Financial Statement Preparation
Standard calculations and comparisons of financial data are organized into Financial Statements that provide valuable information for practical and effective business management. Statements of your financial position, operations, and cash flow can be prepared and presented as often as your organization requires. GA will help you to understand and interpret your financial reports in a way that is meaningful to you.
We also prepare personal financial statements for your personal financial management and to satisfy the requirements of your creditor’s.
Taxes appear in some form in all three of the major financial statements: the balance sheet, the income statement, and the cash flow statement. Deferred income tax liabilities can be included in the long-term liabilities section of the balance sheet and the employee retention credit in the workplace is also necessary to pay attention which is a refundable credit that businesses can claim on qualified wages, including certain health insurance costs, paid to employees. Deferred tax liability is a liability that is due in the future. Specifically, the company has already earned the income, but it will not pay taxes on that income until the end of the tax year. Long-term liabilities are payable in more than 12 months.
Sales tax and use tax are usually listed on the balance sheet as current liabilities. They are both paid directly to the government and depend on the amount of product or services sold because the tax is a percentage of total sales. The sales tax and use tax depend on the jurisdiction and the type of product sold. These taxes are generally accrued on a monthly basis. Any expense that is payable in less than 12 months is a current liability.