ANOMALOUS IRREGULAR Co. grants its employees twelve days paid vacation leave each year. PerANOMALOUS's policy, employees are required to take vacation leave each year, but not necessarily for theirentire vacation leave entitlement. Vacation leaves not taken during a year can be carried over indefinitely.ANOMALOUS has 500 employees with an average salary of P4,000 per day. The average annual pay increaseis 5%. During 20x1, total vacation leaves taken by employees were 5,400 days. Based on past experience, 90%of unused vacation leave for a year are taken in the immediately following year. If the unused vacation leavesvest, how much should ANOMALOUS accrue as liability for unused vacation leave on December 31, 20x1?

Vacation leave Normally most of the companies are provide additional benefits to its employees in…

Answered: ANOMALOUS IRREGULAR Co. grants its…

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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Lawrence Corp. has an employee benefit plan for compensated absences that gives each employee 10 paid vacation days and 10 paid sick days. Both vacation and sick days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days; however, no payment is given for sick days not taken. At December 31, 2021, B's unadjusted balance of liability for compensated absences was $42,000. B estimated that there were 300 total vacation days and 150 sick days available at December 31, 2021. B's employees earn an average of $200 per day. In its December 31, 2021, balance sheet, what amount of liability for compensated absences is B required to report? A. $84,000. B. $60,000. C. $90,000. D. $144,000.
This is Salary calculation
Jon Corp. has an employee benefit plan for compensated absences that gives each employee 10 paid vacation days and 10 paid sick days. Both vacation and sick days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days; however, no payment is given for sick days not taken. At December 31, 2021, Jon 's unadjusted balance of liability for compensated absences was $42,000. B estimated that there were 300 total vacation days and 150 sick days available at December 31, 2021. Jon's employees earn an average of $200 per day. In its December 31, 2021, balance sheet, what amount of liability for compensated absences is B required to report? A. $60,000. B. $84,000. C. $90,000. D. $144,000. D. 9.7%.
Dainty Ltd has an average weekly payroll of $200 000. The employees are entitled to 2 weeks', non- vesting sick leave per annum. Past experience suggests that 56% of employees will take the full 2 weeks' sick leave and 22% will take 1 week's leave each year. The rest of the employees take no sick leave. Required: Calculate the expected annual sick-leave expense for Dainty Ltd (on the basis of average salaries). Provide the journal entry necessary to recognise the sick-leave entitlement expense as it accrues each week. In the current week an employee with a weekly salary of $600 has been off sick for the first time this year. The employee took 2 days off out of her normal 5-day working week. Assuming that PAYG tax is deducted at 30%, what would the entry be to record the employee's weekly salary (round amounts to the nearest dollar)?
Ivanhoe Company has 60 employees who work 8-hour days and are paid hourly. On January 1, 2025, the company began a program of granting its employees 10 days of paid vacation each year. Vacation days earned in 2025 may first be taken on January 1, 2026. Information relative to these employees is as follows: Hourly Year Wages Vacation Days Earned by Each Employee Vacation Days Used by Each Employee 2025 $27.50 10 0 2026 29.50 10 8 2027 32.50 10 10 Ivanhoe has chosen to accrue the liability for compensated absences at the current rates of pay in effect when the compensated time is earned. What is the amount of the accrued liability for compensated absences that should be reported at December 31, 2027?
Romano Services provides room cleaning arrangements for hotels in Ohio. On April 1, Silvia Hotels & Resorts signed an agreement to outsource its room-cleaning functions to Romano. The contract specifies the service fee to be $23,500 per month, and all payments are to be made shortly after the end of each quarter. It also specifies that Romano will receive an additional quarterly bonus of $8,100 if, during that quarter, Silvia receives no more than five complaints from customers about room cleanliness. On April 1, based on historical experience, Romano estimated that there is a 75% chance that it will receive the quarterly bonus. On May 5, Romano learned that, during March, there were two complaints from customers related to room cleanliness. Based on this new information, Romano revised its estimate downward to 40% that it would be entitled to receive the quarterly bonus. On June 30, Silvia notified Romano that, for the quarter ended, there were four complaints associated with…
Dainty Ltd has an average weekly payroll of $200 000. The employees are entitled to 2 weeks', nonvesting sick leave per annum. Past experience suggests that 56% of employees will take the full 2weeks' sick leave and 22% will take 1 week's leave each year. The rest of the employees take no sickleave. Required: a) In the current week an employee with a weekly salary of $600 has been off sick for the first timethis year. The employee took 2 days off out of her normal 5-day working week. Assuming that PAYGtax is deducted at 30%, what would the entry be to record the employee's weekly salary (roundamounts to the nearest dollar)?
The City of Breneman allows employees to accrue 30 days of vacation leave. Employees receive the accrued vacation leave in pay when they terminate employment or retire. The value of the unused vacation pay was $50,000 at the beginning of the year and $40,000 at the end of the year. Of the ending balance, $15,000 was owed to employees who retired during the last month of the fiscal year, and this amount will be paid in the first month of the next fiscal year. What amount of vacation pay liability will be recorded in the general fund as of the end of the fiscal year? $10,000 $40,000 None of these $50,000 $15,000
Dainty Ltd has an average weekly payroll of $200 000. The employees are entitled to 2 weeks', non- vesting sick leave per annum. Past experience suggests that 56% of employees will take the full 2 weeks' sick leave and 22% will take 1 week's leave each year. The rest of the employees take no sick leave In the current week an employee with a weekly salary of $600 has been off sick for the first time this year. The employee took 2 days off out of her normal 5-day working week. Assuming that PAYG tax is deducted at 30%, what would the entry be to record the employee's weekly salary (round amounts to the nearest dollar?
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
Avon Corporation sells phone cases to public and private companies. They are located at 123 Locus Rd, Markham, ON. They employ 200 full time employees who work in sales, customer service and office support roles. They have had an annual remuneration of over $1,000,000 for the past several years therefore their EHT rate is 1.95%. Pay period #1 started December 27, 2020. All are paid on a bi-weekly basis. All benefits are processed each pay on an as enjoyed basis. The first pay day for employees is Jan 13, 2021. They have three staff in the Customer Service Department answering questions from clients and the general public. They all work Monday to Friday and do not work statutory holidays but are paid for them. Neema has been with Avon for 3 years and answers calls specifically from clients. She earns $18.25 per hour and works 35 hours per week. She also does not work any overtime. She is paid bi-weekly. Her employer provides the following: · Health and Dental - at a total…
Sonic Ltd provides 4 weeks (20 days) of accumulating vested annual leave for each year of service. The company policy is that annual leave must be taken within 6 months of the end of the period in which it accrues. Annual leave is paid at the base salary rate (which excludes commissions, bonuses and overtime). A 17.5% loading is applied to annual leave payments. The following summary data is derived from Sonic Ltd.’s payroll records for the year ended 30 June 2020. The amounts shown are applicable at 30 June 2020. Employee category Base pay/day $ Annual leave Balance1 July 2019 (days) Accumulated during year (days) Taken during year (days) Executives 500 260 220 260 Consultants 350 300 540 600 Managers 400 230 330 360 Admin staff 250 240 230 250 Additional information After leave taken during the year had been recorded, Sonic Ltd.’s trial balance revealed that the…

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