Accounting
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Recruitment Expense as prepaid
We have incurred a recruitment expense that is equivalent to a % of the candidate's annual salary. IF they leave for any reason during a one-year period (ie. are terminated or quit), the expense is not refunded but it is deferred to the next search so we would not be double charged. The employee …
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Completed Contract A/R QuickBooks
We use the Completed Contract Method for a small construction company in QuickBooks. We have A/R from completed contracts from last year that were just paid this week. I made a journal entry to move the amounts from A/R to A/R completed contract for taxes. What account do I move the A/R completed c…
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Divisional cost restatement, in consolidation
A company makes Product X and sells to customers. The per unit cost / profit structure is as below. Material cost Cy. 35 Add: Labour and other direct costs (Process A) Cy. 15 ----------- Cos…
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can a company with a D/B/A election have a checking account
Can a company ...say Widgets LLC have a d/b/a (doing business as) say... d/b/a acme LLC. and can each entity have separate checking accounts running in the same chart of accounts? In essence I want to create the dba and account for it almost as a separate division.....and occasionally write chec…
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Added A/R Invoices to POS system...Owner has issues
Background: The store has run on a POS system selling sodas, chips, gas, etc. for years. The store has also taken payments for rental of camping lots, boat slips, tent sites on this POS for years. Invoices for the rentals have never been on this system, so the owner had many documents to review …
6
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Are tips paid to employees via their paycheck listed on the Income Statement?
All tips that employees receive from patrons at a restaurant are collected by the employer and then paid to the employees on their paycheck. Since this is not restaurant funds but rather patron tips, should the restaurant exclude these tips from wages and salaries expense?
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Can an accountant please answer the following questions?
I'm a senior high school student at Holy Angel University in Angeles, Pampanga, Philippines. I was tasked by my teacher to interview a foreign accountant and have been redirected here by a CPA who I know from my mother. These questions are purely for academic purposes. Please fill out the foll…
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How does accrued liabilities and accounts payable (decrease, non-cash) affect cash flows?
Accrued liabilities is a current liability, and any increases or decreases would be a source and a use respectively, correct? My boss told me that this account wasn't reduced with cash, and that the issuance of Preferred Stock would offset this accrued liability. But if we are issuing Pref Stock in…
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ASC 606: Revenue from Contracts with Customers
I recently joined my current company, a midsize company that executes "Milestone" Contracts. For instance, A $1,000,000 Contract with the following milestone: a. 30% upon sales (contract) acknowledgment; b. 20% upon final approved engineering drawings by customer; c. 40% upon completion, engi…
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Checklist for company tax return procedure
Hi everyone, i just recently got my first accounting job, as a trainee for an outsourcing company that specialises in preparing company tax return for clients in Australia. I have got to say i am really overwhelmed, although i have learned pretty much a lot of basic knowledge needed to do the job, …
3
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Why does the cashflow statement show depreciation and amortization as cashflow positive number?
I have a rudimentary understanding of "accounting" principals, that being I don't understand how something like depreciation would or could show up as a positive number on the cashflow statement. I understand the cashflow statement captures both the current operating results and the accompanying ch…
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Sales Contract + A/P Information
Proformative, I wanted to understand whether or not it's standard to ask for A/P information in the exhibit of a Sales contract. Ideally, we'd like to submit a sales contract to our clients with additional information attached (helping streamline the communication/onboarding process). However, …
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How do I adjust my market valuation account when I have already booked previous transactions that are part of the adjustment?
By investment bank account received a management fee refund from one of my investments in July which I booked as a debit to the investment bank account and a credit to management fees. The investment releases statements on a quarterly basis. The investment includes the management fee refund when it…
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Quick Question - Indirect Labor
Would you consider Supply Chain/Purchasing Wages to be indirect labor? I feel like the accounting principles are a bit grey in terms of what you can and cannot include within the costing of inventory.
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Slotting and listing fees Under IFRS
Anyone know what is the correct treatment for Slotting, Shelf Rent, and listing fees under IFRS Is it should be sales & marketing expense, of reduction from Revenue
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Gain carried over from one TRAC lease to another
We have a fleet vehicle leasing agreement with a TRAC (terminal rental adjustment clause), whereby at the end of the lease, the leased vehicle is sold. An expected residual value is stipulated at the beginning of the lease term. If the vehicle sells for less, we make up the difference. If it sells …
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409A cost in 2017?
I have read $5k for a 409A valuation report with upwards of $30k...sub $20 million dollar SaaS company what can I expect to pay for a 409A valuation? Thanks
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Unbilled Receivables & Quickbooks
Proformative, A customer of ours has accrued Unbilled Receivables for work performed. I've been properly recognizing the Unbilled Receivables by: Debiting Unbilled Receivables Crediting Accrued Revenue However, I am ready to invoice the Customer (using Quickbooks). I would like to move U…
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How to Account for receipt of large insurance claim check
A customer caused damage to my work facility and we received a settlement check from his insurance company. We haven't paid for repairs yet....what accounting entries should be done for this non-recurring incident?
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How do I account for intangible asset paid for via share options
The asset is IP. If option period is 10 years and transaction is capitalised, the entry will be dr. Asset, cr. Equity for each of the 10 years. If this us the case how would Amortisation work? Thanks, Margaret
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How to account for gain on revaluation of Property and Equipment for assets which were given as a grant
Recently, we were directed to consult a professional valuer to conduct revaluation exercise for reporting purposes. More than 90% of our assets are received from donors as grants. How am I supposed to treat gain on revaluation of these assets? Is the gain credited to the grant, or it is part of oth…
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How to account for construction materials between inventory and construction in process accounts?
I'm struggling with how to properly record periodic adjustments for a materials (pipe) inventory account. Pipe is purchased in bulk for line repairs and maintenance and in stored in various field locations, until needed. Pipe is also ordered for specific capital projects, accounted for in a CIP a…
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Conversion costs for a SaaS contract
Our nonprofit is going through a conversion of data process to migrate to a new SaaS provider in Jan 2018. Can the conversion costs of the implementation be amortized over the life of the 3 year arrangement?
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Loss Contingencies - Environmental
The company I work for has a site that manufactures chemicals in Latin America. To my knowledge there has never been a major spill, major accident, or regulatory violation. Currently the site does not have an accrual for loss contingency (environmental / remediation). Based on the fact that …
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What is the best way to record R&D credit refund expected to through the end of 2018?
I work for start-up company and we have been approved of a significant amount of R&D credit for the employer payroll portion of social security that will be refund quarterly by IRS through end of 2018. what is the best way to record this in our books to show this credit? thank you!
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