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(Solution Download) Sometimes compensation packages include bonuses designed to provide performance incentives to employ


 

 

 

 

 

 

 

 

 

 

Sometimes compensation packages include bonuses designed to

 

provide performance incentives to employees. The difficulty a bonus

 

can cause accountants is not an accounting problem, but a math

 

problem. The complication is that the bonus formula sometimes

 

specifies that the calculation of the bonus is based in part on the

 

bonus itself. This occurs anytime the bonus is a percentage of

 

income because expenses are components of income, and the bonus is

 

an expense.

 

 

     Regalia Fashions has an incentive

 

compensation plan through which a division manager receives a bonus

 

equal to 8% of the divisionAc??cs net income. Division income in 2013

 

before the bonus and income tax was $245,000. The tax rate is

 

30%.

 

 

 

 

 

 

 

 

 

Required:

 

 

 

 

 

 

 

 

2.

 

Calculate the amount of the bonus. (Do not round

 

intermediate calculations. Round your answer to the nearest dollar

 

amount.)

 

 

 

 


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