Question Details
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.
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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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This question was answered on: Dec 08, 2020
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DATE ANSWEREDDec 08, 2020
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