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Business

Accounting

ohn

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

ohn Elton, who is classified as direct labor, earns $1,000 per week and is entitled to four weeks of vacation and 10 holidays each year. How much should be accrued for his holiday pay each week? A. $38.46 B. $40.00 C. $41.67 D. $130.00

Expert Solution

Step 1

Daily pay = $1,000 / 5 = $200Annual holiday pay = $200×10 = $2,000Weeks over which holiday pay is earned = 52 - 4 = 48$2,000 / 48 weeks = $41.67 per week

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