2. The following information pertains to Rik Co.'s two employees:Vacation rights vestor accumulateNo. of weeksNameWeekly salaryworked in 2019Ryan80052YesTodd60052noNeither Ryan nor Todd took the usual two-week vacation in 2019. In Rik's December 31, 2019,financial statements, what amount of vacation expense and liability should be reported?а. 2,800b. 1,600с. 1,400d. 0

Vacation pay: It includes the payment that is received by an employee as a compensation for the…

Answered: 2. The following information pertains…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

For 2019
Mr. X was an employee with the following information from his employment in 2020. Salaries and wages - $27,000 RRSP contribution in 2020 - $5,500 Membership dues paid by Mr. X - $500 Calculate Mr. X's the net employment income for 2020? Question 7 options: a) $21,500 b) $27,500 c) $21,000 d) $27,000
Please do not give solution in image format ?
As the payroll administrator, you are given the following information regarding an employer leased automobile in Manitoba in 2019: Monthly lease cost: Days available: Total km: $423.75 (including GST & RST) 365 days 24,000 2,000 60 months (Enter this when using ABOC) Personal km: Total lease period: Required: Calculate the automobile benefit assuming: a. The employee did not elect to use the optional calculation for calculating the operating cost. b. The employee did elect to use the optional calculation for calculating the operating cost.
Please help me with a correct answer ABC is a calendar year accrual basis C corporation has $500,000 book income which appropriately includes $40,000 life insurance premiums paid on key employee, $10,000 entertainment expense, $80,000 bad debt expense using the allowance method, and $15,000 accrued employee compensation for the current year. ABC paid the $15,000 accrued employee compensation on February 20 of next year. If actual write-offs of accounts receivable were $100,000, determine ABC's deferred tax provision and indicate whether it is a deferred tax asset or a deferred tax liability for the current year.
Charles Whyte commenced business on May 1 2019, making up his accounts to September 30 annually. The statement of the Profit or Loss Account for the first 17 months ended September 30,2020 is as follows: Gross Profit Less: Repairs and maintenance. Local transport and travelling Salaries and wages Provision for bad debts Preliminary expenses Depreciation Bank interest and charges Legal and professional charges General expenses (Allowable) Clearing expense on motor vehicle Bad debt Amounts written off Loan to absconded employee (ii) (iii) (iv) (1) You are also given the following additional information. Bad debt £ (v) £'000 30/10/2018 1/1/2019 1/5/2019 1,500 2,450 6,500 1,350 960 1,630 1,520 1,380 1,870 685 2,800 Building Motor Vehicle Furniture and fittings Legal and professional charges were: Salaries and wages: The following qualifying capital expenditures were acquired on: Fines for contravention of the law Legal expenses for tax appeal Audit and accountancy charges £'000 19,300…
Cherry Corporation, a calendar year C corporation, is formed and begins business on 6/1/2019. In connection with its formation, Cherry incurs organizational expenditures of $54,200. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for 2019. $fill in the blank 1 Do not give answer in image and hand writing

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