October 30, 2016 admin

Profit Sharing

Adjustments to Income

NON US PROFIT SHARING ADDITIONS TO INCOME ACCOUNT
9910

ACCOUNT EXPLANATION
Balance of employees profit sharing monthly estimations.
TRANSACTIONS
  Jrnl. Dr. Cr.
  Monthly estimation of employees profit sharing CD
    Profit Sharing 9910
      Profit Sharing Accrued 2450
COMMENTS
  • Expenses are computed on corporate annual dealers net profit, monthly provisions will be made on a year to date net profit basis, adjusting balance to proper year to date calculation.
  • A supporting schedule should be prepared for control and management review.