VACATION PAY The Tom Thumb Corporation follows this vacation policy for its factory workers: I to 3 years of service: 1 week paid vacation 4 to 12 years of service: 3 weeks paid vacation Over 12 years of service: 4 weeks paid vacation The payroll records show the following information pertaining to next year (all em- ployees work directly on the product): YEARS OF EMPLOYMENT SALARY (WEEKLY) NAME $350 I. Gelati B. O'Hara R. Reilly F. Maestro R. Auerbach K. Sposare T. Fyumo 175 370 15 425 8. 400 125 3. 390 Requlred: Determine the amount that should be accrued each week for each employee. b Show next year's journal entry needed to distribute the weekly payroll. The Tom Thumb Corporation uses the perpetual cost accumulation system. To prepare the entry, assume that no employee would be on vacation.
VACATION PAY The Tom Thumb Corporation follows this vacation policy for its factory workers: I to 3 years of service: 1 week paid vacation 4 to 12 years of service: 3 weeks paid vacation Over 12 years of service: 4 weeks paid vacation The payroll records show the following information pertaining to next year (all em- ployees work directly on the product): YEARS OF EMPLOYMENT SALARY (WEEKLY) NAME $350 I. Gelati B. O'Hara R. Reilly F. Maestro R. Auerbach K. Sposare T. Fyumo 175 370 15 425 8. 400 125 3. 390 Requlred: Determine the amount that should be accrued each week for each employee. b Show next year's journal entry needed to distribute the weekly payroll. The Tom Thumb Corporation uses the perpetual cost accumulation system. To prepare the entry, assume that no employee would be on vacation.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter13: Accounting For Payroll And Payroll Taxes
Section: Chapter Questions
Problem 2AP
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