Download Accounting for Small Business Owners by Tycho Press PDF

By Tycho Press

All the monetary accounting a small company will ever need

Owning and operating a small company will be advanced. On most sensible of constructing, advertising and promoting your services or products, you have to be ready to deal with the money that is coming in, pay your staff, song bills, reflect on your inventory thoughts, and lots more and plenty more.

Accounting for Small enterprise Owners covers the whole means of setting up good accounting to your enterprise and customary monetary situations, and should exhibit you the way to:

  • Set up and run your business
  • Manage and promote your product or service
  • Perform a month-end balancing of accounts 

Packed with definitions of simple accounting phrases, pattern accounting statements, and a wealth of suggestions and tips to simplify the accounting strategy, Accounting for Small enterprise Owners has every thing you must get the task done!

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Extra info for Accounting for Small Business Owners

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This cost reflects any computer services the company needs, such as IT repair and support or the installation of new software. Repairs and maintenance expense includes cleaning the stores and offices, maintaining the outside of the buildings, keeping the sidewalks tidy, and so on. For the two leased stores, the costs that would be the lessee’s responsibility would depend on the contract. Some expenses would be the responsibility of the building owner. Any large remodeling costs for the inside of the leased stores would be posted to a leasehold improvements account, which is an asset, and would be shown on the balance sheet.

Table 18. Sample cash disbursement journal In Table 18, take a look at the columns. You need columns for for the check number, the date, the name and description, and the amount. Then there are columns for expenses you incur frequently, such as supplies, rent, and utilities. At the end of the sheet, label the next-to-last column “other,” and use it for any expense or disbursement you don’t have a column for. Use the last column to put in a description. Use one page a month. List each business transaction as it happens, and keep all deposit slips, receipts, check stubs, and so on in a file folder or large envelope for that month.

Cash Added (Used) by Financing Activities The only item this business has for this section is a decrease in loan principal. In other words, the business made their loan payments, and the interest showed up in interest expense on the income statement. The principal amount of the payment went on the balance sheet. But it did use cash, so we’re subtracting it. Cash Added (Used) by Investing Activities The only item we see in this section is dividends paid of $200,000. This was used cash, but was posted to the balance sheet, so we subtract it here, because, as you remember, we’re trying to get that profit back to cash.

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