Local Company Marshalls Bookkeeping Question

Local Company

Can I buy merchandise from Marshalls with a company card and export this merchandise in Europe even Marshall doesn't issue an invoice on my company name, only a receipt with cc number and merchandise description?

Can I recover the tax for the exported merchandise bought on local company from Marshalls?

Thank you so much for your advice!

Buying Out Company Shares

We have a client who previously owned his company with his former wife. He owned 51% and she owned 49%. They were divorced in 2009 and he bought out her shares of the company. Cash was credited but we aren't sure what account to debit. Can you help?

Hi,

Thank you for your question. I believe the debit would be to Partner 2 Owner's Equity account which would then be closed out at the end of the year.

Company Stock

If you invest a truck into a company in exchange for company stock what accounts do you use to journalize it and if you sell the truck what accounts do you use to journalize the sale?

Construction Company

by Shannon
(Sedalia, CO)

Classify bike racks and park benches that we as the prime contractor have to pay for. For example would it be considered a Material, or a supply, or something else?

Limited Liability Company

How do I post the entries when one member of a LLC sells out for cash and one of the company vehicles? The other member wrote a company check to pay the cash portion.

Thanks,

Lori

Pre Acuisition Retained Earning and Current Loss to Apply Against Acquiring Compnay's Profit

by Kash
(Burlington)

“Company A” = S Corp and “Company B” = C Corp “B” have current year operating loss 2010 and negative retained earning in balance sheet for previous year/ NOL carried forward. “A” has profit for 2010. In Sept 2010 “A” wants to acquire “B”. Can “A” use “B” pre-acquisition 2010 loss and/or previous years negative retained earning against “A” profit after acquisition for tax benefit? There is no reorganization. Cash consideration is made to pay off the stock holders, payables and purchases B’s Patent. Or It’s best for Company A to just but the patent from B and close company B. And Company A brings patent in Balance sheet amortized it over or used Sec 179? Please email me response ASAP, thank you.

Starting a Business With Loan to Company

by Chris
(South Africa)

I'm starting a business and just learning about setting up the chart of accounts etc. I was wondering if I start off the business with capital as a loan from myself (the owner), to which account do I post this loan or how do I record this amount as an opening balance?

Two Party Check to Company and Vendor

by Ella
(NH)

We recieved payment for work done. The customer deducted amount owed to our vendor, and wrote a party check. I am not sure how to post this in quickbooks. I need to show that the vendor was paid.

Thank you for your time and help.

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