Pratt, inc. paid its executives a $320,000 bonus based on profit results for the fiscal year ended
Question:
Pratt, inc. paid its executives a $320,000 bonus based on profit results for the fiscal year ended December 31, 2010. Based on its master budgets for 2011, Pratt estimates its bonuses for the fiscal year ended December 31, 2011, will be $300,000. What amount, if any, should Pratt recognize as an expense for bonuses in its quarterly income statement for the three months ended March 31,2011?
A $0
B. $75,000
C. $100,000
D. $300,000
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Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
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