Accounting
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Filing final corporate tax returns
I am helping a small company file its final corporate return as they are closing done the business. The final return is for the year ended 12/31/13. The balance sheet at 12/31/13 has a small amount of cash, some fixed assets and some notes payable. The cash will be used to pay the final taxes due. …
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Revenue Rec Question for Management Companies
I am curious as to whether we have the right to recognize revenue in the following scenario: -We are a management company (may be analagous to a property manager of an apt complex). -We pay ALL of the expenses of our customer and bill them monthly. We also bill them a monthly managment fee. -I'm cu…
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Excel spreadsheets for real estate enterprise
Hello, Can you please advise all templates needed to run a RE agency? They must produce P&L and Summary Balance Sheet. Thank you.
2
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where in the income statement would you put "consolidation costs"
If two companies merge, would you put the consolidation costs (approx the same as merger costs) as a separate line item as part of operating income? Maybe: operating income before consolidation cost consolidation costs operating income or something like that?
2
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Finance inventory with retained earnings, or credit line
I have a new mfg/dist client, 25M in annual revenue, S-Corp. I've always worked in service businesses(no inventory), so I'd like your opinions. They stock of lot of inventory for their customers, and they finance same with their credit line. This business has no excess cash beyond the cash provided…
10
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Can bank loan fees be deducted as interest expense?
I think the answer is yes and that they should be amortized (straight-line) over the term of the loan.
3
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Revocable Trust Tax Return Issues
Hi! I'm Trustee of my father's revocable Trust. At the time of his death in September 2010, assets amounted to about $1.5 million (mostly real estate). A beneficiary and her "friend" sued the Trust relentlessly, however, both cases have been dismissed as "frivolous and for no purpose other than har…
2
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FOREIGN CURRENCY
I have got a situation here. My balance sheet and trial balance are balancing well. But there seems to be a problem with the cashflow statement. I believe the foreign currency account is the reason for the discrepency..Its not an account of a subsidiary but just a business account in a foreign curr…
2
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Proper Accounting for Erroneous Funds Received
Hello - We received payment (cleared our bank) that were supposed to have been directed to another company. We are now going to be sending payment to that company as reimbursement. What is the proper accounting for this? I believe it is a debit to our checkings and a credit to AR, but this seems od…
5
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Subcontractors: Liability for breaches in Labor Regs
As a Prime Contractor, is there any liability for the compliance failures of your subcontractors as they pertain to labor codes, wage practices? what due diligence other than "representations" made in the contracts can be conducted?
2
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Custom ERP; How customizable are global ERP systems such as SAP or Oracle?
When using a single ERP system globally how difficult is it to port customized parts (regarding Revenue Recognition items) into next releases i.e. SAP or Oracle? Is custom ERP possible? This question was asked by an attendee during the Proformative webinar "Taming Revenue Recognition: Best Practice…
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Internal Audit Cost
What is a reasonable internal audit cost, including the total internal and external accounting costs for a business, expressed as a percent of total revenue? I particularly would be interested in a restaurant business, but it would be interesting information for any business.
3
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Process Costing
How can I determine the percent complete in respect to materials, labor, and overhead
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Multiple Element Accounting Considerations
Hello I am wondering how to account for this transaction. There are multiple deliverables (tangible product, Post Contract Support, Initial Customization). - Selling a tangible good, with built in wireless chip and software embedded. - Product requires each item (approximately 200 of them) to be cu…
5
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1099 Reporting to include Corporations - still repealed?
I am trying to get confirmation that 2013 is NOT the year we have to start reporting 1099- MISC on corporations in addition to everyone else. I can't find anything to tell me that the initial repeal is continued into this current reporting year. You can imagine the difference in the number of 1099 …
3
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Has anyone been thru an IDES (Illinois Dept of Employment Security) audit?
Has anyone been thru an IDES (Illinois Dept of Employment Security) audit? Plan to have documentation ready (per the checklist) but if you have any advice, would be greatly appreciated!!
2
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Cost of Processing a Credit Memo
We process credit memo's for returns and shortages (we have quite a few of them) and I estimate it takes 20 minutes to process just one (myself 15 and cash app 5). My question is can anyone estimate how much that one credit memo costs to process as a company? Is there a magic formula for figuring c…
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What method should be used to determine the FMV of a warrant for accounting purposes?
I've generally valued stock options using black-scholes, and restricted stock units at intrinsic value (price of the underlying stock less grant price) for public companies. I'm not sure if a warrant should be valued with black-scholes or at intrinsic value.
5
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How to remove accruals from the balance sheet
Any one any ideas as to how i can remove accruals from the balance sheet for services rendered so they do not show as an expense in the current quarter and only show in the next quarter?? I've been toying with moving suppliers to Milestone payments against defined milestones, so the service is perf…
3
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How can I improve financial and operational accuracy?
I manage the life cycle of finance at the head office as well as 7 subsidiaries. My main challenge has been with accuracy of reporting and operational efficiencies. A PO is raised and approved for all transactions before it can be expensed. However nature of our business exposes us to having Pos ra…
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