Contra Asset Account Definition, List Examples with Accounting Entry

ContentA final word about contra asset accountsWhy are contra asset accounts important for businesses?What Are the Different Types of Contra Accounts?What Is a Contra Account?What is a Contra Account? Definition Sales allowance represents discounts given to customers to entice them to keep products instead of returning them, such as with slightly defective items. The sales discount account represents the discount amount a company gives to customers as an incentive to purchase its products or services. Contra asset accounts include allowance for doubtful accounts and accumulated depreciation. Contra asset accounts are recorded with a credit balance that decreases the balance of an asset. What is the difference between assets and contra assets? A contra asset account is a type of asset account where the account balance may either be a negative or zero balance. This type of asset account is referred to as "contra" because normal asset accounts might include a debit, … [Read more...]

How to Calculate Hours Worked In 6 Steps + How to Track

ContentTips For Calculating Payroll HoursStart tracking time with ClockifyStep 1: Determine start and end timeStep-by-step: how to calculate payroll hoursVirtual TimeClock The resulting number is the average hours you would have worked during weeks when you took your previous leave. If you are reporting leave that you took in the past, before the start of your paid leave from DFML, you need to report how many hours you would normally have worked. This is the number of hours you would have worked during those weeks, if you did not take leave. For each of those two quarters, determine the total hours you worked during that quarter. If you have worked a consistent weekly schedule for the last year, you can use that to determine your average working hours. If your schedule varies, here’s how to find your average hours worked in different situations. Amounting to $715, which accounted for regular 40 hours and 10 hours of overtime worked. How to calculate overtime pay - Business … [Read more...]