Bookkeeping

Employees covered by the Fair Labor Standards Act (FLSA) must receive overtime pay for hours worked in excess of 40 in a workweek of at least one and one-half times their regular rates of pay. The FLSA does not require overtime pay for work on Saturdays, Sundays, holidays, or regular days of rest, unless overtime […]

Naturally, the initial purchase of the plant asset would be an outflow of cash, any subsequent sales would be a cash inflow. Plant assets should be depreciated over their useful life, and reflected as an expense on the income statement. For example, one characteristic of a plant asset is that it is due to a […]

When considering the cost of hiring an in-house accountant, one must consider not only the salary but also the additional benefits of employing a full-time staff member. In 2023, the average compensation for an accountant is approximately $79,902. On top of the salary, employers are responsible for providing benefits such as health insurance, paid leave, […]

Contra Asset Account – A contra asset account is an asset that carries a credit balance and is used to decrease the balance of another asset on the balance. As mentioned, contra asset accounts are usually listed below their matching asset accounts, and the net values of those assets are written next to the contra […]

Conversely, Walmart retail stores have low fixed costs and large variable costs, especially for merchandise. Because Walmart sells a huge volume of items and pays upfront for each unit it sells, its cost of goods sold increases as sales increase. For example, a software business has greater fixed costs in developers’ salaries and lower variable […]

If there’s an economic downturn or the business struggles to sell its product or service, its profits could plummet since its high fixed costs will remain the same, regardless of how much the company is selling. The revenues of company XYZ are $ 58.6 million, and that of company LMN are $ 32.7 million. The […]

Figures entered into “Your Annual Income (Salary)” should be the before-tax amount, and the result shown in “Final Paycheck” is the after-tax amount (including deductions). Log out of your current logged-in account https://themissinformationblog.com/effectively-pay-your-credit-card-debt/ and log in again using your ET Prime credentials to enjoy all member benefits. Because the law was only gazetted this week, […]

In addition, each spouse’s company may have health insurance coverage for the entire family; it would be wise to compare the offerings of each health insurance plan and choose the preferred plan. Deductions can lower a person’s tax liability by lowering the total taxable income. The most commonly chosen options will be “Single,” “Married Filing […]

Internal controls play an important role in creating a rigid system your organization needs to navigate financial processes. Investing in automated fintech solutions like modern financial management systems will boost your company’s efficiency and growth in the digital age. Giving your team a solid infrastructure to accounting internal controls carry out important financial procedures correctly […]

Finally, the auditor will perform more substantive procedures to assess the level of overall risk according to the audit strategy. Finally, monitoring controls deal with management’s ongoing and periodic assessment of the quality of the internal controls to determine which controls need modification. A common example of this in larger companies is the work done […]