Because they are Expenses and are supposed to be deducted so as to ascertain the real value of profits earned in a given period of time
Gross profit is the difference btwn trading revenues (i.e. sales, closing stock etc.) and trading expenses (i.e. purchases. opening stock, freight, wages, etc.) + Earned Revenues (from the sale of the usual business products or services) - Cost of Goods Sold (the direct cost of the business product or services that were sold above) -------------------------- = Gross Profit (also called Gross Margin)
Wages control account is an account used in a management or cost accounting system, to record both direct and indirect labour cost. Using the traditional T accounts, it obviously has two sides; debit and credit. Direct labour cost are creditted to the wages control account and has its corresponding entry in the work in progress control account(debitted). Indirect labour cost will also be creditted in the wages control account and the corresponding entry in the production overhead control account.
Wages Payable Payable accounts holds amount owned but not yet paid.
that is the order of manufacturing account Direct materials + Direct wages + Direct expenses (like loyalty fees) = prime cost Production overheads = indirect wages, depreciation Non Production overheads = like Work in progress
Net is the final figure after you've taken expenses off. For instance net wages is wages after tax and other deductions. Net interest is after tax is taken off. Net profit is gross profit after overheads have been deducted.
wage inward is a direct expense shown in Trading Account whereas wage outward is an indirect nature of expense debited to Profit & loss account.
Gross profit is the difference btwn trading revenues (i.e. sales, closing stock etc.) and trading expenses (i.e. purchases. opening stock, freight, wages, etc.) + Earned Revenues (from the sale of the usual business products or services) - Cost of Goods Sold (the direct cost of the business product or services that were sold above) -------------------------- = Gross Profit (also called Gross Margin)
After cutting wages and benefits in order to increase profit
Wages, Interest, Rent, and Profit.
debit wages expensecredit shares in share capital
Wages payable account is shown under liability section for those wages which are due but not yet paid
Debit Loan account 2000 Credit Wages account2000
Answer is profit-sharing.
Wages control account is an account used in a management or cost accounting system, to record both direct and indirect labour cost. Using the traditional T accounts, it obviously has two sides; debit and credit. Direct labour cost are creditted to the wages control account and has its corresponding entry in the work in progress control account(debitted). Indirect labour cost will also be creditted in the wages control account and the corresponding entry in the production overhead control account.
Liability Accounts record obligations of a business towards its creditors. Examples of liability accounts are Accounts Payable, Interest Payable, Wages Payable. These accounts appear on the balance sheet.
Communism has everyone {no matter what their job is } have the same pay.
an indication of an individual's actual purchasing power.