Question
You are the accountant for a company that owns a chain of 14 fast food restaurants in a state which adjusts the minimum wage for
You are the accountant for a company that owns a chain of14fast food restaurants in a state which adjusts the minimum wage for inflation. Each restaurant employs45workers, each averaging 20 hours per week at the current federal minimum wage, $7.25 per hour.
At the current rate of $7.25 per hour, what is the amount (in $) of the weekly "minimum wage" portion of the restaurant's payroll?
If the inflation rate this year is0.9%, calculate the "adjusted" minimum wage rate (in $ per hour) to be paid next year. (Round your answer to two decimal places.)
How much in "additional wages" will the company have to pay out next year at the adjusted rate (in $)? (Round your answer to the nearest dollar.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started