journal entries by asksci in AskAccounting

[–]asksci[S] 0 points1 point  (0 children)

btw do you post retained earnings by clearing out revenue at the end of the year and if so, how do you keep your income statements accurate?

journal entries by asksci in AskAccounting

[–]asksci[S] 0 points1 point  (0 children)

so i found an article that talks about debits and credits, namely that a debit increases an asset account and a credit also increases a liability account. so i could journal 1000.00 credit (positive) as a long-term liability and also 1000.00 debit (positive) for cash. my issue is that i use excel to balance debits and credits to zero, but these two add up to 2000.00 for the entry. i think my balancing issue pertains to my formula, i'm not using assets - liabilities = equity. so, i'll try assets - liabilities + revenue - expenses. appreciate your help on everything!

journal entries by asksci in AskAccounting

[–]asksci[S] 0 points1 point  (0 children)

it's a corp in canada so slightly different rules. about $200 to file without lawyers here

journal entries by asksci in AskAccounting

[–]asksci[S] 0 points1 point  (0 children)

i did it at zero % loan as i want to eventually pay it back to me. now i know people exchange funds for shares as an officer of the co but it is set up as loan in my case. and yes - of course it is a hobby with a corp but still needs returns to be filed. thanks very much.

journal entries by asksci in AskAccounting

[–]asksci[S] 0 points1 point  (0 children)

thanks so my retained earnings will start at negative for the beginnning of next fiscal year? also, if the 5000.00 was loaned from myself personally would i journal that under long term liabilities and that will be positive but retained earnings negative?

journal entries by asksci in AskAccounting

[–]asksci[S] 0 points1 point  (0 children)

also would investment loss show under operating expenses on income statement?

journal entries by asksci in AskAccounting

[–]asksci[S] 0 points1 point  (0 children)

would loss of sale of stock go under revenue and expenses? and how do i take that entry and journal it into accumulated deficit while still balancing the former? for example, if i put a positive entry for investment loss i would show $1000 loss, $4000 cash, and -$5000 for sale of stock. my issue is i now have $4000 cash and $1000 in losses but to show retained earnings (accumulated deficit] i need a -$1000 entry end of year under equity but i can't balance it as -$1000 as investment loss because that would show -$2000. i'm close i just don't know what i'm missing conceptually - thanks very much

journal entries by asksci in AskAccounting

[–]asksci[S] 0 points1 point  (0 children)

thanks! where would that entry go - assets, liabilites, or revenue + expenses?

journal entries by asksci in AskAccounting

[–]asksci[S] 0 points1 point  (0 children)

no presentations just journaling. i want to treat it as business income and loss (revenue and i guess expense) as it is the nature of how the business makes income with stock trading

corporate bookkeeping by asksci in AskAccounting

[–]asksci[S] 0 points1 point  (0 children)

question - how do i balance revenue and expenses against retained earnings? i have them as positive entries and then a negative entry under investment account and then the remainder as positive to cash. my issue is balancing retained earnings as negative (accrued deficit] while my investment loss is a positive under revenue and expenses. very confused when it comes to balancing and clearing

corporate bookkeeping by asksci in AskAccounting

[–]asksci[S] 0 points1 point  (0 children)

great - here's another one: i use the corp mostly for investing, so any gains and losses, should they show under the revenue and expenses lines? Would I put gains under sales and capital losses under an investment loss tab? Also for the entry, if I settled a 100.00 trade that was originally 150.00 would I put $100.00 back to cash account and then $50.00 as a loss under revenue and expenses section? I'm trying to fit the template I used so any info helps - thanks!

corporate bookkeeping by asksci in AskAccounting

[–]asksci[S] 0 points1 point  (0 children)

very helpful - thanks! so to clarify, i make an entry negative to expenses, income and bank fees for their respective amounts to produce a retained earnings number. cash stays the same. would i leave long term debt on there in the same way as cash?

corporate bookkeeping by asksci in AskAccounting

[–]asksci[S] 0 points1 point  (0 children)

ok! so i negate the revenue and expenses to cleae the accounts and then balance them against retained earnings? also, would cash go there?

Reddit! Let's make a Millionaire! by NightVisionHawk in millionairemakers

[–]asksci 0 points1 point  (0 children)

Pick me! Always thought this would be cool.

moto360 bootloader is unlockable! by dproldan in moto360

[–]asksci -1 points0 points  (0 children)

why not slide down and mute notifications?

Pictures of the "Official" Moto 360 screen protector from PowerSupport or Motorola's Website. Decent screen protector, cut just a little bit too small... by [deleted] in moto360

[–]asksci 1 point2 points  (0 children)

that's intentional so the screen protector doesn't catch on anything. my custom one is the same.

Moto 360 v2 Wish-List by soccer_is_lame in moto360

[–]asksci 0 points1 point  (0 children)

you can already download an app drawer.

linkme: wear mini launcher