Virtual Coffee Break - Chat

Henry Edwards33 said:😲

I’m all sweetness and light, really 🙂

But I'm losing my mind here because some people just can't plan two steps ahead. They're already falling behind before they've even started. 🙂

😢

One of your clients?

Raymond Martinez10 said:One of your clients?

Yeah, 🙂

They’re killing me. Slowly but surely. 🤣

If a taxpayer fails to issue an invoice for an advance payment under Section 30.5 of the Tax Code, they can't legally claim it under Section 85.1—and that’s when the IRS comes knocking with Section 131.1.1. ready to slap them with a $200k to $500k penalty.
If they still refuse to play by the rules, well, that's their funeral. I've got one client right now acting exactly like this—don't think you're the only one dealing with this headache. 🙂

Oh, Vladimir Putin...

Look, I don't need an itemized receipt for some ancient history from a million years ago... 🙄

🤣

Good grief, what a complete mess this place is. I honestly thought I’d taken a wrong turn somewhere; I had to read the headline three times just to make sure I hadn't wandered into the wrong thread—and here I am, looking for nothing more than some coffee and conversation...
Well, whatever happened, happened. At least things should quiet down a bit now. :-))

Dub, please accept these flowers on me.
And a cappuccino...

Plus a little chocolate bar

And here is some watermelon while it's still in season.

Now, if you'll excuse me, I'm heading to the store to grab some supplies so I can help The Government hand out those boxes around here. 😁

Raymond Martinez10 said:Were you implying I should pick you? 😉

Man, you seriously nailed it with that one!

ruggedcyclist74 said:Good grief, what a complete mess this place is. I honestly thought I’d taken a wrong turn somewhere; I had to read the headline three times just to make sure I hadn't wandered into the wrong thread—and here I am, looking for nothing more than some coffee and conversation...
Well, whatever happened, happened. At least things should quiet down a bit now. :-))

Dub, please accept these flowers on me.
And a cappuccino...

Plus a little chocolate bar

And here is some watermelon while it's still in season.

Now, if you'll excuse me, I'm heading to the store to grab some supplies so I can help The Government hand out those boxes around here. 😁

Good grief, have I really gone this long without checking in? It feels like forever! Glad to be back.

Henry Edwards33 said:Oh, Vladimir Putin...

Look, I don't need an itemized receipt for some ancient history from a million years ago... 🙄

🤣

Go ahead and keep shouting—honestly, we're pretty much used to it by now. But I’m still asking: what does that even mean, and where is it actually written? For instance, I’ve got clients who just wired $10,000 for merchandise that won't even arrive until September 5th. What am I supposed to do then—just ignore the fact that I need to issue a deposit invoice and handle the sales tax? Okay, okay, maybe I'm a little slow on the uptake here, but hey, at least I drive well.

Cheers, Vlado, the king of drama.

Jessica Grant56 said:Go ahead and keep shouting—honestly, we're pretty much used to it by now. But I’m still asking: what does that even mean, and where is it actually written? For instance, I’ve got clients who just wired $10,000 for merchandise that won't even arrive until September 5th. What am I supposed to do then—just ignore the fact that I need to issue a deposit invoice and handle the sales tax? Okay, okay, maybe I'm a little slow on the uptake here, but hey, at least I drive well.

Cheers, Vlado, the king of drama.

🤣

I won't be the one telling you that; I just listen to the people who don't bother invoicing deposits 😉

Because apparently, that's just not "necessary."🙄

Jessica Grant56 said:Good grief, have I really gone this long without checking in? It feels like forever! Glad to be back.

