Questions tagged [accounting]
for questions that relate to the laws, practices, and products of accounting. Please note that questions about accounting that are academic or have no bearing on personal finance are off-topic here.
502
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Does Profit and loss has break down on previous/current tax year or full calendar year?
I'm doing my personal tax return at tax.service.gov.uk for my Limited company and it may be sound very simple question, but it's confusing for me.
Given the following Profit and loss table for tax ...
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3
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1
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241
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PF transfer taxed under 194A India
I have changed my job (previously TCS) in August 2015.
I Transferred my PF in May 2016. As far I know PF is not taxable. But in my Form 26AS I see 800(10% of interest accumulated from September 2015 ...
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3
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3
answers
1k
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Accounting equation: does income really decrease equity?
I am new to using double-entry bookkeeping for personal finances.
GnuCash uses a variant of the accounting equation that has five variables, and which seems to be known colloquially as an "expanded" ...
user13589
4
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2
answers
204
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Need help filling out W-4 form
I need help filling out W-4 form so that I get more money from my paychecks and pay less tax. Recently my circumstances have changed, I am married and have 1 child (2 months old), only I work my wife ...
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1
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5k
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Difference between double declining balance and reducing balance
As I understand it if we have a double declining balance asset worth £10,000, declining over 10 years, we will depreciate by an annual rate of 20%.
But I have also been told that double declining is ...
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1
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1k
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Accounting for foreign exchange transactions and difference between market rate and rate given
I am trying to find how to account for the change in exchange rate and the rate given to me by my bank. I understand the rate change between two dates is a foreign exchange gain or loss, but what ...
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1
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170
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Double entry accounts for money judgement award
I won a legal settlement in which the total amount to be paid to me will be done in instalments. Interest will accrue.
I debited the principal and interest accruals to an asset account and credited ...
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1
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156
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How to categorize shared income?
I'm a total bookkeeping noob. My LLC has an agreement with another LLC where we split income coming from a particular source. As it happens the income comes to my business's bank account and then I ...
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4
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1
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372
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Credit card creditors have two approaches to handling interest
Most credit cards calculate interest at the end of the cycle and add it to the balance: this reduces the available credit. As an extreme case, when this goes over limit the cardholder is required to ...
- 139
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1
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14k
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Should written checks be accounted in Accounts Payable?
Should the checks I write be logged via my Accounts Payable account, or just directly from my Bank Asset account to my Expenses account?
I see issues with both methods:
Bank Asset => Expenses
An ...
0
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1
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136
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Term for both debit and credit [closed]
This is a vocabulary question: What English term could be used to represent something that is either a debit or a credit in a transaction (without specifically saying which one it is)?
Something like ...
- 109
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3
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1k
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How much accounting knowledge is needed to read financial statements of publicly traded companies?
You have to understand accounting and you have to understand the nuances of accounting. It's the language of business and it's an imperfect language, but unless you are willing to put in the effort to ...
- 17k
2
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0
answers
65
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How do I switch from payment to invoice basis?
I have done my personal finances using payment basis, because it is the simplest and the books of my small business are not particularly complicated.
However, I have recently had to register my ...
user40750
-1
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1
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85
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Rule of thumb for deciding between "description" and "memo"?
I'm new to accounting software.
I've been going through some of my old statements and entering them into an accounting system.
Because I don't really have any experience with this, I've been having ...
- 3,369
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1
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857
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How to handle taxes related to affiliate marketing?
I'm running a U.S. registered business, selling intangible services online.
Part of my business is offering an affiliate account registration to individuals and companies who wish to earn money ...
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3
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2k
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What is actually "exclusive of tax" mean?
Recently I got an offer for work from a U.S. company as an independent contractor, and in the contract it says "All amounts payable pursuant to this agreement are exclusive of taxes." I am quite ...
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3
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192
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What are some factors I should consider when choosing between a CPA and tax software
Its my first time filing taxes on my own and I need to decide between using some tax software like TurboTax or hiring an accountant.
