Additional questions:20. Surf School Ltd has six employees who are entitled to long-service leave (LSL). The LSL can betaken after 10 years of service, at which time the employee is entitled to 13 weeks' leave.Entitlements to payment on departure arise after eight years of service. The following informationabout the employees is available:No. ofemployees222Current salary Years ofof employeesservice($)50,00065,00070,000678Probability(%) that LSLwill be paid4570100Periods tomaturity432High-qualitycorporatebond rate (%)976Employees' salaries are expected to increase by 2.5 per cent per annum. The opening balance ofthe LSL provision was $32 500, and the interest rate for corporate bonds for all relevant periods tomaturity was 8 per cent at the beginning of the year.Required:a) What is the accounting journal entry to record LSL expense for the current period (roundamounts to the nearest dollar)?

Journal entry records the accounting transactions of a business in a journal book. All the business…

Answered: 20. Surf School Ltd has six employees…

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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Bush Enterprises International BEI hires 10,000 employees. Each employee earns twenty days of paid vacation per calendar year. Up to five days of this may be carried forward and taken in the following vear but cannot be carried forward any further. Employees are not paid for any vacations they do not take. As at December 31, 2022, 9,130 employees had used their full vacation entitlement for 2022. The remaining employees are carrying forward an average of 3 days each and they are all expected to use these vacation days. Half of the employee group earn $300 per day and the other half work 8 hour days and earn $15 per hour and this is representative of those who still have leftover vacation earned. What amount of liability for accrued vacation pay should appear in the company's balance sheet at December 31, 2022 ? a. $548,100 b. $783.000 c. $913,500 d. $313,200 e. None of the above Plz answer fast without plagiarism
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Asia Pacific Ltd started operating on 1 July 2017 with 12 employees. Three years later all of thoseemployees were still with the company. On 1 July 2019 the company hired 15 more people but by 30June 2020 only 10 of those employed at the beginning of that year were still employed by Asia PacificLtd.All employees are entitled to 13 weeks’ long-service leave after a conditional period of 10 years ofemployment with Asia Pacific Ltd.At 30 June 2020 Asia Pacific Ltd estimates the following: The aggregate annual salaries of all employees hired on 1 July 2017 is now $1,200,000. The aggregate annual salaries of all current employees hired on 1 July 2019 is now $800,000. The probability that employees hired on 1 July 2017 will continue to be employed for the durationof the conditional period is 40 per cent. The probability that employees hired on 1 July 2019 will continue to be employed for the durationof the conditional period is 20 per cent. Salaries are expected to increase indefinitely…
Paston Ltd started operating on 1 July 2017 with 12 employees. Three years later all of those employees were still with the company. On 1 July 2019 the company hired 15 more people but by 30 June 2020 only 10 of those employed at the beginning of that year were still employed by Asia Pacific Ltd. All employees are entitled to 13 weeks’ long-service leave after a conditional period of 10 years of employment with Paston Ltd. At 30 June 2020 Paston Ltd estimates the following: The aggregate annual salaries of all employees hired on 1 July 2017 is now $1,200,000. The aggregate annual salaries of all current employees hired on 1 July 2019 is now $800,000. The probability that employees hired on 1 July 2017 will continue to be employed for the duration of the conditional period is 40 per cent. The probability that employees hired on 1 July 2019 will continue to be employed for the duration of the conditional period is 20 per cent. Salaries are expected to increase indefinitely at 1…
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Sydney Bay Ltd has five employees. According to their particular employment award, long-service leave can be taken after 12 years, at which time the employee is entitled to 10 weeks' leave. If an employee were to leave before the completion of 12 years' service, no entitlement would be paid. Name of employee Current salary ($) Years of service Years until LSL vests Black 40 000 10 White 40 000 4 8 Brown 50 000 6. 6. 60 000 70 000 Green 4 Purple 10 2 High-quality corporate bond rates exist with periods to maturity that exactly match the various periods that must still be served by the employees before LSL entitlements vest with them. Corporate bond period to maturity Bond rate (%) 10 8.0 8. 7.0 7.0 6 6.5 4 6.0 2 5.8 The projected inflation rate for the foreseeable future is 2 per cent. The projected probabilities that the employees will stay long enough for the LSL to vest-that is, for a total of 12 years-are as follows: Name Probability (%) that LSL will vest Black 15 White 20 Brown 50…

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