Homework Answers
Question 1
Answer : Salary expenses for the consultanats in year 1 is 255432
working notes:
number of consultants - 7
Monthly salary for each consultant is - $4200
Joining date is 10th of April.
salary payment date is 20th of every month.
In the month of April consultants are entitled to only 10 days salary ( and by mutual agreement it is taken as 1/3 salary)
salary for April is- 4200 X 7 X 1/3 = 9800
from May 20th to Dec 20th (8 months) salary is - 4200 X 7 X 8 = 235200
from 20th to 31st Dec ( 11 days ) salary is - 4200 X 7 X 11/31 = 10432.25
Total salary for year 1 - 9800+235200+10432 = 255432
(Please Note: the advance salary of Feb of year 2 paid to one consultant in December should not be included in the salary expenses of year 1 because of the Accrual concept. )
Question 8
Answer : Salary paid in year 2 is 375060
working Notes:
Salary per month for the month of January, February and March is $ 4200 per consultant
Rise in pay with effet from March 21st is 10%. ie 4200 X10/100 = 420
Increased Pay per month is 4200+420 = 4620
salary paid on Jan 20, Feb 20 and Mar 20 4200X 7 X 3 - (4200) = 84000
(please note: one consultant who took an advance of the salary in Dec of year 1 for Feb year2 will not be paid in Feb, hence the deduction of 4200)
salary from April 20 to Dec 20 (9 months) is - 4620 X 7 X 9 = 291060
total salary paid in the second year is - 84000 + 291060 = 375060
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8
QUES ON This fact pattern provides information for eight questions, Q#1-Q#8. Consultant Salaries: Kinsey Company...
7 QUES ON This fact pattern provides information for eight questions, Q#1-Q#8. Consultant Salaries: Kinsey Company...
7
QUES ON 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...
QUESTION 1 3 poir This fact pattern provides information for eight questions, Q#1-Q#8. Consultant Salaries: Kinsey...
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...
QUESTION 1 3 poir This fact pattern provides information for eight questions, Q#1-Q#8. Consultant Salaries: Kinsey...
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...
QUESTION 1 3 poir This fact pattern provides information for eight questions, Q#1-Q#8. Consultant Salaries: Kinsey...
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...
QUESTION 1 3 poir This fact pattern provides information for eight questions, Q#1-Q#8. Consultant Salaries: Kinsey...
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...
#5 QUESTION 1 3 poir This fact pattern provides information for eight questions, Q#1-Q#8. Consultant Salaries:...
#5
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...
7 QUESTION 1 3 poir This fact pattern provides information for eight questions, Q#1-Q#8. Consultant Salaries:...
7
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...
30 QUESTION 30 This fact pattern provides information for Q#30 and Q#31. Salaries Expense for Year...
30
QUESTION 30 This fact pattern provides information for Q#30 and Q#31. Salaries Expense for Year 2 was $54. Prepaid Salaries at Dec 31, Years 1, 2 and 3, respectively, were $3,$5 and $4. Salaries Payable at Dec 31, Years 1, 2 and 3, respectively, were ?, $11 and $7. Cash paid for salaries in Year 2 was $48. Cash paid for salaries in Year 3 was $59. Enter positive values without '' signs, without 's' signs and without commas....
16 This fact pattern provides information needed to answer Q#10 through Q#16. On August 1, Year...
16
This fact pattern provides information needed to answer Q#10 through Q#16. On August 1, Year 1, Hoppy Company agreed to provide consulting service to a large client over a 24-month period. It was agreed that these services would be provided in equal monthly amounts starting on August 1, Year 1. These services were provided as agreed. The aggregate value of all services under this contract was $480,000. In Year 1, Hoppy received $110,000 from this large client. Also in...
11 This fact pattern provides information needed to answer Q#10 through Q#16. On August 1, Year...
11
This fact pattern provides information needed to answer Q#10 through Q#16. On August 1, Year 1, Hoppy Company agreed to provide consulting service to a large client over a 24-month period. It was agreed that these services would be provided in equal monthly amounts starting on August 1, Year 1. These services were provided as agreed. The aggregate value of all services under this contract was $480,000. In Year 1, Hoppy received $110,000 from this large client. Also in...
7
QUES ON 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...
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...
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...
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...
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...
#5
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...
7
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...
30
QUESTION 30 This fact pattern provides information for Q#30 and Q#31. Salaries Expense for Year 2 was $54. Prepaid Salaries at Dec 31, Years 1, 2 and 3, respectively, were $3,$5 and $4. Salaries Payable at Dec 31, Years 1, 2 and 3, respectively, were ?, $11 and $7. Cash paid for salaries in Year 2 was $48. Cash paid for salaries in Year 3 was $59. Enter positive values without '' signs, without 's' signs and without commas....
16
This fact pattern provides information needed to answer Q#10 through Q#16. On August 1, Year 1, Hoppy Company agreed to provide consulting service to a large client over a 24-month period. It was agreed that these services would be provided in equal monthly amounts starting on August 1, Year 1. These services were provided as agreed. The aggregate value of all services under this contract was $480,000. In Year 1, Hoppy received $110,000 from this large client. Also in...
11
This fact pattern provides information needed to answer Q#10 through Q#16. On August 1, Year 1, Hoppy Company agreed to provide consulting service to a large client over a 24-month period. It was agreed that these services would be provided in equal monthly amounts starting on August 1, Year 1. These services were provided as agreed. The aggregate value of all services under this contract was $480,000. In Year 1, Hoppy received $110,000 from this large client. Also in...
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