Mikeg ✭✭✭
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- Username Mikeg
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Re: Used Gift Card for Expenses
@bramon, You would recognize only the income through sales and no expense. This is because you had a credit for which there is no cost to you. (View Post)1 -
Re: owner equity vs owner investment
@wathsala_2020, The answer is typically different for a corporation. Corporations issue stock in exchange for cash or property from the owner. A corporation also has a stated par value when the entit… (View Post)1 -
Re: Setting up mortgage for Rental Property
@Dallgal, I'll try and address your comments. Mortgage Escrow - Is an asset and not an expense. Part of the mortgage payment is being transferred to a holding account the mortgage company uses to ass… (View Post)1 -
Re: Matching WAVEAPP retained earning & Net Profit with IRS 1120 due to 50% Nondeductible Meals Expense
@UnifyRealty, Your retained earnings on the balance sheet of the tax return (and M-2) should agree back to Wave (prior+current income) without any special entries needed. Wave has meals and entertain… (View Post)1 -
Re: Categorizing Prepaids
@Alpacamom, Prepaid expenses and prepaid revenue are items that are accounted for using journal entries. A short term asset and short term liability need to be created for each. A typical prepaid exp… (View Post)1
