When I worked at a restaurant in high school, key items were counted every single night. The labor you use in order to perform stocktakes and accounting tasks. When some materials are used in manufacturing, their cost is carried to a Work in Progress... Read more
At this period it brought enormous prices, the finest selling at from fifteen to eighteen shillings per pound. Bitcoin began 2013 with a roaring price of $770 per unit, and businesses right and left were converting to the ethereal product. An interes... Read more
For example, any income that exceeds the Social Security wage base, set at $142,800 in 2021, is not subject to Social Security tax, making the U.S. payroll tax aregressive tax. This limit will increase to $147,000 in the 2022 tax year. You must also ... Read more
Employer-paid payroll taxes don’t affect your employees’ paychecks. When Stephanie hired Matt, she had to think about the labor burden of his employment, which comprises employer-paid payroll taxes.If you're a growing business looking for... Read more
An accrual journal entry is created to record this estimated amount on the General Ledger; this estimate is automatically reversed when the actual payroll expense posts in the following month. The use of accruals for biweekly payroll is a standard ac... Read more
This lesson explains when prepaid expenses are incurred and offers examples of common prepaid expenses. Accrued rent is the amount of unpaid rent owed by a renter or not yet collected by the landlord. The accounting for accrued rent from the perspect... Read more
Free AccessFinancial Modeling ProUse the financial model to help everyone understand exactly where your cost and benefit figures come from. The model lets you answer "What If?" questions, easily and it is indispensable for professional risk analysis.... Read more
One of the most important lines in your financial statements is owner’s equity. A corporation is a legal entity created by individuals, stockholders, or shareholders, with the purpose of operating for profit. Corporations are allowed to enter i... Read more
Gains on these investments inflate assets and also lead to higher net income which carries over to the retained earnings portion of shareholders’ equity. While these investments are reported on the balance sheet and income statement, the method... Read more
This means the balance remains in the payor's account. If the payor doesn't keep track of his account, he may not realize the check hasn't been cashed. This may present the false notion that there is more money in the account available to be spent th... Read more