What are some factors I should consider when making this decision?...
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1
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Accounting Entry for Selling a Covered Call
I recently started looking at trading options and started with the time honored tradition of selling a covered call. What I don't understand now is what my trading platform (TD Ameritrade) balances ...
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2
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How to register obligatory social insurance?
Every month I have to pay a certain amount as social insurance. It is my debt - I have to pay regardless of my income. What should be the source of this debt? Opening balance from equities branch? ...
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2
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1
answer
163
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How to account for letting agent carrying rent over to next month's statement?
My letting agent collects my tenant's rent on the 11th of the month.
They then take their fee (8%) at that time of the whole amount. Then they only pay out from the 11th of the month until the end of ...
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1
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3k
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How to calculate depreciation?
I am not accountant and my question could be trivial but I will ask it.
Let's say that I bought a car that cost $50,000. The maintenance cost over 5 years is $25,000. The revenue of the car over 5 ...
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2
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10k
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How does IRS deal with 1099s across accounting methods?
For a US company using the accrual method of accounting, if they receive a bill in January 2016 for work done in 2015, I expect they are supposed to report the 1099 income to the biller as part of the ...
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3
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4k
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Why is the number of issued shares less than the number of outstanding shares
We know that
#issued shares = #outstanding shares + #treasury shares.
So the number of issued shares must be greater than treasury shares by definition. However, Starbucks' fiscal 2014 From 10-K ...
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252
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Can I count a 2015 expense, if I paid the bill in 2016? [duplicate]
I incurred an expense in 2015, put it on a credit card, but didn't pay it off until January 2016, can I count that as an expense for 2015?
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How do I calculate Future value adding fund charges?
Here is the statement on the NEST website.
"We take a small percentage of the money going into your pot known as a contribution charge. This amount is 1.8 per cent." They then also charge £15 ...
- 13
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1
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42
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Question regarding Schedule 13D
I have very limited accounting experience, and I'm looking at the publicly traded firm, QC Holding, Inc. I want to know more about controlling interest in the firm, so I was looking at their SC 13Ds ...
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3
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1
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565
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How would I account in GnuCash for me and another entity contributing to a joint account?
Me and my wife are starting a joint account, separate from both of our accounts. The intent is for both of us to contribute equally to the account and use it for joint purchases.
When I make a ...
- 163
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1
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87
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How to do a direct cash flow statement given a stock ticker
Does anyone know of a good step by step process on how to generate a direct cash flow statement for a publicly traded company? I was able to look up their financial info (given their stock ticker) on ...
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6
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5
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7k
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What is the Equity account for in GnuCash?
What is the purpose of Equity account in GnuCash?
For example, I have income through Salary account $500, after I have expense by buying book for $5 (so in Expense:Books account is entry for $5). But ...
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1
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131
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Future Value of an annuity
If I pay 4 half-yearly installments in an investment scheme or I pay monthly installments of the same time (2 years). Interest rate in both cases is 9% compounded monthly. What will be my future value ...
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299
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What does "writing down" the value of an asset imply?
My question was inspired by this article. Relevant quotes below:
Fidelity, the only fund manager to have invested in the four-year-old company [Snapchat] best known for disappearing photos, wrote ...
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2
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1
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1k
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Online accounting with Stripe/PayPal transactions
I have a small solo business where I sell services on a website. I probably have about 100 small transactions per month and people pay me with PayPal or Stripe.
I have been doing accounting in an ...
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2
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1
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82
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How to account for future claims to savings account?
Example: $1000 is in savings account
Expected uses
1. Upcoming Annual Professional Dues: $300
2. Upcoming Annual Insurance : $700
Initially
Asset: CASH SAVING 1000.00
Liabiltity: ...
- 1,182
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0
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Can I reclaim VAT on U.S services such as Domain hosting?
I have a bunch of regular payments paying for hosting and other digital services coming from the U.S. There is no TAX stated on the invoices I receive and I'd assumed unless stated, then I cannot ...
