Salaries and wages paid to employees to provide services or manufacture products.
Accrued payroll is a current liability comprised of four sections. The first is the amount of payroll earned by staff and not yet processed or paid. The second is the dollar value of personal time […]
Every service related business wants to maximize the hours the staff bills or provides services to customers. When they are working, the business gets to bill for time and generate revenue. Maximum revenue means the […]
The top two costs associated with owning a restaurant is labor and food. Controlling these prime costs in effect is the bottom line in your business. So how do you control food costs? First identify […]
Form 941 is the employer’s quarterly federal tax return. It reports how much federal income taxes were withheld; Social Security taxes and Medicare taxes that are due and how much was paid in deposits to […]
Simply put, ‘cost of goods sold’ equals the direct costs of materials, human resources, and equipment needed to produce the item sold. However, this can be confusing because there are many marginal cost items that affect […]
When I started out in accounting I had a job as a controller at a restoration contractor. They would provide emergency mitigation for water damage jobs, mostly residential damage. Every now and then we would […]
In the world of accounting, we stand on two principles; timely and accurate information for the client. Without either, the client can’t make good decisions. As accountants our job is to record economic transactions and […]