Asset disposal with loan payout and new loan and asset purchase
Purchased new vehicle and traded in old. The amount owing on old vehicle was 14000. received 17000. trade in allowance. I have credit old vehicle asset and debited accumulated depreciation with difference going to gain or loss, but do not know what to do with the 3000 gain on trade in.
Hi, We run an irrigation business. We buy parts and receive an invoice. We then use those parts pretty much immediately to complete the job at which point we invoice the client for the parts and the service. When recording our purchase of the parts should they be recorded as assets or expenses?
When a partner receives a cash distribution not subtracting from his percentage of ownership of the LLC, how is the transaction entered via the chart of accounts? For the P&L? I have it as an expense but I am hearing that it is not. If the cash distributions are not deducted on the 1065 - then the partner will have doubled his tax liability - pay the distribution on his personal tax as income and then on top of it, tax on his share of partnership profit.