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Domain Manager- cheapDo ) Getting StartedImported From IE I imported From Fire Problem 13-5 Bonus...

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Accounting

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Domain Manager- cheapDo ) Getting StartedImported From IE I imported From Fire Problem 13-5 Bonus compensation; algebra [LO13-3 Sometimes compensation packages include bonuses designed to provide performance incentives to employees. The difficulty a bonus can cause accountants is not an accounting problem, but a math problem. The complication is that the bonus formula sometimes specifies that the calculation of the bonus is based in part on the bonus itself. This occurs anytime the bonus is a percentage of income because expenses are components of income, and the bonus is an expense. ation plan through which a nager receives a Regalia Fashions has an incentive bonus equal to 6% of the division's net income Division income in 2016 before was 5320,000. The tax rate is 30%. s and income tax Required: 2. the amount of the bonus. (Do not round intermediate calaulations-) 3. Prepare the to record the bonus compensation. (Do not round intermediate calculations, il no entry is the first account field.) View transaction list Journal entry worksheet Record the bonus compensation. Event General Journal Debit Credit

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