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1
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Comparison of online brokerage tax preparation features?
I'm trying to find a comparison of online brokerages when it comes to speeding up year end tax preparation. Especially when it comes to doing return of capital (RoC) calculations for REITs and MLPs. ...
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3
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1
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As a small business owner should I have a separate account for payroll? [closed]
Note: I'm currently using cash basis accounting.
Just recently I've started using QuickBooks Online to keep track of my profit and loss as well as pay my employees. The problem I'm facing is that ...
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4
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1
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187
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Need some advice on how to manage multiple income sources
I need some advice on how to manage multiple income sources.
I am a programmer/entrepreneur that has started a couple of side businesses online and just need some help.
Here are all my income ...
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3
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1
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Which type of company accounts to choose for LTD tax return?
I'm trying to file a File company's annual accounts on Companies House WebFilling website, however I've the following type of accounts:
Abbreviated Accounts
These audit exempt accounts are ...
- 1,946
2
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2
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1k
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Balance Sheet Retained Earnings
Trying to get my head around a balance sheet and can't make sense of the fact that a company can make year on year profits and pay out dividends each year, yet the retained earning deficit increases ...
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3
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How to journal an expenditure that provided no value
Let's say I buy a logo on a service like Fiverr for $5.50. The logo doesn't meet my needs, but I'm still obligated to pay the graphic artist for services rendered.
If the logo had met my needs, I'd ...
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3
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1
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205
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Managing an Account with Multiple Categories
Assume I setup and account that has multiple categories, say I have 1000 to invest, and I do something like this:
300 Kid 1 college
300 Kid 2 college
150 Emergency Fund
250 New House
It is pretty ...
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3
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2k
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Does a company in the UK have to pay taxes on betting winnings?
Betting in the UK is taxed on the company level so the bettor doesn't have to pay taxes on his winnings. I have a company in the UK whose only objective is to trade on sports betting. Will I have to ...
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0
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Quickbooks credit card reconciliation
When I put a payment into Quickbooks through the enter bills section and then pay it, when I go to reconcile the account the payment does not show up. Why would this be and how can it be placed in the ...
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110
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Avoiding tax complexities of MLPs
I would like to invest in master limited partnerships (MLPs) for their high yield, but would like to avoid their tax complexities. If I buy exposure to MLPs through an ETF or mutual fund, will that ...
- 594
2
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0
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264
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Salary vs Dividend: is this example wrong?
I saw a link to a great article in old (2012) question.
http://vereecke.ca/index.php/articles/will-that-be-salary-or-dividends/
I've tried understanding the article well, but I think that the author ...
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3
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1
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101
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Switching Accountants - who does the audit review for past years?
If I switch my accountants, and the later CRA audits my returns (that were done with the previous accountant), who will be responsible for helping me with the audit: the new accountant or the previous ...
- 319
3
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1
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748
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How does Walmart account their expired food [closed]
Businesses such as Walmart makes tons of short-lived fresh food everyday (Bread, Coffee..etc) and at the end of the day there's so much food left unsold how do they do accounting for those food? Is ...
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3
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1
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139
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Where should I start my LLC?
I want to release an iPhone app to the App Store and want to put my company name as the app's "seller" field.
I was thinking of starting an LLC because I'm working alone and want to hire a developer.
...
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3
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1
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104
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Do I need to pay US tax if my father puts half of his company (in the Dominican Republic) in my name?
I am a permanent resident of the USA (a green card holder) eligible to apply for citizenship, but I do not know how convenient this might be in my situation.
My father has a company in the Dominican ...
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5
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Why doesn't change in accounts receivable on balance sheet match cash flow statement?
If we take a look at the balance sheet for Microsoft, I see Net Receivables as 21,485,000 [2014] and 19,118,000 [2013]
On the cash flow statement, I see Changes In Accounts Receivables as (1,120,000)...
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