Accounting
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Posting Credit Card Payments Journal Entries _ Best Accounting Treatment
Hi all!! Our business operates on 90% of its sales via credit card transactions. However, there is a delay of 1-2 business days before we receive funds from our credit card payment processor (eg. Moneris) and into our bank account. This is our current process so far 1. Record Sale at ti…
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Beneish M-score figures
Currently trying to complete M-score analysis for Uni paper. When researching online I'm getting confused on which year should come first for DSRI. So for example do I input 2014 figures then 2013 or 2013 then 2014. For Asset Quality index, what do I include as securities - where do I find …
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Cross Border Merger with a twist
Hi everyone, I'm new to this but could really do with some advice. I work in the construction industry and have dealt with both Financial and Management accounts, however i have a friend who has asked me to do him a favour and help arrange for a company which is based in the Netherlands to purc…
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Sales Quantity Calculation
1. Production per year: 350 days 2. Production capacity @100% : 1000 Units 3. Capacity utilization in 2017: 90% and in 2018: 92% 4. Work in progress days: 2 days 5. Finished goods inventory: 10 days Assuming except WIP and finished goods inventory, all of the production will be sold, what wo…
5
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VP/Director expenses - costs of sale or operating expense?
I am curious if anyone has come across this or has some advice. I am working for SaaS business that has different revenue streams including services and subscriptions. Currently, we bring all of the VP/Directors costs of the customer success team (technical support, installation services, etc.) 100…
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Posting of contractual fees
My company hired consultant services to recover unemployment taxes at a fee of 10% of the total recovered amount. We got the refund for $10K- booked as credit to Taxes Dr to receivables. I am not sure how to book the 10% - service fee- should it be booked as professional fee expense or be booked…
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What percentage of retained earnings is reinvested as capital in business to increase operational earnings
Warren Buffett says that rather than only looking at earnings, one most also look at the capital reinvested in the business to generate incremental earnings. Thus, i want to know that how can i calculate, what percentage/ amount of retained earnings was actually invested to increase operational rev…
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Hi, can someone help in answering these questions, please?
Sherburn plc has sufficient material Y in stock for a year’s production of “Stingfree”. Material Y costs £8,000 but is subject to major price variations; the current market value is double the original cost. It could be sold at the market price less 15% selling expenses. An alternative is to retain…
1
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De-escalating subscription fees (Discount for future years)
Hello everyone, I work in a SaaS company, and would like to know more about this specific case scenario : We have this specific situation where we sometimes offer lower subscription over time (The usage of our software is more prominent in the first year). Example : We sell a three-year subsc…
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Odoo 11 question - which chart of account category for purchasing stock.
Anyone here use Odoo 11, if I purchase a stock and then I want to reconcile the transaction, which account it should go in Chart of Account (and what category?) I don't see a Stock Purchase category there ?
4
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Accounting for estimated Sales amount
We will soon be billing a new charge to our business partners that will likely be contested. I believe it would be prudent to only recognize something like 75% of the invoiced amounts. Any suggestions on a better method than recording a 25% bad debt reserve? Thanks.
1
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Consolidated Financial Statements of a Listed Company
If a subsidiary company overseas of a Global Conglomerate did not elaborate financial statements for 2014, 2015, and the Consolidated Financial Statements of the Global Company listed in a Stock Exchange did not inform this, should it inform of this violation to the buyers of shares? What repercus…
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Audit of Inventory
Hello, am set to attend to a stock taking exercise few days to come, but am still in dilemma of how and when an auditor is to perform test counts, as far as stock taking is concerned. Please help....
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Cost Accounting for Product Packaging?
How do you account for product packaging at your company? (not shipping packaging, but direct product packaging for the plastic used in cereal boxes and the cereal box, labels etc as an example. The plastic wrap around the product and carton packaging, labels etc are technically a product cost,…
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Life Ins Payable Out of Balance Help
Hello! This may be too basic and I apologize for my ignorance in advance, but I am knew to payroll liabilities. Our life Insurance Payable account has gotten out of balance. We debit the account for the invoice totals for the life insurance. Then, if I'm understanding, we should credit the ac…
2
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Help calculating EBITA OR EBIT
I am in need of some help please. I need to calculate EBITA for a company called Mitie Security Holdings Ltd for both 2015 and 2017. Their Annual Reports and Financial Statements do not include Amortisation, but assuming these are broadly similar ... Would someone please be willing to look at the…
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Accounting for Accelerated LHI Depreciation for Early Lease Termination
We currently have a large balance in net book value for leasehold improvements on the balance sheet and the office lease ends in 10 years. The landlord has now asked us to move to a different floor in the building as they need our space for something else. Since the move will likely occur at the en…
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Inventory written off but now sold
Hi, last year we wrote off the value of what was perceived to be old/obsolete inventory but we didn't actually dispose of it. Today, we have sold one of the items which was written off. We use Sage What I need to know, is how do I account for the sale of the item which is no longer shown in th…
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Account treatment of revenue share.
The company receives cash from services of ultrasonography. The Doctor who provide ultrasonography services to the patient, he/she wants revenue share (*%) from his/her services. First, we booked Cash Dr 100, Income Cr 100 when cash collects from services. Then one journal is made Remuneration of D…
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How Do I properly adjust old Balance Sheet balances?
I just took on a client who has books that are a MESS. There are several accounts on the balance sheet that are obsolete- lines of credit that have been paid for over 2 years, payroll liabilities that had been sitting there since 2015 when she switched to full service, old credit card balances, a …
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Purchase Order/Payment System
Hello, Can anyone recommend a good purchase order and bill payment system (that integrate)? We currently use Procurify for purchase orders and pay bills by manually cutting checks. We are contemplating moving to bill.com but there is no integration with Procurify for Quickbooks online. I want …
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What expenses can we capitalize
Our CPA firm has said we can capitalize utilities as part of the project expenses when we set up a new store (chain). Does anyone know what codification this might be? I thought certain expenditures couldn't be capitalized if they did not produce future benefit like utilities or advertising?
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Corporate Card Program - Liability Structure and Accounting Issues
We are looking at changing the liability structure of our corporate T&E card program. As it stands right now, cardholders must process their expenses in Concur, their manager approves the expense, and then a weekly payment file is sent for expenses that have been approved in the prior 5 da…
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Western CPE going bankrupt - what should I do with my CPE?
A friend just told me that Western CPE has filed chapter 11. I have used them for years. What should I do with my CPE certificates from them, and who should I look at next for CPE?
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A few questions in regard to evaluation of a company (Amazon)
1. The company does not pay dividends. What is an alternative to Dividend Yield and Forecast Dividend Yield to determine the 'yield' of the company? Is EPS a valid measure? 2. When calculating Enterprise Value, we require preference shares as a part of the calculation. What is the alternative me…
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