where do you consider salary in an income statement?
whether it is to be taken before gross profit or after net
profit? answer with reasons.
Answer Posted / girija
The salary income should appear after the gross profit
only. The expenses before GP are only the manufacturing
cost or cost related to sales.
Is This Answer Correct ? | 7 Yes | 0 No |
Post New Answer View All Answers
how will you create the posting periods 3 and 5 or 5and 7?
what is similarites between tata motors and airtel
Tell me the steps for Import and Export Thanks
From the following information you are to prepare a Cash Budget for the period from July to December 2008. (i) The estimated sales and expenses are as follows: June July Aug. Sep. Oct. Nov. Dec. Sales 35,000 40,000 40,000 50,000 50,000 60,000 65,000 Purchases 14,000 16,000 17,000 20,000 20,000 25,000 28,000 Wages & Salaries 12,000 14,000 14,000 18,000 18,000 20,000 22,000 Expenses 5,000 6,000 6,000 6,000 7,000 7,000 7,000 Interest Received 2,000 - - 2,000 - - 2,000 Sale of Fixed Assets - - 20,000 - - - - (ii) Sales are 20% in cash and balance on credit. 50% of the debtors are collected in the month of sales and the remaining in the next month. (iii) The time lag in payment of purchases and expenses is 1 month. However, wages and salaries are paid fortnightly with a time lag of 15 days. (iv) The company maintains a minimum cash balance of Rs. 5,000. The cash balance in excess of Rs. 7,000 is invested in government securities in multiples of Rs. 1,000. Short falls in cash balance are made good by borrowing from banks. The interest received as well as paid is to be ignored.
Expand---------PED
how u can control stock movments....like issuing raw materials receiving...in practical way..basically in ,y org we r using bin cards,barcodes etc but somehow need more concentration... help me frds..
Total numbers of companies listed on stock Exchange?
how we will prepare n file income tax returns for individuals?explain
Expand--------TAO
• What are the types of cash flows?
Why we reconcile our debtors? what steps we taken during reconciliation.
Short Answer on ______________Import Trade
EXPAND_________SCM
What do u mean by pass through expenses? give examples, how it will be accounted & billed?
While selling fertilisers can we charge VAT on excise duty.