Direct labor costs should also include all of the expenses necessary to hire and retain an employee who physically works to turn the raw materials into a product. Thus, conversion costs are all manufacturing costs except for the cost of … Continued
When the U.S. was still a British colony in the 18th century, the English King imposed a sales tax on various items on the American colonists, even though they had no representation in the British government. This taxation without representation, … Continued
Conversely, the company might report useful financial information that creditors aren’t interested in like employee salaries. Creditors are more concerned about cash flow and profitability—not smaller operational details. Faithful representation means that the financial information presented represents the true economic … Continued
In each case, the seller needs to debit a sales returns and allowances/sales discount account and credit an asset account. This journal entry carries over to the income statement as a reduction in revenue. Increasing sales volume can be achieved … Continued
If by July 1, 2024, the Minimum Wage Review Commission decides the wage ought to be higher than 10.50, it will decree so. The law also provided employees of local businesses not covered by the Fair Labor Standards Act of … Continued
You can take into account the client, the job type, your experience, along with many other factors to give a fair quote. Still, from state-to-state in the US, there are significant differences. For example, in Massachusetts, in-house bookkeepers earn 20% … Continued