Accounting for Art Galleries ON DEMAND
Available Until
Your Desk
2.0 Credits
Member Price $29.00
Non-Member Price $33.00
Overview
Art galleries are subject to a surprising number of accounting issues, because of the manner in which they operate. In this course, we cover the impact of economic nexus on their sales tax reporting requirements, the accounting for consignment sales, how to account for artwork inventory, the types of fixed assets they are most likely to track, how their chart of accounts is structured, the need for cash sale reporting to the Internal Revenue Service, and much more.
Highlights
Art gallery revenue structure. Art collectors. Artist relations. The art gallery invoice. Sales tax. Artwork inventory. Art gallery expenses. Financial statements. Form 8300 filings. Art gallery metrics.
Prerequisites
None.
Designed For
CPAs, CEOs, CFPs, and other accounting professionals.
Objectives
Recognize the types of collectors that buy from an art gallery. Specify financial characteristics of the art gallery business model. Identify how the economic entity concept may be violated by an art gallery. Recognize how the economic nexus concept can impact an art gallery. Identify the most likely inventory method for an art gallery to use. Recognize the fields normally found in the inventory records of an art gallery. Identify the main concepts relating to the depreciation of fixed assets. Identify the accounts in a general ledger that are unique to an art gallery. Specify the IRS reporting form used to report large cash sales by an art gallery. Identify the metrics that an art gallery could monitor to enhance its financial results.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Steven Bragg, Western CPE
Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.
Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).
Non-Member Price $33.00
Member Price $29.00