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Chen and Yen is a small accounting firm providing financial auditing services to small and medium-sized companies in Singapore.
Chen and Yen is a small accounting firm providing financial auditing services to small and medium-sized companies in Singapore. It is being managed by Chen since the retirement of Yen in April last year. Chen and her three certified accountants bill 704 hours per month. Each accountant draws a monthly salary of $6,500, and Chen draws the same monthly salary as her accountants. If any of them (including Chen) bills more than 176 hours per month, he or she will get an additional overtime pay of $70.50 per hour for each of the extra hour. Chen believes in work-life balance and forbids any accountant from working more than 240 hours in any given month. The billing hours for the firm over the next six months are estimated as below.
Month
Estimated Billing Hours
Jan
670
Feb
600
Mar
1,100
Apr
1,200
May
750
Jun
620
Yen, her former partner, is available for help during the busy audit periods, if needed. Yen will be paid an hourly fee of $125. Chen can hire another accountant at the same salary if needed, but she will not even consider laying off any of her colleagues even in times of slow economy.