Are we dealing with a sudden bout of dementia here, or did you just have a particularly distracting visit from an old flame? 😂😂😂

Henry Edwards33 said:🤣

I won't be the one telling you that; I just listen to the people who don't bother invoicing deposits 😉

Because apparently, that's just not "necessary."🙄

I actually had a bit of a headache involving one of those invoices today. At first, I assumed they were refusing to issue a receipt for the deposit just to dodge some sales tax liability, but once they emailed me an invoice for a service that hasn't even been performed yet—complete with a description that was wildly inaccurate—it hit me that people genuinely have no idea what they're doing. I've decided to just wash my hands of the whole mess and wait until the job is actually finished...
They seem utterly bewildered because they heard that the old way of handling prepayments doesn't exist anymore... They just aren't keeping up.

ruggedcyclist74 said:Are we dealing with a sudden bout of dementia here, or did you just have a particularly distracting visit from an old flame? 😂😂😂

I actually had a bit of a headache involving one of those invoices today. At first, I assumed they were refusing to issue a receipt for the deposit just to dodge some sales tax liability, but once they emailed me an invoice for a service that hasn't even been performed yet—complete with a description that was wildly inaccurate—it hit me that people genuinely have no idea what they're doing. I've decided to just wash my hands of the whole mess and wait until the job is actually finished...
They seem utterly bewildered because they heard that the old way of handling prepayments doesn't exist anymore... They just aren't keeping up.

+Well, look, you'll eventually reach my age, though I'm certainly not planning on reaching yours... so I'll be sure to check in and see how you're holding up!

Lili keeps messing with me, and all I can do is keep asking: "Where does it actually say that?" You know, like I'm just now catching on—get real! Come on, Lili, that’s not fair. Don't tease me like that; I finally realized that I shouldn't even bother.

Quick question about Sales Tax: I paid it on the 20th when I sent over the statement, so I'm wondering if they're going to hit me with interest?? It used to be totally fine, but who actually profits from stealing those two days between when I pay and when they actually acknowledge it's been paid?!? The big banks, obviously...

And, just because I love being a nuisance, I'm copying this again:

lili p. says: Check Vlado's post. Pull yourself together. Just ignore the posts that upset you and go grab yourself something strong.

Vlado3 says: Were you trying to say I should pick you?

Koment by žločko: ha, ha, ha, ha...

If anyone has an entry for the ripup—shoot me a DM...

Carol Price4 said:If anyone has an entry for the ripup—shoot me a DM...

I can probably just make you a spare key, so go ahead and head in...

Jessica Grant56 said:I can probably just make you a spare key, so go ahead and head in...

🙂🙂🙂

I wasn't quite sure where to ask, but this thread felt like the right place to start.

First off, I want to give you all a shout-out; I've been lurking here for a while now, and your posts have honestly been such a huge help. 🙂

The thing that’s really weighing on me is dealing with testing during job interviews.
Yes, you read that right. 😁

Even though I have plenty of experience in accounting and handling year-end closings, the truth is, I am terrible at solving textbook problems.
They leave me feeling pretty lost. 😵

So, if I may, I'll just put together a little practice test myself, like...

1. On March 4th, 2013, a company buys a piece of machinery for $10,000.00 plus $2,500.00 in sales tax. Show the journal entries.
2. The machine is put into service immediately, and the bill is paid via the business checking account. Show the journal entries.
3. Calculate the depreciation through the end of 2013 and show the journal entries.
4. The machine is leased to a customer, and an invoice is issued for $ $333 plus sales tax. Show the journal entries.
5. The customer pays the invoice into the business checking account.
6. Cash in the amount of $ $167 is withdrawn from the checking account for office supplies.
7. FedEx is a business partner; the bill is for $300.00 plus sales tax, and it's paid in cash from the petty cash drawer. Show the journal entries.
8. Based on the data above, prepare a balance sheet.
9. Calculate the equity.

That’s the kind of stuff I run into...

And what absolutely, terribly confuses me is how to actually solve them. 😁

How do you guys tackle these?

For example, the entry for the first problem should probably look like...
Debit: Construction in Progress $10,000.00
Debit: Sales Tax Receivable $2,500.00
Credit: Accounts Payable $12,500.00

I suppose that would be correct if the company interviewing me uses a specific standard chart of accounts, but I'm never sure if I should write out both the account numbers and names, or just the numbers, or... what if I can't remember a specific account number but I know it has a zero balance?

And then there's the part about putting a balance sheet together...
Should I just build it based on the accounts—like how it comes out of accounting software (which is honestly easiest for me)—or should I try to match the format used for IRS filings (which I only fill out once a year and truly cannot construct from memory if I'm just sitting there with a blank sheet of paper, a pencil, and maybe a calculator)?

