Question
Develop an expectation for a substantive analytic based upon the following facts (assume a calendar year end for the company) Payroll last year was $250,000
Develop an expectation for a substantive analytic based upon the following facts (assume a calendar year end for the company) Payroll last year was $250,000 and payroll is paid on the last day of each month. In efforts to survive a severely negative impact from a global pandemic, your client reduced everyone's pay by 25% effective April 1 and continued this until they received funding from a Payroll Protection Program loan on July 30 when compensation was restored to 100%. No raises were provided. The company added one employee with an annual salary of $50,000 at the very beginning of the last quarter of the year. What is the expected accrued payroll liability at December 31? (format as a whole number- no decimals and no commas)
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