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Jerome Company has 35 employees who work 8 hours a day and are paid hourly. On January 1, 2018, the entity began a program of granting the employees 10 days of paid vacation each year. Vacation days earned in 2018 may first be taken on January 1, 2019. Year Hourly wage Vacation days earned by each employee Vacation days used by each employee 2018 129 10 0 2019 135 10 8 2020 142.50 10 10 15. What is the vacation pay expense for 2018? a. 0 b. P361,200 c. P378,000 d. P344,400 16. What is the accrued liability on December 31, 2020? a. P474,600 b. P453,600 c. P399,000 d. P478,800 17. What is the accrued liability on December 31, 2020 assuming the policy is to accrue liability at the end of each year at the wage rate for that year? a. P474,600 b. P453,600 c. P399,000 d. P478,800 Provide SOLUTION

Jerome Company has 35 employees who work 8 hours a day and are paid hourly. On January 1, 2018, the entity began a program of granting the employees 10 days of paid vacation each year. Vacation days earned in 2018 may first be taken on January 1, 2019. Year Hourly wage Vacation days earned by each employee Vacation days used by each employee 2018 129 10 0 2019 135 10 8 2020 142.50 10 10 15. What is the vacation pay expense for 2018? a. 0 b. P361,200 c. P378,000 d. P344,400 16. What is the accrued liability on December 31, 2020? a. P474,600 b. P453,600 c. P399,000 d. P478,800 17. What is the accrued liability on December 31, 2020 assuming the policy is to accrue liability at the end of each year at the wage rate for that year? a. P474,600 b. P453,600 c. P399,000 d. P478,800 Provide SOLUTION

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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Question

Jerome Company has 35 employees who work 8 hours a day and are paid hourly.
On January 1, 2018, the entity began a program of granting the employees 10 days of
paid vacation each year. Vacation days earned in 2018 may first be taken on January 1,
2019.
Year Hourly wage

Vacation days
earned by each
employee

Vacation days used
by each employee
2018 129 10 0
2019 135 10 8
2020 142.50 10 10
15. What is the vacation pay expense for 2018?
a. 0
b. P361,200
c. P378,000
d. P344,400
16. What is the accrued liability on December 31, 2020?
a. P474,600
b. P453,600
c. P399,000
d. P478,800

17. What is the accrued liability on December 31, 2020 assuming the policy is to accrue
liability at the end of each year at the wage rate for that year?
a. P474,600
b. P453,600
c. P399,000
d. P478,800

Provide SOLUTION

Jerome Company has 35 employees who work 8 hours a day and are paid hourly. On January 1, 2018, the entity began a program of granting the employees 10 days of paid vacation each year. Vacation days earned in 2018 may first be taken on January 1, 2019. Vacation days earned by each employee 10 Vacation days used by each employee Year Hourly wage 2018 2019 2020 129 135 10 8 142.50 10 10 15. What is the vacation pay expense for 2018? a. 0 b. P361,200 c. P378,000 d. P344,400 16. What is the accrued liability on December 31, 2020? a. P474,600 b. P453,600 c. P399,000 d. P478,800 2 |Page AA-23-02-01-18 17. What is the accrued liability on December 31, 2020 assuming the policy is to accrue liability at the end of each year at the wage rate for that year? a. P474,600 b. P453,600 c. P399,000 d. P478,800
Transcribed Image Text:Jerome Company has 35 employees who work 8 hours a day and are paid hourly. On January 1, 2018, the entity began a program of granting the employees 10 days of paid vacation each year. Vacation days earned in 2018 may first be taken on January 1, 2019. Vacation days earned by each employee 10 Vacation days used by each employee Year Hourly wage 2018 2019 2020 129 135 10 8 142.50 10 10 15. What is the vacation pay expense for 2018? a. 0 b. P361,200 c. P378,000 d. P344,400 16. What is the accrued liability on December 31, 2020? a. P474,600 b. P453,600 c. P399,000 d. P478,800 2 |Page AA-23-02-01-18 17. What is the accrued liability on December 31, 2020 assuming the policy is to accrue liability at the end of each year at the wage rate for that year? a. P474,600 b. P453,600 c. P399,000 d. P478,800
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