In other words, the gross profit ratio is essentially the percentage markup on merchandise from its cost. This is the pure profit from the sale of inventory that can go to paying operating expenses. This metric is calculated by subtracting all COGS, operating expenses, depreciation, and amortization from a company’s total revenue. Like the gross...
The free tool even offers reporting functions, like the ability to generate profit and loss statements. Manager.io allows you to give customers access to customer portals, where they can view sales quotes, review sales orders and invoices and check credit notes and delivery notes. When bookkeepers use the cash-basis method, they record transactions as money...
Quebec has an entirely different plan, known as the QPP or Quebec Pension Plan. While federal taxes are the same across Canada, provincial and territorial taxes vary. So if an employee lives in Saskatchewan but works for you in Ontario, they’ll be subject to Ontario’s tax rules. If you’re curious, you can look at how...
This costing method is most often used when inventory is perishable and is a favorite for food retailers. Specific identification inventory costing attaches cost to specific items in inventory. The specific identification method of inventory costing applies primarily to high-ticket items, like automobiles. Typically, retailers who use the specific identification method don’t have a large...