Recent content by UncleSam

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    CPA or ACCA

    If you have two bachelors degrees do you already have 150 credit hours? If you do check with you state for the exact course requirements but you probably can sit for and take the CPA exam. Which would be preferable to going back for a masters degree for three reasons. 1 It's cheaper. 2 You can...
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    Regarding materiality thresholds in AUDIT

    Yes basically I would say you have a fairly firm grasp upon materiality just remember that materiality is usually based quite a bit upon auditors judgement which is determined by what the auditor determines is the "Risk of Material Misstatement" which is comprised of Inherent Risk x Control...
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    USA Deductions of expenses paid from non-taxable funds

    The answer is... it depends on what the expenses were as it relates to whether it is deductible. If, for example, the expenses were charitable contributions the answer would be a yes if you were for some reason itemizing on your schedule A. Send me direct message or contact a CPA to get more...
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    USA Defaulted to C corp remedies

    This article may be applicable to your situation.,)(1)(B)). However, more than anything else I would suggest hiring a CPA and explaining to...
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    USA Tax Payments paid by an S Corporation -

    Yes that is a distribution if it it a tax paid for the owner. Unless it a tax specifically attributable to the business of company such as an excise tax on cigarettes.
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    USA Cost of Goods Sold Question?

    Is the statement of operations done on the cash basis? If not, then it simply is the cost of product revenues which is $84,430.38 84,430.38
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    USA Thinking about taking the CPA Please Help Answer Brief Questions

    Hey Chicago! 1) This really depends on your state. I lived in Wisconsin and I had FEMA credits, but I had to have them transferred to and accepted on a college transcript. I also had 170 credits in total of which 12 were from FEMA so the state may have disregarded them and just used my other...
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    USA Multiple bookkeeping questions

    No offense, but when you have these many questions that's when you actually hire and PAY an accountant.
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    USA Moving to another house and Renting out my current house

    Yes you can capitalize and depreciate or, in some circumstances, expense as repairs and maintenance on your schedule E. Either way be sure to keep track of your expenses and receipts. Also, something very important, was this house your primary residence prior to renting? If so, be sure to sell...
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    USA Depreciation Problem

    Per my quick calculations my answer is 14.4% The old equipment generates a gross profit of $35,150. The new equipment will generate $59,150 in income, and $1,200 in repairs costs and $12,000 in depreciation which means that in order to match the same gross profit of $35,150 the most you can...
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    Security deposit

    For the rental properties I help with I do record security deposits as a liability, but in it's own specific account. I would definitely not recommend putting it into accounts payable specifically
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    USA Renting out warehouse space?

    Because the rental income is "incidental" so to say I would classify it as "Other Income : Rental Income"
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    USA Accruing expenses

    If you want the technical answer then yes you should book it if you are preparing your books in accordance with the accrual message of accounting. However, if you are looking at it from a practical standpoint I always look at the amount and periods associated with it. In your example 24 days...
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    CPA USA options

    One other minor thing I would add to this, in submitting the transcripts to NASBA they will also need to be in English. Not sure if that would be a problem for your university. Additionally, side note, if you are looking for exam prep material in studying for the CPA. I personally used Roger...
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    How to record cost of goods sold in a manufacturing company

    I obviously would need to see your accounting software to give you a complete, informed answer. However, it appears that "production receipt" is a temporary holding account. As such this would be an asset account What is confusing to me is that when you record the sale it debits "warehouse...