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A portion of company profits allocated by an employer, in good years, to an employee's trust.Contributions on behalf of every employee are expressed as a percentage of salary with 5% being common practice. If the profit-sharing plan is a qualified plan according to the IRS, employer contributions are tax deductible as a business expense. These contributions are not presently taxable to the employee; advantages are taxed at the time of distribution.
Forms of business organizations Accountants habitually refer to a business organization as an accounting entity or a business entity. A business entity is some business organiz
On January 1, 2012, Muller Co. borrowed cash from Washington Valley Bank by issuing a $100,000 face value 3-year installment note payable that carried a 7% interest rate. The note
Hello, I work in the Events Department for a country club in Rhode Island. We are trying to figure out the following question for an invoice: A restaurant bill is $18.50 and inclu
A user buys a new transponder for $20. What debit and credit entries would need to be made?
Q. Example of Electronic spreadsheets? Electronic spreadsheets have many applications in accounting. An electronic spreadsheet is basically a large blank page that contains row
Q. Database management system - accounting perspective? A database management system stores related data-such like monthly sales data products, salespersons, customers and sale
Q. Explain about Staff accountant? Let us travel with Tracy as she begins her career at the staff level. At the onset, she works directly under a senior accountant on each of h
Q. What do you mean by consigned goods? FOB destination, freight collect - Seller acquires freight charges and buyer initially pays freight charges. Buyer deducts freight accus
Q. Explain about Purchase discounts? Purchase discounts frequently companies purchase merchandise under credit terms that permit them to deduct a stated cash discount if they p
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