General
Who are the users of the financial statements?
Owners ($), sureties (bonding jobs), banks (debt)
Where is an underbilling on the financial statements?
Shown on balance sheet as a contract asset.
Which of the following is not included on a PT-100?
Furniture, Equipment or Vehicle
Vehicles
What is a fringe benefit?
Extra benefits in addition to an employee’s wages
Why should you care about the financial statements?
$$$$$$! Impact Company's profitiability and reflect capacity Company has for more work
Where is an overbilling on the financial statements?
Shown on balance sheet as a contract liability.
How many shareholders can an S-Corp have?
100
What is an example of a fringe benfit?
Employer provided vehicle for personal use, membership in a country club or social club, ticket to sporting or other entertainment event
What is the difference between "Cost of earned revenues" and "General and administrative expenses"?
"General and administrative expenses" = costs incurred in business not directly related to jobs. For example, advertising costs and administrative salaries.
How do you calculate working capital?
Current assets - current liabilities = working capital
What is the 2024 federal tax rate for C Corps?
21 % - flat rate
Generally is not, but is for entertainment for a Company party
What is the difference between current and noncurrent line items on the balance sheet?
Current - less than 1 year
Noncurrent - over 1 year
What are the 3 types of activities on the Statement of Cash Flows?
Operating, investing and financing
What type of tax in imposed to cover the excess damage caused by heavy machinery on roads?
Excise tax
What % of meals and entertainment are deductible?
50% - Meals part of a meeting with a business purpose, Food items for office, Meals while traveling, & Meals at a conference
100% - Food for company holiday party, Dinner for employees working late at the office