Phillips Ltd has 10 employees, who are each paid $750 per week for a 5 day working week. Each employee is entitled to 8 days accumulating non-vesting sick leave per year. At 1 July 2022 the accumulated untaken leave was 16 days in total. During the year ended 30 June 2023 a total of 50 days sick leave was taken, of which 8 days were unpaid leave. Of the accumulated untaken leave at 30 June 2023 it is estimated that 75% of it will be taken during the following year. The balance of the provision for sick leave at 30 June 2023 is: Group of answer choices $6 300 $8 100 $6 075 Nil, as the leave is non-vesting.

Phillips Ltd has 10 employees, who are each paid $750 per week for a 5 day working week. Each employee is entitled to 8 days accumulating non-vesting sick leave per year. At 1 July 2022 the accumulated untaken leave was 16 days in total. During the year ended 30 June 2023 a total of 50 days sick leave was taken, of which 8 days were unpaid leave. Of the accumulated untaken leave at 30 June 2023 it is estimated that 75% of it will be taken during the following year. The balance of the provision for sick leave at 30 June 2023 is: Group of answer choices $6 300 $8 100 $6 075 Nil, as the leave is non-vesting.

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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