Partnership comprehensive accounting problem will be a problem that covers the accounting cycle for the first month of operations for a partnership. This presentation will introduce the pre formatted worksheet we ill be using. If you would to work the problem in Excel along with this video we will have a course available soon… Continue reading Partnership Comp Prob Introduction-10 Accounting Comprehensive Problem worksheet
Category: Uncategorized
Federal Unemployment Tax Act Calculation (FUTA)-Payroll Tax Calculations FUTA
Federal unemployment tax or FUTA is a payroll tax that is paid by the employer only. In other words the payroll tax is based on employee wages but is not withheld from employee pay but taken form the employer. Employer only payroll taxes are often less understood because most people have less experience with them… Continue reading Federal Unemployment Tax Act Calculation (FUTA)-Payroll Tax Calculations FUTA
Partnership Closing Process – Closing Process for Partnership In Excel
The accounting closing process for a partnership is much the same as the accounting closing process for other entities like a sole proprietorship or corporation except that the last to steps will involve different accounts, different equity accounts. The goal off the closing process is to close out temporary accounts including income statement accounts of… Continue reading Partnership Closing Process – Closing Process for Partnership In Excel
Issuing Stock for Cash – How to record the journal entry for the issuing of common stock for cash
Issuing common stock is how a corporation can generate capital, generate money, for use in the company. Issuing common stock provides stockholders with an equity interest in the company. Mot stock sales we think of on a stock exchange are trades between investors instead of stock issued from the company. We recording stock issued from… Continue reading Issuing Stock for Cash – How to record the journal entry for the issuing of common stock for cash
Cash Dividends – How to record a cash dividend – Journal entry for cash dividend
Cash dividends are similar to draws for a sole proprietorship or partnership except with some exceptions. Unlike dividends draws can differ from partner to partner and each partner has control over the amount they with to draw. Dividends still represent money going from the business to the owners, in this case the owners being stockholders.… Continue reading Cash Dividends – How to record a cash dividend – Journal entry for cash dividend
Partnerships Liquidation Partner Does Not Pays Partnershi
Partnership liquidation will go through the closing process of a partnership. We will work the partnership closing process in Excel. Partnership liquidation needs to happen in specific step, a liquidating order, to avoid problem. The first step in the partnership liquidation is to sell the assets and recognize any gain or loss on the sale.… Continue reading Partnerships Liquidation Partner Does Not Pays Partnershi
Partnership-New Partner Added Easy Question
Adding a new partner to an existing partnership can be a more difficult process then providing a new equity interest in a corporation. One reason is the at the partnership less standardized in term of stock verses capital accounts. The partnership is also not a separate legal entity so any significant change in ownership can… Continue reading Partnership-New Partner Added Easy Question
Form 940 Employer’s Annual Federal Unemployment (FUTA) Tax Return – How to fill out
Form 940 is the Employer’s Annual Federal Unemployment (FUTA) Tax Return, not to be confused with Form 941 which are quarterly tax returns. The annual form 940 payroll tax return report the federal tax of federal unemployment or (FUTA). Because the form number is close to the form number of the quarterly form, form 940… Continue reading Form 940 Employer’s Annual Federal Unemployment (FUTA) Tax Return – How to fill out
Medicare Tax Calculation – How to Calculate Medicare Payroll Taxes
Medicare is a type of payroll tax that employers need to calculate when processing payroll Medicare has both an employee and employer portion. In other words, employers will need to deduct Medicare taxes from employee wages when calculating net wages. The rate is currently 1.45% of gross wages. Unlike social security Medicare does not have… Continue reading Medicare Tax Calculation – How to Calculate Medicare Payroll Taxes
Preferred Stock Introduction – What is Preferred Stock?
Preferred stock can be misleading because the name preferred stock makes it sound better on all ways t the more traditional common stock. In reality the type of stock we would prefer to have depends on circumstance. The reason preferred stack is called preferred is because it preferred stockholder have first clam to things like… Continue reading Preferred Stock Introduction – What is Preferred Stock?