Explanation: Salary is any fixed amount paid by the employer to an employee in exchange for the services offered. Salary is divided into two categories which are gross salary and net salary.
Net salary is the amount of take-home pay remaining after all withholdings and necessary deductions have been removed from a workers salary, the employee then receive the residual amount. Net salary is lower than gross salary. Net salary is the fixed amount of income enjoyed by the employee monthly and it is excluded from all other fringe benefits. While Gross salary is therefore the composite of several components of an individual salary package.
The Net Income can be determined by reconciling the Net cash flow from operating activities to Operating Profit as follows :
Net cash flow from operating activities $300,000
Less Depreciation and amortization ($24,000)
Add Increase in accounts receivable $20,000
Operating Profit $296,000
Notes :
Reconcile the non-cash items previously added or deducted from Net cash flow from operating activities and any changes to Working Capital accounted for in determination of Net cash flow from operating activities .
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