Vega Company expects to pay a 4% bonus on net income after deducting the bonus. Assume the company reports net income of $130,000 before the calculation of the bonus. The journal entry to record the accrued bonus includes a debit to Employee Bonus Payable, $5,000. a debit to Employee Bonus Expense, $5,200. a credit to Employee Bonus Payable, $5,000. a credit to Cash, $5,200.

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A:

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Q: Gross Pay

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A: Please check steps 2 for the solution to questions 1 & 2. Step 3 for the solution of 3.

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A: Bonus expense =3% of net income (before providing such bonus expense)

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A: SOLUTION-   BONUS- IT IS A FINANCIAL COMPENSATION THAT IS ABOVE AND BEYOND THE NORMAL PAYMENT…

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A: rate of premium=0.3%

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