Anfisa is a talented accountant.
In this blog she talks about accounting services, payroll, investment consulting, tax training and much more.
AnfisaWDmitrieva@www.business-accounting.net
Phone: 303-647-3438
On Confirm Matching Expense, if the information is correct, click OK. On the Find Matching Expense Entry Record form, to limit the number of records that display, revise the Beginning Expense Date, and then click Find. Form NameFormIDNavigationUsageEdit Credit Card ExpenseW09E150DDaily Processing menu , Credit Card ExpensesOn Review Credit Card Expenses, select an expense. If none of the expenses has errors, click the Finish button and then continue to Step 8. Enter the spreadsheet row number c […]
Also, there are events, usually one time, which create “permanent differences,” such as GAAP, which recognizes as an expense an item that the IRS will not allow to be deducted. Although most of the information on a company’s income tax return comes from the income statement, there often is a difference between pretax income and taxable income. These differences are due to the recording requirements of GAAP for financial accounting and the requirements of the IRS’s tax re […]
Producing financial statements that conform with GAAP accounting principles can help you make better financial decisions and prepare your company for long-term success. The standards are known collectively as Generally Accepted Accounting Principles—or GAAP. If a financial statement is not prepared using GAAP, investors should be cautious. Without GAAP, comparing financial statements of different companies would be extremely difficult, even within the same industry, making an apples-to-apples c […]
The statement of cash flows classifies cash receipts and disbursements as operating, investing, and financing cash flows. Look at Exhibit 2 to see how activities can be classified to prepare a statement of cash flows. Adjustments must be made to each income statement item to convert income statement information from an accrual basis to a cash basis. Review these rules carefully before working Note 12.40 “Review Problem 12.9”.Cash inflows from financing activities include cash receiv […]
At least one debit is made to one account, and at least one credit is made to another account. The financial transactions are all recorded, but they have to be summarized at the end of specific time periods.
The balance sheet provides a look at the current health of your business and whether it has the ability to expand or needs to reserve cash. With single-entry bookkeeping, you enter each transaction only once. If a customer pays you a sum, you enter that sum in your asset column only. This […]
In accounting, revenue is the total amount of income generated by the sale of goods and services related to the primary operations of the business. Some companies receive revenue from interest, royalties, or other fees.
Just as revenue is the top line, net income is the bottom line or the “bottom” figure on a company’s income statement. Both revenue and net income are useful in determining the financial strength of a company, but they are not interchangeable. Revenue only ind […]
EBITDA is more useful for companies with high capital investments. The reasons for measuring and reporting these further totals, even though they are not GAAP approved, is clear. Interest, taxes, depreciation, and amortization are all very different from the kinds of expenses we normally think about, so it gives useful information to remove them in different ways. It is fairly common for investors to leave interest income in the calculation. For example, if interest is a primary source of incom […]
Therefore, the amount of the gift as reported on A’s 2001 Federal gift tax return may not be redetermined for purposes of determining A’s prior taxable gifts or A’s adjusted taxable gifts . The procedure identifies when disclosure of an item or position is adequate for purposes of reducing the accuracy-related penalty under Code Sec. 6662 and to avoid the tax return preparer (more…) […]
In economic theory, a firm will continue to expand the production of a good until its marginal cost of production is equal to its marginal product . This, in turn, will tend to equal its selling price. Production costs, which are also known as product costs, are incurred by a business when it manufactures a product or provides a service. For example, manufacturers have production costs related to the raw materials and labor needed to create the product. Service industries incur production costs […]
Two of the most popular options are the solo 401 and the SEP IRA. If you stash the cash in a traditional 401 or SEP IRA, you can take a tax break on this year’s taxes. The solo 401 is great because you can stash up to 100 percent of your earnings into the account, up to the annual maximum. Meanwhile, the SEP IRA allows you to contribute only at a 25 percent rate. In addition, the solo 401 permits you to make an additional contribution of up to 25 percent of your profits in the business. ( […]
