The Small Business Tax Help Blog

Posts Tagged ‘resources’

Question: Looking for a sample (filled in) taxi-cab service expense sheet to use as a guide..?

I’m working on a homework assignment and am looking for an expense report/spreadsheet that is already filled in to use as a guide. My assignment is for a taxicab service and am trying to find a website that may help me since I have no clue on what I would need to start up my sample new business..any help would be appreciated.
It would help a lot if I could find a page that has information on an actual businesses costs and such. I’m completely stuck…I have no clue what kind of numbers to even start entering

Answer: http://www.diyaccounting.co.uk/taxi/purchases.htm best place to go

Immunodiagnostic Sys – Final Results

Immunodiagnostic Sys – Final Results

ABUKAI Expenses – The quickest & easiest way to create expense reports

Question: Help with accounting statements/balance sheet?

For this accounting exercise I am given the data of assets, liabilities, revenues and expenses for a companies year of business. The info follows as:

Land 5,000
Note payable 6,000
Accounts payable 15,000
Rent expense 25,000
Cash 10,000
Common stock 30,000
Furniture 12,000
Interest expense 8,000
Property tax expense 2,000
Accounts receivable 11,000
Advertising expense 17,000
Building 115,000
Salary expense 60,000
Salary payable 1,500
Service revenue 240,000
Supplies 2,500

Beginning retained earnings were $10,000, and dividends totaled 75,000 for the year.

I’m then asked to make the income statement, statement of retained earnings & balance sheet for the company. Whenever I get to the balance sheet, it doesn’t balance and I can’t figure out what I’m doing wrong. Can someone give me an example by showing me what the correct statements look like? (This is not the problem in the book, I changed the numbers so as to not be cheating or w/e)

Answer: You are right. The balance sheet doesn’t balance.

Here’s the balance sheet:

Cash 10,000
Common stock 30,000
Accounts receivable 11,000
Supplies 2,500
Current Assets53,500

Building 115,000
Land 5,000
Furniture 12,000
Long Term Assets132,000

Total Assets185,500

Accounts payable 15,000
Salary payable 1,500
Current Liabilities16500

Note payable 6,000
Non-Current Liabilties6000

Owners’ Equity (plug)163000< - off by 100,000

You are given assets and liabilities, but not owners' equity. You'll note that in order for the balance sheet to balance, you would need 163,000 in owners' equity... except that doesn't work because you start with 10,000 in owners' equity, you made 128,000 in profits, less 75,000 you paid in dividends means that owners' equity should rise by 53,000 for a total of 63,000. This does not equal 163,000. This means that you are off by 100,000. Either "building" is 100,000 too high (by accidentally adding the 1 in front of 15,000 or you forgot another 100,000 on the other side of the balance sheet (e.g. put a "1" in front of one of the liabilties).

2011 – Another Year of Living Dangerously

“If the crisis has a single lesson, it is that the too-big-to-fail problem must be solved” Ben Bernanke. September 2, 1010 “It is unconscionable that the fate of the world economy should be so closely tied to the fortunes of a relatively small number of giant financial firms.

Balance Sheets : How to Record an Accrued Bond Interest Expense on a Balance Sheet

XFONE Achieves Strong Fourth Quarter Fiber Growth

XFONE, Inc. announces results for the three months and year ended December 31, 2010. As a consequence of the Company’s sale of its UK and Israeli Divisions, the results from those subsidiaries are reflected as discontinued operations for all periods presented.

ExpenseCloud Tour Video

Question: guidelines to claim a HOME BUSINESS?

What are the guidelines to call what you are doing a “home business?” Is there an income minimum? An hour minimum?

I am in the midst of starting a home business. I started last year and it has been mainly development expenses so far…. advertising, materials, samples, business plan etc etc etc. I have not produced any income yet.

Can i claim the expenses i incurred during this time? can i claim a percentage of my house..since we do have a room dedicated as “our office?”

please help…
any extra info and tips would be greatly appreciated as well!!!

Answer: Yes, you can claim all of your expenses. Since you did not have any income, you would have a business loss which would offset your other earnings and would lower your tax liability.
You would need to do this on a Schedule C. You need to have a separate room dedicated as your office to be able to deduct the expense for the use of your home.

W.Va. State Budget Weakened in February

State officials say West Virginia's budget picture weakened by more than $31 million in February.

Business Plan-What is EBITDA?

Revlon Reports 2009 Results

NEW YORK—-Revlon, Inc. today announced results for the year and the fourth quarter ended December 31, 2009.

Balance Sheets : What Effect Does Leasing Have on a Firm’s Balance Sheet?