3-a. The appropriate statement of financial position presentation in 20X5 for the vacation carryover balances. Answer is complete but not entirely correct. Provision for compensated absences by $ 62,400 Increases 3-b. How would the vacation time carried over from 20X5 affect the retained earnings? 2 Retained earnings would have > Answer is not complete. decreased by
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1.
The question 1 and 2 are already answered. I need help in question 3a and 3b only. Do not give me different answers for 1 and 2 as they are already correct, for 3a and 3b only. This is my 3rd time to post this question but not getting the right answer.
Thank you for your help!
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Solved in 3 steps
- ANOMALOUS IRREGULAR Co. grants its employees twelve days paid vacation leave each year. Per ANOMALOUS's policy, employees are required to take vacation leave each year, but not necessarily for their entire vacation leave entitlement. Vacation leaves not taken during a year can be carried over indefinitely. ANOMALOUS has 500 employees with an average salary of P4,000 per day. The average annual pay increase is 5%. During 20x1, total vacation leaves taken by employees were 5,400 days. Based on past experience, 90% of unused vacation leave for a year are taken in the immediately following year. If the unused vacation leaves vest, how much should ANOMALOUS accrue as liability for unused vacation leave on December 31, 20x1?HIJ Company provided employees with entitlement to two weeks of paid vacation leave. During the current year, all employees earned 1,500 weeks of vacation leave and used 1,000 weeks. Current salary of employees is P3,000 per week and this is expected to increase by P300 per week or a future weekly salary of P3,300 by next year. Vacation leaves used are charged to expense using the current salary while vacation leaves unused are accrued at year-end using the future salary. How much is the vacation pay expense if the benefit is accumulating and vesting? a. 4,650,000 b. 4,500,000 c. 4,950,000 d. 3,000,000RIZAL CORP. grants its employees 10 days of paid vacation leave per year. Per company's policies, employees are required to take vacation leave each year but not necessarily to take the whole vacation leave credits each year. Vacation leaves not taken during a year can be carried over indefinitely. RIZAL CORP. has 400 employees with an average salary of P800 per day. There is an average increase in salary of 5% every year. During 2018, total leave vacation taken by employees were 3,200 days. Based on past experience, 80% of unused vacation leave for a year are taken immediately next year. If the unused vacation leaves do not vest, what amount should be reported as vacation pay expense in 2018? 3,097,600 3,232,000 3,200,000 2,560,000 O
- Bush Enterprises International BEI hires 10,000 employees. Each employee earns twenty days of paid vacation per calendar year. Up to five days of this may be carried forward and taken in the following vear but cannot be carried forward any further. Employees are not paid for any vacations they do not take. As at December 31, 2022, 9,130 employees had used their full vacation entitlement for 2022. The remaining employees are carrying forward an average of 3 days each and they are all expected to use these vacation days. Half of the employee group earn $300 per day and the other half work 8 hour days and earn $15 per hour and this is representative of those who still have leftover vacation earned. What amount of liability for accrued vacation pay should appear in the company's balance sheet at December 31, 2022 ? a. $548,100 b. $783.000 c. $913,500 d. $313,200 e. None of the above Plz answer fast without plagiarismA company grants employees 8 sick days per year. Sick days may be used as soon as they are earned and unused days may be carried over to the following year. Sick time is paid at the rate in effect when the days are taken, but are accrued at the rate in effect when they are earned. The following information pertains to the 20 employees of the company, who each work 8-hour days: Year Pay rate Sick days earned/employee Sick days taken/per employee 2020 $15.00 8 5 2021 17.00 8 7 a. Prepare the journal entry to record the sick pay earned in 2020. b. Prepare the journal entry to record sick days taken in 2020. c. Determine the liability for sick pay that the company would report on 12/31/20. d. Prepare the journal entry to record the sick pay earned in 2021. e. Prepare the journal entry to record sick days taken in 2021. f. Determine the liability for sick pay that the company would report on 12/31/21..Blossom Co. began operations on January 2, 2020. It employs 13 people who work 8-hour days. Each employee earns 10 paid vacation days annually. Vacation days may be taken after January 10 of the year following the year in which they are earned. The average hourly wage rate was $18 in 2020 and $19.00 in 2021. The average vacation days used by each employee in 2021 was 9. Blossom Co. accrues the cost of compensated absences at rates of pay in effect when earned.Prepare journal entries to record the transactions related to paid vacation days during 2020 and 2021
- Lister Company currently gives its employees their pay at the end of each week. Lister’s weekly payroll totals $500,000. If Lister extends the pay period so as to pay its employees one week later throughout an entire year, the employees would in effect be "lending" the firm how much for the year?Zennia Company provides its employees with varying amounts of vacation per year, depending on their length of employment. The estimated amount of the current year’s vacation cost is $135,000. On December 31, the end of the current year, the current month’s accrued vacation pay isBear Island Ltd Has A Weekly Payroll Of $300 000. The Employees Receive Entitlements To Two Weeks’ Sick Leave Per Year. The Sick-Leave Entitlements Are Classified As Non-Vesting. Past Experience, And Experience Within The Industry, Suggest That 60 Per Cent Of Employees Will Use Their Full Two Weeks’ Entitlement Each Year; 20 Per Cent Of Employees Will Take This problem has been solved! See the answer Bear Island Ltd has a weekly payroll of $300 000. The employees receive entitlements to two weeks’ sick leave per year. The sick-leave entitlements are classified as non-vesting. Past experience, and experience within the industry, suggest that 60 per cent of employees will use their full two weeks’ entitlement each year; 20 per cent of employees will take one week’s sick leave each year; and 10 per cent of employees will take one day’s sick leave each year. REQUIRED a) Calculate the expected annual sick-leave expense for Bear Island Ltd (on the basis of average salaries). b) Provide the…
- Employees of Robert and Jesse Company are entitled to two weeks of paid vacation leave. In 2018, the employees earned 100 weeks of vacation leaveand used 70 weeks. On the average, the employees are paid P 2,000 per week and the salary is expected to increase by P 200 per week next year.1. If the benefits were accumulating and vesting, the vacation pay expense and liability shall be2. If the benefits were NONaccumulating and NONvesting, the vacation pay expense and liability shall beA union contract specifies that each worker will receive a 5% pay increase each year for the next 30 years. One worker is paid $35,000 the first year. What is this person’s total lifetime salary over a 30-year period?A short time later, the production workers won a new 3-year union contract that granted them an immediate 40 -per-hour wage increase, plus an additional 25 -per-hour wage increase in years 2 and 3. Assume that in future years, a 25 -per-hour wage increase will be granted. (a) By how much does the present worth of replacing one production employee increase? Assume an interest rate of 8%, a single 8-hour shift, and 250 days per year. (b) What are the ethical issues of replacing workers with advanced technologies from the firm’s, the workers’, and society’s perspective?