Overtime pay calculation

Double time is another method of calculating overtime pay, but it is less common than time and a half. While the FLSA does not require double-time pay, some union contracts do. Using this method, employees receive double their regular hourly rate for every hour worked...

Accounts receivable days definition

This means that the higher the average receivable amount within a period with constant revenue, the longer the company has to wait for payment. To calculate the Days Sales in Receivables Formula, you need to follow a few simple steps. By understanding this formula,...

Income summary account

In a corporation, the amount in the income summary jumps to the balance sheet. It increases — or in the case of a net loss, decreases — retained earnings. When dividends are declared by corporations, they are usually recorded by debiting Dividends Payable and...