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all right welcome back were still talking about estimated liabilities but now were talking about bonuses a lot of companies pay bonuses employees like them but a lot of times the bonuses are based on net income or revenue maybe targets within a particular department and sometimes even individual performance so its hard to know how much were going to pay out at the end of the year but because of the matching principle we need to book the expense in the same period that we book the revenue so we are going to go ahead and estimate that bonus expense and then at the end of the year well true it up if we get it wrong which we almost always will were not going to ever get it exactly right all right so in this case clippy inc were paying out bonuses each january equal to three percent of the prior periods or the prior years net income okay so were going to go through the whole year were going to calculate net income for the year and then um in january well pay it out for the prior
