ACCT (Fifo,Life average, specific ident.)?
Need help next to this one, I seem to be doing ok next to the FIFO, LIFO, and Specific identification. But the weighted average method, other gets me, so if you guys could comfort me out to better understand it would be great.In the screenshot shows the Q and my answers to everything besides Weighted average method.
Thanks.
http://img160.imageshack.us/img160/5680/...
Answers: Ending inventory $3,880
COGS $7,150
Gross profit $250
You know where on earth to find me.
The screen shot isn't outstandingly legible, but here's the concept. If you start with 270 unit (a)19, your total cost is $5,130 and your average is 19
If you buy 100 units (a)20 for $2,000 after you now enjoy 370 units at $7,130 for an average cost of $19.27. When you build your next mart, it will be at an average cost of $19.27
What are some of the advantages to creating a company as a sole proprietership compared to a LLC or Corporatio
I am starting a computer repair/consulting business and am not sure what to create the company as. I know there are key tax advantages to creating the company as a corporation, but does that lift a lot of money to do this? I am the singular employee also. The business will be located within Minnesota, not sure if that matters.I do not require investors, as I do not obligation to keep any on-hand inventory, and will not entail to purchase a store, as repairs will be made on-site or in my house.
Answers: This site give you all the regulations and descriptions on the subject of starting a company in Minnesota. since you are the single employee and probably work out of your home. you are considered to be a sole proprietor or self employed right in a minute and until you register your company you are not required to keep a separate accounting of business from your personal accounts. You are required to secure a business licence and register with the IRS though if you are conducting business that earn income. You can use a % of your home as a tax estimate because it is used for work. But if you have clients shift to your house you may require permission from the city zoning dept. to craft sure you can conduct business from your home.
http://www.roninsoft.com/states/mn.htm#I...
Do not do anything solely for tax reason. Form an LLC. Your personal holdings will be protected from creditors or lawsuits. You won't have to stir through all of the paperwork involved contained by forming a corporation, and your taxes can be filed together beside your personal income. If you do business as a sole proprietor or just as you are presently, you risk everything you own. Good luck.
Penalties for Corporations moving to foreign countries?
Does (or, should) the U.S. Government and/or the IRS impose any penalty on companies that close shop in the U.S. and move their business to foreign countries thereby forcing Americans out of work?Answers: Actually it's the other way around. Our affairs of state actually subsidizes companies to move out of the country. The US Agency for International Development (USAID) help them by negotiating contracts next to foreign governments, helping them find general public to hire, giving them loans to build factories, advise them on import tariff issues, lobbying Congress to move regulations, etc. etc. The whole process of 'globalization' is designed to minister to corporations move out of the country. Borders fall to possessions but remain in place to labor. How else could NAFTA do admin lower wages in adjectives three countries (as it has)!
More than 100 years ago Karl Marx predicted that corporations would grow in size and political and financial power until, eventually, it would be impossible for governments to regulate them. They would become stronger than the government, so they could write their own ticket. At that point they would no longer belong to any particular nation, they would roam the world contained by search of the cheapest resources and labor and the richest market. This is exactly what's happening!
Any political affairs interference in privately held companies is a worryingly slippery slope. What's next, the command deciding what state you put your business contained by? Maybe they will decide how much you charge for your product, who you hire, how much you settle up them...scary!