You are a manager at a high-tech company in Kanata, Ontario. Due to a slow down in the economy, you have decided to lay-off Chelsea Lui at the end of the current bi-weekly pay period (Friday). You will ask her to leave and not return next week. Chelsea has worked for the company for 7.25 years and makes $65,000 per year. Your annual payroll for the company is $4,600,000. Calculate Chelsea's severance pay. Working area Calculate Chelsea's gross pay. Working area

You are a manager at a high-tech company in Kanata, Ontario. Due to a slow down in the economy, you have decided to lay-off Chelsea Lui at the end of the current bi-weekly pay period (Friday). You will ask her to leave and not return next week. Chelsea has worked for the company for 7.25 years and makes $65,000 per year. Your annual payroll for the company is $4,600,000. Calculate Chelsea's severance pay. Working area Calculate Chelsea's gross pay. Working area

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Case: Two months ago, Lisa was honorably discharged from the Air Force where she spent four years training as an airplane mechanic. After discharge, she relocated to take a 40 hour per week apprentice mechanic job with a major airline company where she earns $18 an hour. Last month, her husband Dave, who has worked the past two years as a registered nurse, found a nursing job with a local hospital making $625 per week. They just bought a new car and pay $400 each month on that loan and have no other monthly debts. What is the maximum mortgage payment (PITI) a lender would allow for a conventional loan based on the housing expense ratio only? Using the total debt-to-income ratio, what is the maximum amount of total debt allowed for a conventional loan? What is the maximum mortgage payment (PITI) a lender would allow for a conventional loan using total debt-to-income ratio only? Can Lisa and Dave get approved for a loan, even though they’ve only been at their jobs a short time? Explain.
at Richardson manufacturing company, there are two factors that determine the cost of health care. if an employee makes less than $55,000 per year , he pays 60$ per month for individual coverage and 115$ per month for family coverage. is an employee who makes at least 55,000$ per year. Individual coverage is 90$ per month, and family coverage is $165 per month. A. Arielle is an office assistant she makes 47,700 per year. she has individual health care, her yearly contribution is 5% of the total cost of health care policy how much does her employer contribute? B. Catherine annual salary is 68,300$, she has family Healthcare. her employer contributes 935 per month towards her total coverage cost what percent does Catherine contribute towards the total coverage?
Fred is considering three job offers in advertising. A full-time position as a coordinator that pays a salary of $40,000 per year. A full-time position as a designer that pays an hourly wage of $28. The job assumes five 8-hour days per week. A sales representative that pays a 5% commission. Sales reps typically sell an average of $100,000 per month in advertising. The following are the specifics about the benefits of the job opportunities: The U.S. government will deduct Social Security (6.2%) and Medicare (1.45%). Fred will deduct 15% of Gross Income to cover Federal Income Tax. Fred does not live in a state with State Income Tax. Fred is planning on taking two weeks of vacation and has typically been sick 3 days per year. The Coordinator job includes two weeks of paid vacation and five paid sick days per year, paid health insurance, life insurance costing $35 per month, and a fully paid retirement plan. The Designer job includes five paid vacation days and three paid sick days…
Bob owns a restaurant. The average price per order is $15 and the average variable cost per order is $9. The restaurant remains open 6 days a week for 50 weeks per year. The rent, utilities and other related expenses are $8,000 per month. Bob pays $3,000 per month to his only employee in the restaurant. Bob also spends $12,000 every year for renovation and maintenance. If Bob wants to earn a before tax profit of $8,000 per month, what should be the daily sales (in dollars) in the restaurant?
Seiko's current salary is $111,500. Her marginal tax rate is 32 percent, and she fancies European sports cars. She purchases a new auto each year. Seiko is currently a manager for Idaho Office Supply. Her friend, knowing of her interest in sports cars, tells her about a manager position at the local BMW and Porsche dealer. The new position pays only $100,300 per year, but it allows employees to purchase one new car per year at a discount of $18,500. This discount qualifies as a nontaxable fringe benefit. In an effort to keep Seiko as an employee, Idaho Office Supply offers her a $13,500 raise. Answer the following questions about this analysis. Problem 12-41 Part a (Algo) a. What is the annual after-tax cost to Idaho Office Supply if it provides Seiko with the $13,500 increase in salary? (Ignore payroll taxes.) Soon toaron and eak b-1. Financially, which offer is better for Seiko on an after-tax basis? O Car dealer's offer O Current employer's offer O Both offers b-2. By how much is…
Manuel is paid $185 each day he guides tourists on camping trips in the Grand Canyon. what amount did he earn last month if he worked 34 days?
Please help me with these questions
You have just entered a two-year part-time Executive MBA. The tuition fee is $15,000 per year payable at the beginning of each year. Before the program you eamed $40, 000 per year. Your expected salary after graduation. is $55, 000 per year. You can invest your money at 8%. Assume that you will work for 30 years after graduation. The salary differential of $15,000 will continue through this period. How much is your EMBA worth?
You are scheduled to graduate from the college student in May. You have received two job offers as follows: A position at a large accounting firm with a salary offer of $70,000/year. The firm typically provides annual pay raises in the amount of 4% per year. You will likely be promoted every other year and receive a $10,000 raise at the time of each promotion. A position at a bank with a salary of $78,000/year. The firm typically provides annual pay raises in the amount of 4% per year. You will not be eligible for promotion until your 5th year and will have to change employers after that to obtain further promotions. The benefits, hours, working conditions, and other factors relating to the two positions are otherwise indistinguishable. Using a ten-year time horizon and a 5% discount rate, what is the present value of each position? Considering only the monetary factors, which position should you accept, why? In today's money, how much better is the more favorable of the two positions…
Josh is a corporate account manager at a company that sells musical instruments to other businesses. He receives a monthly salary of $1,500 plus commission on any new sales that he makes as part of his daily interactions with his customers. If Josh's sales were $67,000 last month and he earned $3,041, what is his commission rate? Note: Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places. For example 34.56% Commission rate = 0.00 %
Curley Maple has produced handcrafted tables for wholesale in his woodworking shop for the past year. He worked 6 days a week, 10 hour per day for 49 weeks of the year, leaving 3 weeks for holidays, vacation, and sick days. Curley has used up his savings over the past year, and now he needs to begin to draw an income from the business. Worried he is not pricing his tables correctly, curley decided to analyze the detailed records of his time and expenses that he has kept for the past year. Complete the chart:
Joe Smith has owned and operated Smith's Tool and Die for 40 years. Currently, he is only making one part, RL-5 which is a small electrical relay. He has a 2-year contract to provide 30,000 parts per month to Ford Motor. Unfortunately, Joe got quite sick and his son, Mike, has had to come in and run the business. Mike is disappointed when he finds the following monthly information about the RL-5 part Per unit 30,000 units Sales Price: $ 22.00 660,000 Variable manufacturing costs $ 14.00 420,000 Variable selling costs $ 2.00 60,000 Fixed manufacturing overhead 150,000 Fixed administrative/selling costs 60,000 Operating income (30,000) Smith’s Tool and Die has the capacity to produce 100,000 units of the RL-5 part per month. Mike comes to you to see what can be done about the current losses Smith’s Tool and Die is…