Potters & Sculptors - Making Rock from Mud
Wes Stack I'm here.
Beverly Beu Haas Hi George and Wes. Sorry to be late. I had sinus surgery this past week and was unable to get to homework. I hope it's okay to listen in, though.
June Kinsinger i am here
George: Wes and Troy say they read all, but did not retain too spectacularly
June Kinsinger i agree with others...the exercises were great but referring back and redoing helps grasp the tasks
George: I read less but have a fair handle
Wes Stack I would be anxious to put the concepts into action. Think I'll learn them better that way.
Troy Bungart I just need to find time to keep re reading it.
June Kinsinger i found taking each task and looking at it as a single entry helps the most having a sample printed out to refer back to helps keep things straight also
Troy Bungart I know a lot more now than before I started this.
June Kinsinger yes....and the more entries you make and repeating them helps understand the double entry process
Wes Stack I haven't looked at Wave accounting, but would setting up our accounts using that software make us focus on the "how to"?
Wes Stack Asset accounts for what business?
Wes Stack I don't use Paypal. How is this account an asset. Do you make a deposit?
Wes Stack OK
Troy Bungart I use paypal, mine is an asset
Troy Bungart is stock an asset?
Troy Bungart It is what is going to be sold hopfuly
Troy Bungart Okay. right, if I counted materials and finished product the materials would be counted twice.
June Kinsinger inventory would be asset. i was thinking of stock in a company outside of your personal business
Troy Bungart okay
June Kinsinger i can
Wes Stack Would there be accounts for chemicals, clay, etc. or would they be under one account such as "materials"?
June Kinsinger 1. checking acct 2. raw materials 3. equipment 4. paypal acct
5. accounts receivable
Troy Bungart I don't think so.
June Kinsinger our accountant uses a %age calculated by the size of my shop space to the actual size of our property
Wes Stack Thanks both. Good to know!
June Kinsinger that same percentage is used when calculating taxes as a %age of utilities and such.
June Kinsinger does anyone know what a going rate would be for private lessons?
Beverly Beu Haas still here
June Kinsinger thanks. Are we continueing next week?
Wes Stack let's do it
Troy Bungart I am still here
Wes Stack Accounts payable
Troy Bungart loans
Wes Stack Is mortgage a liability or expense?
Wes Stack goods sold
Troy Bungart amounts billed or sold for services or products
Troy Bungart you could sell some raw materials if you are buying in bulk
Wes Stack How about value of pieces donated to charities?
Troy Bungart what about intellectual property, say I sell a book or dvd
George: That would be revenue
Troy Bungart Thanks George!
Wes Stack Will do. Thanks much.