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Payroll implies with paying your employees (having seeing that the government gets the monies they require you to withhold from the employees and the payroll taxes they needs you to pay). If you have occasional employees, or even one or two full- or part-time, you can get by recording the payroll transactions in the universal Journal. The typical transaction is , where have who you paid and the hours they worked. Labor-expense, withholding, accrued-taxes, and tax-expense have multiple accounts as we'll get into below. If you have more than a couple of employees it definitely pays to set up a Payroll system. A Payroll system includes a Payroll Journal - in which payroll is accrued, i.e., held in an "owed" state (like an open vendor invoice) until paid, and a Payroll Disbursements Journal - in which the real payments to the employees are recorded.
White Lightning Inc. report income from continuing operation before income taxes of $626,000 for the year ended 12/31/2004. During October of 2004, White Lightning elected to phase
The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.
Accounting Standards The flexibilities offered by a choice of accounting treatments distinctly diminish, and even distort the comparability of relevant inform
what are the internal sources of accounting?
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Q. Example of Accumulated Depreciation account? Along with other items the trial balance of Korman Company for 2010 December 31 includes the following account balances
What is the implication of applying accounting concepts wrongly?
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
A firm is evaluating two machines. The first costs $250,000 and will require annual maintenance of $30,000 per year for 10 years. At the end of 10 years, the salvage value will b
Q. Consistency in accounting principle? Consistency necessitates that a company use the same accounting principles and reporting practices through time. Consistency makes possi
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