Accounting ask.. IMPORTANT!?
what account do u use to close out adjectives the temporary accounts? thanksss!Answers: Revenue, expenses, and dividend accounts are close and transferred to the retained earn account.
Greeting Card Service? Or song service?
I'm working on a small business idea that will portion my skills as a self-employed writer. I was thinking of composing songs/greeting cards for the gay community, since they appear to be disappeared out of the main rings. Are any one of those good design, or should I think of something else?Answers: Think of something else...
I am an LLC and report my income as COGS and service revenue. One of my clients 1099'd me.?
Since I am already reporting my income on the Federal forms, do I also have to include the 1099 as other earnings? Or do I subtract the utility of the 1099 from my LLC's income and include the value of the 1099 on my personal income?Answers: No, the 1099 is in fact part of the documentation of the income you enjoy already reported...
the 1099 is simply part of your revenue surrounded by the LLC.
if it was issued to the wrong rates number, ask to have it corrected.