Question – If I invest in inventory at the start of my LLC and account it as beginning inventory, will I still be able to reduce assets and increase Cost of Goods Sold (COGS) as it sells? I’m just unsure and confused because technically the LLC did not spend any cash to acquire it and […]
Category: FAQ
Question – I have managed to really mess up my inventory on hand. The main culprit seems to be my handling and confusion over returns. I keep a spreadsheet with that I thought was pretty a
Question – In order to go back and reconcile checking accounts from the beginning of the year, do I just undo January 1 and do it correctly or do I undo the most recent one and go backwards? Ou
Question – I’m been selling on Amazon for about a year as a sole proprietor. I recently created an LLC with a new EIN. What’s the best way to get my Amazon store under the umbrella of my LLC? Just go in and change the legal entity to the LLC’s info? What are the potential […]
Question – How do you record a donation by way of bill payment? Example: NP Organization receives a bill. Donor pays the bill directly. There is no repayment to the donor obviously. Is this reco