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marysya [2.9K]
3 years ago
13

Last year, Company X paid out a total of $1,050,000 in salaries to its 21 employees. If no employee earned a salary that is more

than 20% greater than any other employee, what is the lowest possible salary that any one employee earned?
Business
1 answer:
slamgirl [31]3 years ago
4 0

Answer:

$42,000

Explanation:

Let L be the lowest possible salary;

the maximum salary would be (L x 20%) + L = 1.2L

If we want to determine the minimum value for L, we need to assume that everyone else earns the maximum salary: 20 employees earn 1.2L each

L + 20(1.2L) = 1050000

L + 24L = 1050000

25L = 1050000

L = 42000

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A company's flexible budget for the range of 35,000 units to 45,000 units of production showed variable overhead costs of $2 per
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Answer:

c. $3,200 favorable.

Explanation:

We know that

Total controllable cost variance = Budgeted overhead cost - actual overhead cost

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Budgeted overhead cost =  Variable overhead + Fixed overhead

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7 0
3 years ago
Determine the annual financing cost of a 6-month (182-day) 20,000 discounted bank loan at a stated annual interest rate of 10 pe
ratelena [41]

Answer:

10.52%

Explanation:

The computation of the annual financing cost is shown below:

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= $20,000 × 10% × 182 days ÷ 365 days

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= $20,000 - $997.26

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