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- Additional questions: 20. Surf School Ltd has six employees who are entitled to long-service leave (LSL). The LSL can be taken 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 information about the employees is available: No. of employees 2 2 2 Current salary Years of of employees service ($) 50,000 65,000 70,000 6 7 8 Probability (%) that LSL will be paid 45 70 100 Periods to maturity 4 3 2 High-quality corporate bond rate (%) 9 7 6 Employees' salaries are expected to increase by 2.5 per cent per annum. The opening balance of the LSL provision was $32 500, and the interest rate for corporate bonds for all relevant periods to maturity 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 (round amounts to the nearest dollar)?In a firm, there were 750 employees on 1st April. During the month 120 employees were left and 250 employees were appointed. How many employees will be on the firm's payroll as on 30th April? 550 b. 630 C. 880 d. 1.00020
- AuditorAs audit senior in Carollo and Co and you are commencing the planning of the audit of this new client, Celestial Co, for the year ending 31 August 2020. Client dataA sandals manufacturer, Celestial Company in business for 25 years, with a production facility, warehouse and administration offices operating from one central site. Celestial sells all of its goods to large retail stores, with 70% being to one large chain store Shoetings. Celestial has a one year contract to be the sole supplier of sandals to Shoetings. It secured the contract through significantly reducing prices and offering a four-month credit period; the company’s normal credit period is one month. OperationsTwo years ago Celestial reduced the level of goods directly manufactured and instead started to import sandals from East Asia; approximately 70% is imported and 30% manufactured. Purchase orders for overseas sandals are made six months in advance and goods can be in transit for up to two months. Celestial…Table 1. Turnover rate by Tenure Year, Quarter, Month 2017 2018 2019 < 1 year tenure 31% 38% 40% 1<2 years tenure 25% 24% 27% 2<3 years tenure 20% 19% 18% QUESTION: The overall rates have increased over the years from 2017-2019. Please offer managerial insights into these figures and what they could mean for the company's retention. For example: Are they losing more employees the longer they work for the company?Financial statements after initial month of operations The Black Hole, a unit of the Space Department, was established October 1, 2022. Its purpose is toprobe deep space. It is financed by an appropriation from Congress.Following are the transactions of the agency during October 2022:October 1 The agency received a certified copy of an appropriation warrant from the Departmentof the Treasury for $900,000.October 1 The entire appropriation of $900,000 was apportioned by the OMB.October 1 Of the amount apportioned, $400,000 was allotted to the agency by the SpaceDepartment to finance its October operations.October 4 The agency ordered special training equipment at an estimated cost of $275,000.October 14 The equipment arrived, together with an invoice for $300,000. The equipment wasaccepted at the price charged, because the contract permitted a 10 percent cost overrun.October 24 The agency sent a disbursement schedule to Treasury requesting payment of thefollowing items. (The agency does…
- answer complete and correct with all working like explanation , computation , formulation with steps An employee was earning 80 hours of vacation per year and got promoted midway on July 1 when vacation was increased by an additional 40 hours. Calculate the total vacation hours an employee would receive for the whole year assuming a monthly payroll.Eucalyptus Ltd has a year end of 31 March 2021. The Directors are planningto close down the company’s London office on 15 June 2021 and haveprovided the following information about the planned restructuring which is valid as at the year end.• The Directors have a detailed plan in place for the closure of the officeon 15 June 2021• Employees who are affected were given full information about theplans via a letter to their home address in January 2021• The Directors can reliably estimate that it will cost them £500,000 tocomplete the restructuringHow would this be treated in the financial statements for the year ended 31 March 2021?a) A restructuring provision would be recognisedb) The London office would be shown as a discontinued operation on theface of the Income Statementc) Nothing would be recognised or disclosed because not all the relevantconditions are satisfiedd) A contingent liability may be disclosed in the notes to the financialstatements, but no provision should be…In how many days shall the notice of removal of the auditor is to be send by the company? 21 14 28 30
- Financial statements after initial month of operations The Black Hole, a unit of the Space Department, was established October 1, 2022. Its purpose is toprobe deep space. It is financed by an appropriation from Congress.Following are the transactions of the agency during October 2022:October 1 The agency received a certified copy of an appropriation warrant from the Departmentof the Treasury for $900,000.October 1 The entire appropriation of $900,000 was apportioned by the OMB.October 1 Of the amount apportioned, $400,000 was allotted to the agency by the SpaceDepartment to finance its October operations.October 4 The agency ordered special training equipment at an estimated cost of $275,000.October 14 The equipment arrived, together with an invoice for $300,000. The equipment wasaccepted at the price charged, because the contract permitted a 10 percent cost overrun.October 24 The agency sent a disbursement schedule to Treasury requesting payment of thefollowing items. (The agency does…Problem 1: A construction company has/ had the following record during a year. The company has 76 full-time employees. Calculate Incidence rate. Description Minor injury Major injury 2 3 Fatal death 1 Days away from work Incidence rate = number of cases or days per year x 200,000/total employee hours per yearQuestion Assume you are a newly appointed accountant in a local fashion Company named Al Rahim clothing Company based in Oman. Currently, the Company has five different departments include Accounting and Finance, Marketing, Human Resources, Information Technology and Sales & Distribution. Managers in each department are given the authority regarding operational decisions, and their performance is measured on the Company’s profit, and all the other employees receive the fixed salary package. You have been asked to answer the following tasks in preparation for the assignment that you will perform internally for the Company. a. As an accountant of the Al Rahim clothing Company, prepare a report of the Income Statement and Balance Sheet. b. Compute the Company's key financial ratios for the evaluation of Profitability and Liquidity. c. Analyze and interpret the Company's financial performance based on the ratios prepared.