Question
In: Accounting
A business provides its employees with varying amounts of vacation per year, depending on the length...
A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's vacation pay is $42,000.
a. Journalize the adjusting entry required on January 31, the end of the first month of the current year, to record the accrued vacation pay.
b. How is the vacation pay reported on the company's balance sheet?
c. When is this amount removed from the company's balance sheet?
Solutions
Expert Solution
1. Vacation pay expense Dr. 3500
Vacation pay payable 3500
2. It is recorded at the company's balance sheet as the accrued liablilty at the liabilities portion.
3. The amount will be removed once the vacation pay is paid and is debited to income account.
ekkarill92 answered 2 years agoRelated Solutions
A business provides its employees with varying amounts of vacation per year, depending on the length...
A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year’s vacation pay is $63,600.
Required:
A.
Journalize the adjusting entry required on January 31, the end of the first month of the current year, to record the accrued vacation pay. Refer to the Chart of Accounts for exact wording of account titles.
B.
How is the vacation pay reported on the company’s balance sheet?...
Calculator Instructions A business provides its employees with varying amounts of vacation per year, depending on...
Calculator Instructions A business provides its employees with varying amounts of vacation per year, depending on the length of employment estimated amount of the current year's vacation pay is $40,800. Required: a. Journalize the adjusting entry required on January 31, the end of the first month of the current year, to record the accrued vacation pay Refer to the Chart of Accounts for exact wording of account titles b. How is the vacation pay reported on the company's balance sheet? When is this...
Martin Services Company provides its employees vacation benefitsand a defined contribution pension plan. Employees earned...
Martin Services Company provides its employees vacation benefits
and a defined contribution pension plan. Employees earned vacation
pay of $48,000 for the period. The pension plan requires a
contribution to the plan administrator equal to 5% of employee
salaries. Salaries were $500,000 during the period.a. Provide the journal entry for the vacation pay.b. Provide the journal entry for the pension
benefit.
HK Limited has 100 employees. Each employee earns two weeks of paid vacation per year. Vacation...
HK Limited has 100 employees. Each employee earns two weeks of
paid vacation per year. Vacation time not taken in the year earned
can be carried over to two calendar years. Paid leave is first
taken out of the balance brought forward from the previous year and
then out of the current year’s entitlement (a FIFO basis). During
2019, 30 employees took both weeks’ vacation, but at the end of the
year, 70 employees had vacation time carryover as follows:...
HK Limited has 100 employees. Each employee earns two weeks of paid vacation per year. Vacation...
HK Limited has 100 employees. Each employee earns two weeks of
paid vacation per year. Vacation time not taken in the year earned
can be carried over to two calendar years. Paid leave is first
taken out of the balance brought forward from the previous year and
then out of the current year’s entitlement (a FIFO basis). During
2019, 30 employees took both weeks’ vacation, but at the end of the
year, 70 employees had vacation time carryover as follows:...
Survey of 85 company employees shows that the mean length of the Christmas vacation was 4.5...
Survey of 85 company employees shows that the mean length of the
Christmas vacation was 4.5 days, with a standard deviation of 1.2
days. Construct a 92% confidence interval for the population mean
length of vacation [5 points]. Interpret the results using complete
sentences. [5 points]
The vice-president of administration at your company wonders whether employees are taking adequate amounts of vacation...
The vice-president of administration at your company wonders
whether employees are taking adequate amounts of vacation time.
Employee burnout is a concern. Research suggests that an employee
taking less than 1.4 weeks of vacation annually is very likely to
experience burnout. You are asked to analyze the employee vacation
data and conduct a hypothesis test with the following results:
t = 2.93
p = 0.0084
What factors should the vice-president consider in determining
the presence of employee burnout?Do employees ta...
Employees earn vacation pay at the rate of one day per month. During the month of...
Employees earn vacation pay at the rate of one day per month.
During the month of June, 10 employees qualify for one vacation day
each. Their average daily wage is $150 per day. Which of the
following is the necessary adjusting journal entry to record the
June vacation benefits?
Vacation Destinations offers its employees the option of contributing up to 7% of their salaries to...
Vacation Destinations offers its employees the option of
contributing up to 7% of their salaries to a voluntary retirement
plan, with the employer matching their contribution. The company
also pays 100% of medical and life insurance premiums. Assume that
no employee's cumulative wages exceed the relevant wage bases.
Payroll information for the first biweekly payroll period ending
February 14 is listed below.
Wages and salaries
$ 850,000
Employee contribution to voluntary retirement
plan
35,700
Medical insurance premiums paid...
Vacation Destinations offers its employees the option of contributing up to 6% of their salaries to...
Vacation Destinations offers its employees the option of
contributing up to 6% of their salaries to a voluntary retirement
plan, with the employer matching their contribution. The company
also pays 100% of medical and life insurance premiums. Assume that
no employee's cumulative wages exceed the relevant wage bases.
Payroll information for the first biweekly payroll period ending
February 14 is listed below. Wages and salaries $ 1,300,000
Employee contribution to voluntary retirement plan 54,600 Medical
insurance premiums paid by employer...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Asteroids can be classified into two broad groups based on their composition and location: carbon-rich asteroids...
- 5._____ Which of the following statements about MBO is FALSE? A) It compares quantifiable target goals...
- Trust, or lack of trust, is an increasingly important issue in today’s organizations.71 In today’s uncertain...
- In this programming assignment, you will write C code that performs recursion. For the purpose of...
- Suppose you purchase one WM May strike=102 call contract at $5 and write one WM May...
- The three call options issued by Tesla Inc are listed below. Suppose that the current price...
- 1. Explain why times of economic distress caused classical liberalism to fall out of favor.
ADVERTISEMENT