And if I decide to go with the IRS style... do I need to list every single line item and just fill in the ones with values, or do I just fill in the relevant ones and act like the rest don't exist?

Also, this part: "Calculate the equity" (yes, that's exactly how it's phrased)... what exactly do they mean by that? 😕
Equity?
Do they mean net income?
Book value or tax value?

Anyway, well... now that I've vented a bit 🙈 I would love it if someone could share some experience. Or even just a kind word. 😁
It would be great to hear from someone who has been on the other side of the interview table and watched people struggle through these tests.

Am I the only one who gets tripped up by these kinds of questions? 😳

Any help, thoughts, or advice would be appreciated.
I hope someone writes back. 😁

Thanks in advance. 🙂

Ashley Vaughn79 said:I wasn't quite sure where to ask, but this thread felt like the right place to start.

First off, I want to give you all a shout-out; I've been lurking here for a while now, and your posts have honestly been such a huge help. 🙂

The thing that’s really weighing on me is dealing with testing during job interviews.
Yes, you read that right. 😁

Even though I have plenty of experience in accounting and handling year-end closings, the truth is, I am terrible at solving textbook problems.
They leave me feeling pretty lost. 😵

So, if I may, I'll just put together a little practice test myself, like...

1. On March 4th, 2013, a company buys a piece of machinery for $10,000.00 plus $2,500.00 in sales tax. Show the journal entries.
2. The machine is put into service immediately, and the bill is paid via the business checking account. Show the journal entries.
3. Calculate the depreciation through the end of 2013 and show the journal entries.
4. The machine is leased to a customer, and an invoice is issued for $ $333 plus sales tax. Show the journal entries.
5. The customer pays the invoice into the business checking account.
6. Cash in the amount of $ $167 is withdrawn from the checking account for office supplies.
7. FedEx is a business partner; the bill is for $300.00 plus sales tax, and it's paid in cash from the petty cash drawer. Show the journal entries.
8. Based on the data above, prepare a balance sheet.
9. Calculate the equity.

That’s the kind of stuff I run into...

And what absolutely, terribly confuses me is how to actually solve them. 😁

How do you guys tackle these?

For example, the entry for the first problem should probably look like...
Debit: Construction in Progress $10,000.00
Debit: Sales Tax Receivable $2,500.00
Credit: Accounts Payable $12,500.00

I suppose that would be correct if the company interviewing me uses a specific standard chart of accounts, but I'm never sure if I should write out both the account numbers and names, or just the numbers, or... what if I can't remember a specific account number but I know it has a zero balance?

And then there's the part about putting a balance sheet together...
Should I just build it based on the accounts—like how it comes out of accounting software (which is honestly easiest for me)—or should I try to match the format used for IRS filings (which I only fill out once a year and truly cannot construct from memory if I'm just sitting there with a blank sheet of paper, a pencil, and maybe a calculator)?

And if I decide to go with the IRS style... do I need to list every single line item and just fill in the ones with values, or do I just fill in the relevant ones and act like the rest don't exist?

Also, this part: "Calculate the equity" (yes, that's exactly how it's phrased)... what exactly do they mean by that? 😕
Equity?
Do they mean net income?
Book value or tax value?

Anyway, well... now that I've vented a bit 🙈 I would love it if someone could share some experience. Or even just a kind word. 😁
It would be great to hear from someone who has been on the other side of the interview table and watched people struggle through these tests.

Am I the only one who gets tripped up by these kinds of questions? 😳

Any help, thoughts, or advice would be appreciated.
I hope someone writes back. 😁

Thanks in advance. 🙂

So, equity is assets minus liabilities—easy enough—but where are they hiding the starting bank balance or the cash on hand? Hehe, I just love it when people hand out these half-baked problems and leave you to figure out the rest...

It's just a standard balance sheet organized by account type, but honestly, who actually memorizes every single line item?
Good luck, seriously.

