Accounting

The FIFO method assumes that the first unit in inventory is the first until sold. On Monday the items cost is $5 per unit to make, on Tuesday it is a $5.50 per unit. When the item is sold on Wednesday FIFO records the cost of goods sold for those items as $5. So, the balance sheet has the cost of goods sold at $1 and the balance sheet retains the remaining inventory at $5.50.
The valuation method that a company uses can vary across different industries. Below are some of the differences between […]

The use of property must be required for you to perform your duties properly. Your employer does not have to require explicitly that you use the property.
Step 8– Using $20,000 as taxable income, XYZ’s actual charitable contribution (limited to 10% of taxable income) is $2,000. Step 4– Using $20,000 as taxable income, XYZ’s hypothetical charitable contribution (limited to 10% of taxable income) is $2,000. Figure taxable income without the section 179 deduction or the other deduction […]

These are the assertions used by management to confirm the accuracy and completeness of the financial transactions and events in the income statement. This article will discuss various topics related to audit evidence, including the types of evidence, the procedures used by auditors to gather the evidence, and its quality. Consider a company that has enlisted the auditing services of a professional services firm to audit its financial statements for a fiscal year. The company has prepared its f […]

Most companies pay dividends as cash, but it’s possible to get them as stock, stock rights or property. Transferring funds from another bank account to your Emerald Card may not be available to all cardholders and other terms and conditions apply. There are limits on the total amount you can transfer and how often you can request transfers. MetaBank® does not charge a fee for this service; please see your bank for details on its fees. Learn how to verify if your tax return has been deposi […]

While the number of entries might differ, the recording process does not. For example, Colfax might purchase food items in one large quantity at the beginning of each month, payable by the end of the month. Therefore, it might only have a few accounts payable and inventory journal entries each month.
Once dividends are paid, this is a debit to the dividends payable account and a credit to the cash account. Performed work for customers and received $50,000 cash. We analyzed this transaction to i […]

Direct labor costs depend on how quickly and efficiently your employees produce completed items. Although direct labor costs can and do vary with each production run, your direct labor costs should remain in the same variance range.

A lot of reducing labor costs is about optimizing bar management. The better you are at your job, the better your employees are at theirs. That means higher productivity, fewer days off, and better execution. That means restaurant and bar manager duties, going forw […]