The income summary is a fundamental financial tool in accounting that serves as a temporary account with a vital role in the financial closing process. Its primary purpose is to assist in the accurate calculation and transfer of net income or net loss from a specific accounting period to the retained earnings account on the […]
Say they pick up extra shifts during the holidays when the store gets busy and work 44 hours in one week. A salary is when you pay employees the same amount each pay period regardless of how much they work. In contrast, a wage is an hourly rate you pay employees based on how much […]
Explore top software options, improve inventory management, streamline transportation, and optimize supply chains in our in-depth guide. 3PL software allows these fulfillment operations to complete orders, manage their warehouses, coordinate their shipping, track what is in their inventory, and establish billing. 3PL software and logistics management software are almost identical in functionality, but 3PL software […]
Salvage value is the amount a company can expect to receive for an asset at the end of the asset’s useful life. A company uses salvage value to estimate and calculate depreciate as salvage value is deducted from the asset’s original cost. A company can also use salvage value to anticipate cashflow and expected future […]
