Use tax is 5% on non-exempt personal property imported to Guam. Alcoholic beverage tax varies depending on the beverage. Additionally there are tobacco taxes, real property taxes, amusement taxes, recreational facility taxes, and liquid fuel taxes.... Read more
Cities and towns may implement an additional tourism tax on restaurant and hotel sales. The city of Tupelo has a 0.25% tax in addition to other taxes. Restaurant and fast food tax is 9%, like the city of Hattiesburg, for example. Idaho initiated a sa... Read more
Prepare a vertical analysis of the income statement data for SPENCER Corporation in columnar form for both years. To see the trend of various income statement and balance sheet figures of a company. This can happen when the analyst modifies the numbe... Read more
They earn, they pay their bills, and maybe they’re lucky enough to save and invest a little money as well. It can trigger an audit if you're spending and claiming tax deductions for a significant portion of your income.... Read more
Deductions are important in understanding how well a business is selling its product or service. If you don’t consider them, you might not account for different strategies your sales team is employing or different ways they could be more effici... Read more
Some accountants are jacks-of-all-trades, while others specialize in certain areas. You don't want to hire someone who has never handled an audit before if you're being audited, but you probably don't need an audit expert to explore tax-advantaged sa... Read more
Investors are typically interested in GP as a percentage because this allows them to compare margins between companies no matter their size or sales volume. For instance, an investor can see Monica’s 65 percent margin and compare it to Ralph La... Read more
Remember, your deduction can't exceed the gross income from the business use of your home. You can only use this method if your home office is 300 square feet or less. It's not enough to use a part of your home only for business‚ you must also ... Read more
The first one, of course, is to consider, from the auditor’s perspective, whether there are any conditions or events that cause or raise substantial doubt about the ability to continue as a going concern. It is the responsibility of the busines... Read more
Expenses are recording in a different direction from revenues in terms of the accounting entry. Yet, they normally report in the different line between the cost of goods sold and general and administrative expenses.... Read more
