Question
Question 5 Company X had $367,000 of income in 2019. They paid total salaries of $2 million that year. Half the salary amount were for
Question 5
Company X had $367,000 of income in 2019. They paid total salaries of $2 million that year. Half the salary amount were for the CEO who will be payed out a bonus that is 10% of the company's income for the year. The lower level employees are paid a bonus that is 5% of their salary. Record the December 31, 2019 journal entry for the accrual of the bonuses as well as the payment of the bonuses in 2020.
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Managerial Accounting For Dummies
Authors: Mark P Holtzman, Karen Schoenebeck
1st Edition
1118116429, 978-1118116425
