Question

QUESTION 1 3 poir This fact pattern provides information for eight questions, Q#1-Q#8. Consultant Salaries: Kinsey Company hired seven consultants on April 10, Year 1. All consultants began working on that same date. The monthly salary amount for these consultants was $4,200 each. Monthly paydays occur on the 20th for the period then ended. By mutual agreement, the first payday on April 20 was for 1/3 of a month. All paydays involved the proper amounts and were paid on the appropriate dates In late November Year 1, one consultant asked for a one-month advance of her salary for February Year 2. Kinsey agreed to her request and this extra cash was paid to the consultant in the December 20, Year 1, payday. In Year 2, all consultants received a 10% pay raise effective on March 21, Year 2. No new consultants were hired and none left the firm for any reason through the end of Year 2. Enter your final answer in whole numbers without 's' signs and without commas. Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers WWE $ 4 % 5 & 7 * 8 3 6 9 0 E R T Y U O D וד H J J к с V B N M

#5

Answer 1

#5. Salaries for January and February, Year 2 = 2 x $4,200 x 7 = $58,800

Salary up to March 21, Year 2 = $4,200 x 2/3 x 7 = $19,600

Salary up to March 31, Year 2 = $4,200 x 1.10 x 1/3 x 7 = $10,780

Salary for April to December, Year 2 = $4,200 x 1.10 x 9 x 7 = $291,060

Salaries Expense for Year 2 = $58,800 + $19,600 + $10,780 + $291,060 = $380,240

Answer: 380240