7. In its 2019 Profit and Loss, how much expense should be reported for the compensated absences? * FOR ITEM# 7 On Jan. 1, 2019, Maricor Company agreed to grant its employees ten vested vacation days each year, with the provision that vacation days earned in a particular year could not be taken until the following year. For the year ended Dec. 31, 2019, all 50 employees of Maricor earned Php400 per day each and earned ten vacation days each. These vacation days were taken during the last half of 2019.

7. In its 2019 Profit and Loss, how much expense should be reported for the compensated absences? * FOR ITEM# 7 On Jan. 1, 2019, Maricor Company agreed to grant its employees ten vested vacation days each year, with the provision that vacation days earned in a particular year could not be taken until the following year. For the year ended Dec. 31, 2019, all 50 employees of Maricor earned Php400 per day each and earned ten vacation days each. These vacation days were taken during the last half of 2019.

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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Indicate by letter whether each of the events listed below increase (l), decreases (D), or has no effect (N) on an employer’s projected benefit obligation. Events Interest cost. ________ Amortization of prior service cost. ________ A decrease in the average life expectancy of employees. ________ An increase in the average life expectancy of employees. ________ A plan amendment that increases benefits is made retroactive to prior years. ________ An increase in the actuary’s assumed discount rate. ________ Cash contributions to the pension fund by the employer.…
question 7. Paid required annual contribution to pension plan, $250,000. Expenditures—Operating—Pension Contribution................................... Cash................................................................................ To record annual pension contribution.
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Plz answer fast i give up vote plz don't copy answer
A-1
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5. FASB Statement No. 43 on compensated absences a. applies to items such as vacation pay, severance pay, sick pay, and other long-term fringe benefitsb. establishes the same accruing standards for vacation pay, holiday pay, and sick payc. requires the use of current pay rates to accrue for compensated absencesd. does not require the accrual of accumulated nonvested sick pay
Dd.87.
Am. 373.
please explain me how to the green boxes now filled, show the formulas and compuations step by step
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explain me with the steps, computations and the manual formulas !! how to get the results in the green boxes. ! i want to understand the logicof this insurance defined benefit exercise.