If these employees were hired for the entire year which payperiod will they reach the maximum for the year. a) 1150 Wkly b) 900 Biweekly c) 1200 Biweekly d) 2200 weekly e) 6000 monthly f) 4000 monthly

If these employees were hired for the entire year which payperiod will they reach the maximum for the year. a) 1150 Wkly b) 900 Biweekly c) 1200 Biweekly d) 2200 weekly e) 6000 monthly f) 4000 monthly

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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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)?
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hsl.6
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