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

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Chapter 10, Problem 10.6APE

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

To journalize: Pension benefit.

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Kamala Khan has to decide between the following two options: Take out a student loan of $70,000 and study accounting full time for the next three years. The interest on the loan is 4% per year payable annually. The principle is to be paid in full after ten years. Study part time and work part time to earn $15,000 per year for the following six years. Once Kamala graduates, she estimates that she will earn $30,000 for the first three years and $40,000 the next four years. Kamala's banker says the market interest for a ten-year horizon is 6%. Required Calculate NPV of the ten-year cash flows of the two options. For simplification assume that all cash flows happen at year-end. Based on the NPV which of the two options is better for Kamala?

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Answer 2

Question

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Chapter 10, Problem 10.6APE

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

To journalize: Pension benefit.

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Answer 3

Question

100%

Chapter 10, Problem 10.6APE

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

To journalize: Pension benefit.

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Answer 4

Question

100%

Chapter 10, Problem 10.6APE

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

To journalize: Pension benefit.

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Answer 5

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Answer 6

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Answer 7

Chapter 10, Problem 10.6APE

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

To journalize: Pension benefit.

Answer 8

Chapter 10, Problem 10.6APE

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 9

Chapter 10, Problem 10.6APE

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 10

b)

To determine

To journalize: Pension benefit.

Answer 11

b)

To determine

To journalize: Pension benefit.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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 - Prob. 6DQ Ch. 10 - To match revenues and expenses properly, should...Ch. 10 - Prob. 8DQ 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 which the company should pay to the employees as extra salary over the entire year.

To journalize: Pension benefit.

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Chapter 10 Solutions