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Four Seasons Total Landscaping Ltd provides long service leave for its retail staff. Long service leave entitlement is determined as 13 weeks of paid leave for 10 years of continued service. The following infomation is obtained from Four Seasons Total Landscaping Ltd.'s payroll records and actuarial reports for its retail staff as at 30 June 2022. Unit credit % expected to become entitled Annual salary per employee No. of years until vesting Yield on HQ corporate bonds No. of (years) employees 1 90 30 $45 000 9 10% 2 80 40 $45 000 8 9% 3 60 60 $45 000 7 9% 4 40 70 $45 000 9% Additional information The estimated annual increase in retail wages is 3% p.a. for the next 10 years, reflecting expected inflation. The provision for long service leave for retail staff as at 30 June 2021 was DR $22 000. No employees were eligible to take long service leave during the year ended 30 June 2022. Required Prepare the joumal entry to account for Four Seasons Total Land scaping Ltd.'sprovisionfor long service leave as at 30 June 2022. Show all workings.

Four Seasons Total Landscaping Ltd provides long service leave for its retail staff. Long service leave entitlement is determined as 13 weeks of paid leave for 10 years of continued service. The following infomation is obtained from Four Seasons Total Landscaping Ltd.'s payroll records and actuarial reports for its retail staff as at 30 June 2022. Unit credit % expected to become entitled Annual salary per employee No. of years until vesting Yield on HQ corporate bonds No. of (years) employees 1 90 30 $45 000 9 10% 2 80 40 $45 000 8 9% 3 60 60 $45 000 7 9% 4 40 70 $45 000 9% Additional information The estimated annual increase in retail wages is 3% p.a. for the next 10 years, reflecting expected inflation. The provision for long service leave for retail staff as at 30 June 2021 was DR $22 000. No employees were eligible to take long service leave during the year ended 30 June 2022. Required Prepare the joumal entry to account for Four Seasons Total Land scaping Ltd.'sprovisionfor long service leave as at 30 June 2022. Show all workings.

FINANCIAL ACCOUNTING
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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Four Seasons Total Landscaping Ltd provides long service leave for its retail staff. Long service leave entitlement is determined as 13 weeks of paid leave for 10 years of continued service. Thefollowing infomation is obtained from Four Seasons Total Landscaping Ltd.'s payroll records and actuarial reports for its retail staff as at 30 June 2022. Annual salary per employee Unit credit No. of % еxpected to become entitled No. of years until vesting Yield on HQ (years) employees corporate bonds 1 90 30 $45 000 10% 2 80 40 $45 000 8 9% 3 60 60 $45 000 7 9% 4 40 70 $45 000 6 9% Additional information The estimated annual increase in retail wages is 3% p.a.forthe next 10 years, reflecting expected inflation. The provision for long service leave for retail staff as at 30 June 2021 was DR $22 000. • No employees were eligible to take long service leave during the year ended 30 June 2022. Required Prepare the journal entry to account for Four Seasons Total Landscaping Ltd.'sprovisionfor long service leave as at 30 June 2022. Show all workings.
Transcribed Image Text:Four Seasons Total Landscaping Ltd provides long service leave for its retail staff. Long service leave entitlement is determined as 13 weeks of paid leave for 10 years of continued service. Thefollowing infomation is obtained from Four Seasons Total Landscaping Ltd.'s payroll records and actuarial reports for its retail staff as at 30 June 2022. Annual salary per employee Unit credit No. of % еxpected to become entitled No. of years until vesting Yield on HQ (years) employees corporate bonds 1 90 30 $45 000 10% 2 80 40 $45 000 8 9% 3 60 60 $45 000 7 9% 4 40 70 $45 000 6 9% Additional information The estimated annual increase in retail wages is 3% p.a.forthe next 10 years, reflecting expected inflation. The provision for long service leave for retail staff as at 30 June 2021 was DR $22 000. • No employees were eligible to take long service leave during the year ended 30 June 2022. Required Prepare the journal entry to account for Four Seasons Total Landscaping Ltd.'sprovisionfor long service leave as at 30 June 2022. Show all workings.
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