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How do you compute gross profit?
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)
Are wages on the credit or debit entry on the trial balance?
Wages are typically recorded as an expense, which means they appear as a debit entry on the trial balance. In accounting, expenses increase on the debit side, while liabilities and equity increase on the credit side. Therefore, when wages are paid or incurred, they are debited to the wages expense account, reflecting a reduction in net income.
Define wages control account?
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.
What liability account would hold the balance of wages due but not yet paid Wage Expense Prepaid Wages or Wages Payable?
Wages Payable Payable accounts holds amount owned but not yet paid.
How do you charge indirect wages in manufacturing account?
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
What is wages inward and outward?
wage inward is a direct expense shown in Trading Account whereas wage outward is an indirect nature of expense debited to Profit & loss account.
How do you compute gross profit?
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)
When might a company be criticized for its lack of corporate social responsibility Answer apex after cutting wages and benefits in order to increase profit?
After cutting wages and benefits in order to increase profit
What are the four category of income?
Wages, Interest, Rent, and Profit.
What is the journal entry for trading stock given as part of wages?
debit wages expensecredit shares in share capital
Which liability account would hold the balance of wages due but not yet paid?
Wages payable account is shown under liability section for those wages which are due but not yet paid
Are wages on the credit or debit entry on the trial balance?
Wages are typically recorded as an expense, which means they appear as a debit entry on the trial balance. In accounting, expenses increase on the debit side, while liabilities and equity increase on the credit side. Therefore, when wages are paid or incurred, they are debited to the wages expense account, reflecting a reduction in net income.
What is the journal entry of a repayment of a loan 2000 debited in error to wages account?
Debit Loan account 2000 Credit Wages account2000
Define shares of company profits beyond salary or wages?
Answer is profit-sharing.
Define wages control account?
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.
What is a liability 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.
What are communist policies on wages and profit?
Communism has everyone {no matter what their job is } have the same pay.
