Vacation expense: Vacation expense is an estimated expense for the company which the company should pay to the employees as extra salary over the entire year. For example: If an employee works 49 weeks in a year, company should pay 3 weeks’ ( 52 weeks – 49 weeks ) extra salary as a vacation expense. To journalize: Vacation pay expense.

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Answer 1

Question

Chapter 10, Problem 10.5BE

a.

To determine

Vacation expense: Vacation expense is an estimated expense for the company which the company should pay to the employees as extra salary over the entire year. For example: If an employee works 49 weeks in a year, company should pay 3 weeks’ (52 weeks – 49 weeks) extra salary as a vacation expense.

To journalize: Vacation pay expense.

b.

To determine

Pension: Pension is a cash payment given to the employees at the time of their retirement. The pension benefits are accrued based on years of service, annual compensation and age, and based on the employer’s pension plan.

To journalize: Pension benefit.

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owe Tool and Die (RTD) produces metal fittings as a supplier to various manufacturing firms in the area. The following is the forecasted income statement for the next quarter, which is the typical planning horizon used at RTD. RTD expects to sell 64,000 units during the quarter. RTD carries no inventories. Amount Per Unit Sales revenue $ 2,028,800 $ 31.70 Costs of fitting produced 1,523,200 23.80 Gross profit $ 505,600 $ 7.90 Administrative costs 355,200 5.55 Operating profit $ 150,400 $ 2.35

The audited accounts of Lindsay Co. for year-end August 31, 2014 show a profit of $3,115,000 after charging the following: Depreciation 430,000 Rent 175,000 Legal fees 1,350,000 Audit fees 88,000 Donations 119,000 Bad debts 242,000 Foreign Travel 395,750 Interest payments 62,375 Other Information: a. Legal fees are as follows: Expenses in respect of recovery of debts, $585,000 Expenses related to the increase private share capital, $765,000 b. Lindsay Co. donated $65,500 to UTECH University and $53,500 to HELP, a private charity registered under the Charities Act. c. Bad debts are as follows: • A loan of $76,130 to Derek Stan who failed to repayit. • $63,017, owed by Simplicity Ltd. which was declared bankrupt. • The balance is a percentage of receivables at year end which is deemed to be bad. d. Foreign travel expense included $268,210 for a vacation package for the marketing manager’s and his family plane…

Answer 2

Question

Chapter 10, Problem 10.5BE

a.

To determine

Vacation expense: Vacation expense is an estimated expense for the company which the company should pay to the employees as extra salary over the entire year. For example: If an employee works 49 weeks in a year, company should pay 3 weeks’ (52 weeks – 49 weeks) extra salary as a vacation expense.

To journalize: Vacation pay expense.

b.

To determine

Pension: Pension is a cash payment given to the employees at the time of their retirement. The pension benefits are accrued based on years of service, annual compensation and age, and based on the employer’s pension plan.

To journalize: Pension benefit.

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Answer 3

Question

Chapter 10, Problem 10.5BE

a.

To determine

Vacation expense: Vacation expense is an estimated expense for the company which the company should pay to the employees as extra salary over the entire year. For example: If an employee works 49 weeks in a year, company should pay 3 weeks’ (52 weeks – 49 weeks) extra salary as a vacation expense.

To journalize: Vacation pay expense.

b.

To determine

Pension: Pension is a cash payment given to the employees at the time of their retirement. The pension benefits are accrued based on years of service, annual compensation and age, and based on the employer’s pension plan.

To journalize: Pension benefit.

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Answer 4

Question

Chapter 10, Problem 10.5BE

a.

To determine

Vacation expense: Vacation expense is an estimated expense for the company which the company should pay to the employees as extra salary over the entire year. For example: If an employee works 49 weeks in a year, company should pay 3 weeks’ (52 weeks – 49 weeks) extra salary as a vacation expense.

To journalize: Vacation pay expense.

b.

To determine

Pension: Pension is a cash payment given to the employees at the time of their retirement. The pension benefits are accrued based on years of service, annual compensation and age, and based on the employer’s pension plan.

To journalize: Pension benefit.

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Answer 5

Chapter 10, Problem 10.5BE

a.

To determine

Vacation expense: Vacation expense is an estimated expense for the company which the company should pay to the employees as extra salary over the entire year. For example: If an employee works 49 weeks in a year, company should pay 3 weeks’ (52 weeks – 49 weeks) extra salary as a vacation expense.

To journalize: Vacation pay expense.

b.

To determine

Pension: Pension is a cash payment given to the employees at the time of their retirement. The pension benefits are accrued based on years of service, annual compensation and age, and based on the employer’s pension plan.

To journalize: Pension benefit.

Answer 6

Chapter 10, Problem 10.5BE

a.

To determine

Vacation expense: Vacation expense is an estimated expense for the company which the company should pay to the employees as extra salary over the entire year. For example: If an employee works 49 weeks in a year, company should pay 3 weeks’ (52 weeks – 49 weeks) extra salary as a vacation expense.

To journalize: Vacation pay expense.

Answer 7

Chapter 10, Problem 10.5BE

a.

To determine

Vacation expense: Vacation expense is an estimated expense for the company which the company should pay to the employees as extra salary over the entire year. For example: If an employee works 49 weeks in a year, company should pay 3 weeks’ (52 weeks – 49 weeks) extra salary as a vacation expense.

To journalize: Vacation pay expense.

Answer 8

b.

To determine

Pension: Pension is a cash payment given to the employees at the time of their retirement. The pension benefits are accrued based on years of service, annual compensation and age, and based on the employer’s pension plan.

To journalize: Pension benefit.

Answer 9

b.

To determine

Pension: Pension is a cash payment given to the employees at the time of their retirement. The pension benefits are accrued based on years of service, annual compensation and age, and based on the employer’s pension plan.

To journalize: Pension benefit.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 10 - Does a discounted note payable provide credit...Ch. 10 - Employees are subject to taxes withheld from their...Ch. 10 - Prob. 3DQ Ch. 10 - Prob. 4DQ Ch. 10 - Prob. 5DQ Ch. 10 - To match revenues and expenses properly, should...Ch. 10 - Prob. 7DQ Ch. 10 - Installment notes require equal periodic payments....Ch. 10 - When should the liability associated with a...Ch. 10 - Prob. 10DQ

Solution Summary: The author explains that vacation expense is an estimated expense for the company which should be paid to the employees as extra salary over the entire year.

Concept explainers

Pension: Pension is a cash payment given to the employees at the time of their retirement. The pension benefits are accrued based on years of service, annual compensation and age, and based on the employer’s pension plan.

To journalize: Pension benefit.

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Chapter 10 Solutions

Solution Summary: The author explains that vacation expense is an estimated expense for the company which should be paid to the employees as extra salary over the entire year.

Concept explainers

Pension: Pension is a cash payment given to the employees at the time of their retirement. The pension benefits are accrued based on years of service, annual compensation and age, and based on the employer’s pension plan. To journalize: Pension benefit.

Want to see the full answer?

Chapter 10 Solutions

Pension: Pension is a cash payment given to the employees at the time of their retirement. The pension benefits are accrued based on years of service, annual compensation and age, and based on the employer’s pension plan.

To journalize: Pension benefit.