BOOKKEEPING SECRETS
Solve the Mystery

 Coming to a Nantucket Location Near You
An Interactive Forum Designed for
The Island’s bookkeeping Community

For about the cost of spending two hours with your current CPA, come learn with us on 4 consecutive Tuesday evenings from 6:30 to 9:00 PM.  Explore those topics that everyone seems to know something about, no one really knows anything about and you’ll want to learn everything about.  Let the personable staff of Looney & Wood, CPA’s, PC enlighten, engage and entertain you on Tuesday, Oct. 3, 2006 @ 6:30 PM and for the next 3 Tuesdays thereafter.

Hosts: Looney & Wood, CPA's
Date: October 3, 10, 17, and 24
Time: 6:30 to 9 PM
Location: The Lovely Dining Facility of
A Taste of Nantucket @ 19 Boynton Lane
Admission: $425.00
(Please make check out to Looney & Wood, CPAs)

R.S.V.P. 508-238-4444
or email nancy@looneycpa.com
 

Agenda

Following is an outline of what we hope to cover during our time together.  Everyone has unique needs and interests that we hope to address.  For that reason, during our first meeting there will be a question and answer period where the participants can request specific topics of interest to be discussed throughout the course.  We will address as many specific areas as our time allows us provided they can be generally useful to all our participants.  Unique issues, specific to the client can be discussed outside of class time

 Session 1: Financial Statements

  • Cash vs. Accrual, Percentage of Completion vs. Completed Contract
  • Balance Sheet, Income Statement, Statement of Cash Flows,
  • Where does QuickBooks fit in?
  • Liability/Receivable vs. Make Deposits/Write Checks
  • Debits and Credits, 4 journals, General Ledger

 Session 2: Asset Purchases/Sales

  • Borrowing vs. purchasing outright
  • Sales and Net Book Value
  • Net profit, Draws
  • Profit Recognition
  • Relationship between balance sheet and income statement
  • Workers Compensation and Liability Insurance

 Session 3: Tax

  • Subchapter S vs. Sole Proprietor, C vs. S Corporation, LLC, Partnership, Pass thru entity
  • Depreciation, Section 179, Like Kind Exchange
  • Benefits afforded a Sub S, Corporate book, Payroll and Phantom Payroll
  • Flow of cash, Capitalize vs. Expense, Fiscal vs. Calendar

 Session 4: Open Forum

  • Review of previous 3 weeks
  • Role of the bookkeeper
  • Where does bookkeeping end and accounting begin?

Looney & Wood, CPA's, PC
939 Washington St. (Rte 138)
South Easton, MA 02375