Question
According to their company's policy, three employees carried over 20 vacation days earned in 2020 to 2021, which represented 2020 salary of $10,200. During 2021,
According to their company's policy, three employees carried over 20 vacation days earned in 2020 to 2021, which represented 2020 salary of $10,200. During 2021, all of these three used their 2020 vacation carryover; none of them had received a pay rate change from 2020 until the time they used their carryover. Total cash wages paid: 2020, $1, 190,000; 2021, $1.258,000. There was no carryover of vacation time earned in 2021. Disregard payroll taxes.
The total amount of salaries expense for 2021 is
A. $1,247,800.
B. $1.200.200
C. $1.179.800.
D. $1,190,000.
2. Masy's Department Store issued 9-month, $200,000 commercial papers, discounted at 6%, to fund the additional cash needed during peak holiday sale period. The effective interest rate on these commercial papers is
A. 4.71%.
B. 6%.
C. 6.28%.
D. None of the above answers is correct.
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