An Accounting Firm Has 24 Partners

question 59

Short Answer

An accounting firm has 24 partners. Twelve partners are senior partners and twelve are junior partners. The senior partners receive twice as much as the junior partners. A net income of $22,600,000 is earned for the year. How much will each junior partner receive?

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Definitions:

Organization And People

Refers to the study and practice of managing the workforce within an organization to improve its effectiveness and culture.

Performance Pay

A compensation system where an employee's pay is based on their job performance, often involving bonuses or other incentives.

Indirect Pay Plan

A compensation strategy that includes non-monetary benefits such as health insurance, retirement plans, and paid time off, as opposed to direct financial payments like wages and salaries.

Unionized Employees

Workers who are members of a labor union, which represents their interests in negotiations with employers over wages, benefits, and working conditions.