Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

2015 adjusting entries/depreciation for your or your CPA.

Customer Question
2015 adjusting entries/depreciation for...

2015 adjusting entries/depreciation for your or your CPA. Our LLC account just sent me this email and I have no ideal what she is talking about.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I'm a operating partner in a restaurant I get paid to run two locations

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Like

Submitted: 1 year ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Answered in 1 minute by:
1/6/2017
Financial Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 2,442
Experience: Certified Public Accountant
Verified

Hi, my name is Mark. I will be happy to help you with your questions. Is the accountant asking for the prior year journal entries? Did you switch CPA firms this year?

Ask Your Own Finance Question
Customer reply replied 1 year ago
NO I have always done my own taxes.
Financial Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

Is your bookkeeper asking for this information?

Ask Your Own Finance Question
Customer reply replied 1 year ago
sir
Financial Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

If you used a tax software to prepare the return the software creates a depreciation schedule. This is the information that is being requested.

Ask Your Own Finance Question
Financial Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

It sounds like your bookkeeper is trying to determine how much to record for depreciation for the prior year.

Ask Your Own Finance Question
Customer reply replied 1 year ago
ok that helps
Financial Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.

Ask Your Own Finance Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Mark Taylor Your Own Question
Mark Taylor
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 2,442
2,442 Satisfied Customers
Experience: Certified Public Accountant

Mark Taylor is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
Sorry about that. Here's my new question: Is it possible, to
Sorry about that. Here's my new question:Is it possible, to have the Washington resident be the manager of the business but not a part of the LLC? I would use the LLC to protect any non-business asset… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,494 satisfied customers
I am in the process of setting up an LLC, but I have some
Hi! I am in the process of setting up an LLC, but I have some questions: … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,494 satisfied customers
Bizarre Accounting Problem I have come across the most
Dear Madam, Bizarre Accounting ProblemDear Sir, I have come across the most bizarre accounting problem of my life. I was trained in college to do conventional double-entry bookkeeping and financial st… read more
Carter McBride
Carter McBride
LLM
1,192 satisfied customers
My partner and I are 50/50 in an LLC specialty trade
Hello, my partner and I are 50/50 in an LLC specialty trade construction company. I am the 100% legal owner and everything is in my name, I 've contributed cash to start and my partner manages and con… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
For book purposes, what is the journal entry when a 754 step
For book purposes, what is the journal entry when a 754 step up election occurs? I know for the tax books the new assets get created and depreciated and the partner's capital accounts are credited. I … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
How do I get a previous year and this year w2, the
the accountant told me to contact irs.gov to get w2 from an employer that is out of business … read more
Michael Hanley
Michael Hanley
Managing Partner
BBA
25 satisfied customers
I changed CPAs in 2012. My CPA was late filing a Family
I changed CPAs in 2012. My CPA was late filing a Family limited partnership for 2012, but that got abated since there was no lates before then. His name is***** showed proof he filed online on October… read more
Charles Markham
Charles Markham
Principal
Masters Science Taxation
755 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 o… read more
Mark Taylor
Mark Taylor
Certified Public Accountant (CPA)
Masters
2,442 satisfied customers
I want to open up a restaurant that's already operating. I
I want to open up a restaurant that's already operating. I want to go for a $25,000 dollar personal loan to put towards a down payment for the already operating restaurant that will roughly be $300,00… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I recently transferred my membership in an LLC to my wife. I
I recently transferred my membership in an LLC to my wife. I have read through the IRS website on small business EIN information but I am concerned about what form to fill out. Do I need a new EIN for… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor\u0027s Degree
3,094 satisfied customers
What are the tax consequences( if any) to an LLC with
What are the tax consequences( if any) to an LLC with appreciated real estate when the majority partner (88% owner) sells his membership interest to another person ?? (The transaction is between the 2… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
An Accounting Question: Non-Profit, Accrual Accounting. We
An Accounting Question: Non-Profit, Accrual Accounting. We are a church denomination funded on contribution revenue from our member local churches. Our fiscal year ended June 30th. One of our contribu… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,172 satisfied customers
I am one of the participants of LLC, holding 20% of
I am one of the participants of LLC, holding 20% of participatory interest in such. I want to out, so LLC will buy back my 20% interest in it and subsequently sell to another current owner of such LLC… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,172 satisfied customers
This pertains to filing an amended 2013 Federal 1040. In
This pertains to filing an amended 2013 Federal 1040. In 2013 I sold my total 10% interest in an LLC to my partner. I was a general partner that no longer participated in the operation of the business… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I am setting up a company. This company have three members,
Hi, I am setting up a company. This company have three members, and the first location of this company is another LLC. I am reciving from one of the members, money for equipment and money for start up… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
Florida S Corp established on 2/1/2015. Company valued with
Florida S Corp established on 2/1/2015. Company valued with intangible assets (domain names, websites, brokers etc. allocated by another Florida S Corp) at $40,000. Issued 100 shares valued at $400 ea… read more
Gabriela Brondo
Gabriela Brondo
MBA
6 satisfied customers
We are a Florida based LLC with a Canadian and Californian
We are a Florida based LLC with a Canadian and Californian managing members (I'm the Floridian managing member.) We've elected to keep our taxation pass-through. We make apps. We didn't make much of a… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I am in the process of starting up a business using
I am in the process of starting up a business using Quickbooks. In getting the business started, I have paid for a lot of items out of my own pocket, and I'm trying to figure out the best way of accou… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x