Salaries and wages payable Salaries and wages payable is a payment made to an employee for completion of work allocated by the company. Gross pay is evaluated by using normal hours worked by the employee with wages rate. Vacation Pay Liability Vacation pay is an estimated cost of the company which should be allocated over the entire year. For example: If an employee works 50 weeks, he can earn 2 weeks’ ( 52 weeks – 50 weeks ) extra salary as a vacation pay. The percentage of vacation pay will be 4% ( 2 weeks vacation 50 weeks work × 100 ) . To prepare: The journal entry to record vacation benefits expense for the period as on Jan 31.

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Answer 1

Question

Chapter K, Problem 3BE

To determine

Salaries and wages payable

Salaries and wages payable is a payment made to an employee for completion of work allocated by the company. Gross pay is evaluated by using normal hours worked by the employee with wages rate.

Vacation Pay Liability

Vacation pay is an estimated cost of the company which should be allocated over the entire year. For example: If an employee works 50 weeks, he can earn 2 weeks’ $(52 weeks – 50 weeks)$ extra salary as a vacation pay. The percentage of vacation pay will be 4% $(2 weeks vacation50 weeks work×100)$ .

To prepare: The journal entry to record vacation benefits expense for the period as on Jan 31.

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Answer 2

Question

Chapter K, Problem 3BE

To determine

Salaries and wages payable

Salaries and wages payable is a payment made to an employee for completion of work allocated by the company. Gross pay is evaluated by using normal hours worked by the employee with wages rate.

Vacation Pay Liability

Vacation pay is an estimated cost of the company which should be allocated over the entire year. For example: If an employee works 50 weeks, he can earn 2 weeks’ $(52 weeks – 50 weeks)$ extra salary as a vacation pay. The percentage of vacation pay will be 4% $(2 weeks vacation50 weeks work×100)$ .

To prepare: The journal entry to record vacation benefits expense for the period as on Jan 31.

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Answer 3

Question

Chapter K, Problem 3BE

To determine

Salaries and wages payable

Salaries and wages payable is a payment made to an employee for completion of work allocated by the company. Gross pay is evaluated by using normal hours worked by the employee with wages rate.

Vacation Pay Liability

Vacation pay is an estimated cost of the company which should be allocated over the entire year. For example: If an employee works 50 weeks, he can earn 2 weeks’ $(52 weeks – 50 weeks)$ extra salary as a vacation pay. The percentage of vacation pay will be 4% $(2 weeks vacation50 weeks work×100)$ .

To prepare: The journal entry to record vacation benefits expense for the period as on Jan 31.

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Answer 4

Question

Chapter K, Problem 3BE

To determine

Salaries and wages payable

Salaries and wages payable is a payment made to an employee for completion of work allocated by the company. Gross pay is evaluated by using normal hours worked by the employee with wages rate.

Vacation Pay Liability

Vacation pay is an estimated cost of the company which should be allocated over the entire year. For example: If an employee works 50 weeks, he can earn 2 weeks’ $(52 weeks – 50 weeks)$ extra salary as a vacation pay. The percentage of vacation pay will be 4% $(2 weeks vacation50 weeks work×100)$ .

To prepare: The journal entry to record vacation benefits expense for the period as on Jan 31.

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Answer 5

Chapter K, Problem 3BE

To determine

Salaries and wages payable

Salaries and wages payable is a payment made to an employee for completion of work allocated by the company. Gross pay is evaluated by using normal hours worked by the employee with wages rate.

Vacation Pay Liability

Vacation pay is an estimated cost of the company which should be allocated over the entire year. For example: If an employee works 50 weeks, he can earn 2 weeks’ $(52 weeks – 50 weeks)$ extra salary as a vacation pay. The percentage of vacation pay will be 4% $(2 weeks vacation50 weeks work×100)$ .

To prepare: The journal entry to record vacation benefits expense for the period as on Jan 31.

Answer 6

Chapter K, Problem 3BE

To determine

Salaries and wages payable

Salaries and wages payable is a payment made to an employee for completion of work allocated by the company. Gross pay is evaluated by using normal hours worked by the employee with wages rate.

Vacation Pay Liability

Vacation pay is an estimated cost of the company which should be allocated over the entire year. For example: If an employee works 50 weeks, he can earn 2 weeks’ $(52 weeks – 50 weeks)$ extra salary as a vacation pay. The percentage of vacation pay will be 4% $(2 weeks vacation50 weeks work×100)$ .

To prepare: The journal entry to record vacation benefits expense for the period as on Jan 31.

Answer 7

Chapter K, Problem 3BE

To determine

Salaries and wages payable

Salaries and wages payable is a payment made to an employee for completion of work allocated by the company. Gross pay is evaluated by using normal hours worked by the employee with wages rate.

Vacation Pay Liability

Vacation pay is an estimated cost of the company which should be allocated over the entire year. For example: If an employee works 50 weeks, he can earn 2 weeks’ $(52 weeks – 50 weeks)$ extra salary as a vacation pay. The percentage of vacation pay will be 4% $(2 weeks vacation50 weeks work×100)$ .

To prepare: The journal entry to record vacation benefits expense for the period as on Jan 31.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. K - Prob. 1Q Ch. K - Prob. 2Q Ch. K - Prob. 3Q Ch. K - Prob. 4Q Ch. K - Prob. 5Q Ch. K - Prob. 6Q Ch. K - Prob. 7Q Ch. K - Prob. 8Q Ch. K - Prob. 9Q Ch. K - Prob. 10Q

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Chapter K Solutions