Asked by hibba abutaah on May 12, 2024
Verified
A partnership in a public accounting practice has 7 partners and 12 accounting technicians. Each partner draws the same salary, and each technician is paid the same salary. The partners calculate that if they give the technicians a raise of 5% and if they increase their own salaries by 5%, the gross annual salaries for all accounting personnel will rise from the current $1,629,000 to $1,734,750. What are the current annual salaries of a partner and an accounting technician?
Gross Annual Salaries
The total amount earned by an individual in a year before deductions.
Accounting Technicians
Professionals skilled in recording & managing financial transactions and preparing financial statements.
- Understand and calculate salary adjustments and redistributions in organizations.
Verified Answer
DA
Devon AtkinsonMay 16, 2024
Final Answer :
partner salary is $117,000 and the technician salary is $67,500
Learning Objectives
- Understand and calculate salary adjustments and redistributions in organizations.