New answers tagged

2

The loan would be a current (< 1 year) liability. The balance of the account would be the amount of principal left on the loan, not the total of the payments remaining (so something slightly less than $8765 Same for the 15 month loan, though it will be listed under long-term debt. The cash flow statement would list all cash outflows, so the total of 5 (15)...


3

I suggest you allow multiple tags to describe transactions, then the level to which you organize the transactions is not limited by some pre-set values that you'll have to change around. Having some general top-level categories makes sense, but as you've observed it doesn't allow you to answer some of the questions you might have about your spending. Keep ...


4

When it comes to bookkeeping for your personal finances, there are no standards. You are free to use whatever system works for you. You want to provide yourself with enough data to be able to look at your history and gain insight for making desired changes in your behavior, but you also want to keep it simple enough to ensure that it is not too much work to ...


2

I am not familiar with MoneyDance so I can't help you with that. But perhaps if you understand the spin off, you can adjust the cost basis of each. A spin-off is a zero sum event in which the total cost basis of all the shares owned after the spin-off equals your total cost basis in the shares owned before the spin-off. If there are fractional shares ...


1

Companies, just like people, have to complete and file tax forms. The items and numbers are directed by the applicable tax laws in the various jurisdictions they operate in. Taxes could include income, sales, real estate, and employment taxes. Forms could be submitted to multiple nations, states, and local authorities. The financial reports and the tax forms ...


0

The intent of your question seems misguided - you are under the impression that all companies report their financial statements in the same fashion. Rather, different companies report their financial statements in the way applicable to their industries, within relevant accounting standards. You state in a comment that even if COS is a mere 1% of sales, it ...


3

Ignoring the specifics of the scenario (transfer to estate, recovery of collateral), here's how basic Bad Debt is accounted for: Bad Debt is an expense for the lender. It's a decrease in an asset account and an increase in an expense account. For the borrower, it would be an income ("Forgiven Debt?") since they had a reduction of debt and no change ...


0

If the buyer dies his estate will inherit the debt (if they want to receive the inheritance they will have to pay the debt). This is not an absolute safety, as maybe no one wants to accept the inheritance (debts are higher than assets) or there may be other situation (bankruptcy). In your specific case in which the loan is to be used buying a defined item, ...


1

I've recently purchased an out of state rental property. I'd like to be ahead of the game and fully grasp the concept of depreciation so that when tax season comes around, I won't be clueless. ... Also, based on my what I've been reading, does this mean I get a check from the IRS for $2,178.03? I am not going to address the math involved in calculating the ...


3

If do $63,500 * 0.0348484848 = $2,178.03 - Is $2,178.03 the correct amount I can write off in terms of depreciation on my rental property? No, it looks like you've applied the half month adjustment to every year. You've got 330 months to depreciate the entire improvement cost (houses are viewed as improvements to the property/land) Monthly depreciation = 63,...


Top 50 recent answers are included