Hey ladies, look—this is just a chat thread for hanging out and venting, not some formal debate hall! I didn't expect everyone to jump straight into such a heavy discussion. Honestly, I wasn't even sure where this would fit, but if there isn't a specific spot for it, maybe we should just start a dedicated thread. Though, knowing how things work in the USA, I highly doubt we’ll find any smart solutions to the sheer nonsense happening in our country.

Actually, I've got something weighing on my mind too: the nightmare of inventory management. How am I supposed to find the "absolute truth" regarding 220 pounds of write-off stock? I've been sitting on it for two years just waiting for an inspector to show up, but there isn't a single company in my small town that handles buybacks, nor is there anyone willing to give me a formal receipt proving I actually tossed it. Typical USA, right? Just total madness.

Carol Price4 said:So, equity is assets minus liabilities—easy enough—but where are they hiding the starting bank balance or the cash on hand? Hehe, I just love it when people hand out these half-baked problems and leave you to figure out the rest...

It's just a standard balance sheet organized by account type, but honestly, who actually memorizes every single line item?
Good luck, seriously.

Whenever I run into these kinds of tasks, I usually just assume I'm working with balances carried over from previous business transactions... 🤷
So I guess I'd just list what I have partially and leave the rest blank...

I found the info for equity, thanks. 🙂
I also found a balance sheet in some college textbook that should work, I think. 😁

Carol Price4 said:So, equity is assets minus liabilities—easy enough—but where are they hiding the starting bank balance or the cash on hand? Hehe, I just love it when people hand out these half-baked problems and leave you to figure out the rest...

It's just a standard balance sheet organized by account type, but honestly, who actually memorizes every single line item?
Good luck, seriously.

Thanks, I might need it. 🙂

Jessica Grant56 said:Hey ladies, look—this is just a chat thread for hanging out and venting, not some formal debate hall! I didn't expect everyone to jump straight into such a heavy discussion. Honestly, I wasn't even sure where this would fit, but if there isn't a specific spot for it, maybe we should just start a dedicated thread. Though, knowing how things work in the USA, I highly doubt we’ll find any smart solutions to the sheer nonsense happening in our country.

Actually, I've got something weighing on my mind too: the nightmare of inventory management. How am I supposed to find the "absolute truth" regarding 220 pounds of write-off stock? I've been sitting on it for two years just waiting for an inspector to show up, but there isn't a single company in my small town that handles buybacks, nor is there anyone willing to give me a formal receipt proving I actually tossed it. Typical USA, right? Just total madness.

Okay, sorry... I won't again. 😳 🙂

Ashley Vaughn79 said:Whenever I run into these kinds of tasks, I usually just assume I'm working with balances carried over from previous business transactions... 🤷
So I guess I'd just list what I have partially and leave the rest blank...

I found the info for equity, thanks. 🙂
I also found a balance sheet in some college textbook that should work, I think. 😁

Thanks, I might need it. 🙂

Okay, sorry... I won't again. 😳 🙂

Anyway, you guys just keep chatting—there's always something to learn, really. But honestly? I enjoy this chat most when we aren't talking about work, politics, or all the nonsense and drama...

This is where you come to escape everything else, from actual life problems to just some people being ridiculous... I've finally realized there are some professional haters out there who actually mean every single bitter thing they post!

Jessica Grant56 said:Hey ladies, look—this is just a chat thread for hanging out and venting, not some formal debate hall! I didn't expect everyone to jump straight into such a heavy discussion. Honestly, I wasn't even sure where this would fit, but if there isn't a specific spot for it, maybe we should just start a dedicated thread. Though, knowing how things work in the USA, I highly doubt we’ll find any smart solutions to the sheer nonsense happening in our country.

Actually, I've got something weighing on my mind too: the nightmare of inventory management. How am I supposed to find the "absolute truth" regarding 220 pounds of write-off stock? I've been sitting on it for two years just waiting for an inspector to show up, but there isn't a single company in my small town that handles buybacks, nor is there anyone willing to give me a formal receipt proving I actually tossed it. Typical USA, right? Just total madness.

Do you have any written proof that you actually requested an inspection?
If not, I’d suggest sending a formal written request to the IRS via certified mail with a return receipt requested. Give it some time; even they have certain regulatory windows they're required to operate within...