After your date or record, your liabilities will increase and your retained earnings will decrease. Then after the payment, both your cash account and your liability will be reduced. To demonstrate the journal entries required when a cash dividend is declared and paid, let’s return to the above example. The amount and regularity of cash...
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There’s no “typical” fringe rate, as it varies depending on the company, industry, and your situation. The best way to find out is to ask your employer or look at their benefits package information. With simple cafeteria plans, you do not need to worry about the plan favoring IRS highly compensated employees or key employees....
Average costing does not work well when the units in a batch are not identical, and therefore cannot be treated in an identical manner for costing purposes. It also does not work when inventory items are unique and/or expensive; in these situations, it is more accurate to track costs on a per-unit basis. Instead, being...