and entering?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I am an LLC filing as a C Corp.....

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Mark Taylor

Certified Public Accountant

Masters

2,586 satisfied customers
I am filing out the government form 433F. This form is

I am filing out the government form 433F. This form is filled out for sole shareholder of C corporation; does he have to indicate the corporate income and expenses in this form or does he have to show only his compensation from the corporation. If he does not need to report it, does the shareholder need to indicate some where in the form that he is the sole shareholder of the corporation?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,658 satisfied customers
I have a client who used his business operating account to

Good Afternoon,I have a client who used his business operating account to do a pass through transaction for him self. He had a banker deposit money into his operating for contruction on his house. and then paid it through to the contractor. How do I catagorize this. Should I just catagorize the 24 k income to owners equity then the 24 k out to owners draw?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,658 satisfied customers
I work as a bookkeeper, we use Quick books Pro Plus. The

I work as a bookkeeper, we use Quick books Pro Plus. The owner purchased a car this year. I am tracking the monthly payments under long term liability - note payable. When I run a P&L report the payments do not show up as one of our monthly expenses. Should I change this to an expense account - Auto Expense.I also have two equipment loans I am tracking this same way.

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Mark Taylor

Certified Public Accountant

Masters

2,586 satisfied customers
I need to find the Net Credit Sales Xerox Corp for 2014 and

I need to find the Net Credit Sales Xerox Corp for 2014 and 2015JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Need to find the Net Credit Sales for Xerox for 2014 and 2015JA: Is there anything else important you think the Accountant should know?Customer: I can send over the balance sheets if that will help

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PDtax

Owner

Master's Degree

7,368 satisfied customers
Looking at refinancing home loan. Have a 5/1 30 yr arm at

Looking at refinancing home loan. Have a 5/1 30 yr arm at 3.99 it can start rising in 2019 i took the loan 2 1/2 years ago when we had some problems and I had to make adjustments. I am thinking it might be a good time to refi that to a 15 yr fixed, with some points I can get a 15 year under 3.5 %. We are planning to stay in this house for at least another 10 years. would like some experienced input here to see if I am thinking straight. thanks.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,658 satisfied customers
We have a retail store, if our inventory is higher at the

we have a retail store, if our inventory is higher at the end of this year than it was last year, how does that affect our P&L?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I want to understand better how the inventory and cost of goods sold will affect our profitability and tax burden.JA: Is there anything else important you think the Accountant should know?Customer: We have additional questions about our P&L. We have about 15k in AP and have the cash in the bank to pay but need to know if it is better to pay these bills off before the end of the year or wait until they are due in the new year. If we wait our expenses will be less as we work on cash based accounting. If we end up with a sizable sum of cash in the bank how will that affect our P& L and taxes.

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Mark Taylor

Certified Public Accountant

Masters

2,586 satisfied customers
I own a pass-through S Corporation and I am the sole owner.

I own a pass-through S Corporation and I am the sole owner. I have been asked to prepare a balance sheet. For this example, the business has earned $1000 in revenue over the year. My business has a checking account balance of $100 as of today. I have paid myself $200, taken a cash distribution of $300 and have had $400 in expenses. I have 0 outstanding liabilities and 0 invested personal equity in the business. I'm sure this is a very simplistic balance sheet, but how should this look in the assets, liabilities and shareholder's equity portion of the balance sheet?

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Kirk_CPA

Master's Degree

38 satisfied customers
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