Compensated Absences. Data: Poplar Fabrication grants its employees 2 weeks vacation each year. Unused are taken the next year. In 2024 there were700 weeks of unused vacation. The employees earned an average wage of $900 per week. In 2025 the 700 weeks were taken with a 5 Percent wage increase. Required: 1. Prepare the Journal entry for vacation weeks earned, but not taken in 2024. Prepare the journal entry for the vacation weeks taken in 2025. ( hint 5% raise)
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Compensated Absences. Data: Poplar Fabrication grants its employees 2 weeks vacation each year. Unused are taken the next year. In 2024 there were700 weeks of unused vacation. The employees earned an average wage of $900 per week. In 2025 the 700 weeks were taken with a 5 Percent wage increase.
Required: 1. Prepare the
- Prepare the journal entry for the vacation weeks taken in 2025. ( hint 5% raise)
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- Prepare journal entries to record the following transaction: Ulta Inc. allows each employee to earn 15 paid vacation days each year with full pay. Unused vacation time can be carried over to the next year. By the end of 2020, three employees carried over to 2021 a total of 20 vacation days, which is represented 2020 salary of $6,000The City of Greensboro provides its employees two weeks of paid vacation per year. As of December 31, 65 employees have earned two weeks of vacation time each to be taken in the following year. If the average weekly salary for these employees is $900, what is the required journal entry to accrue compensated absences? Debit Salaries and Wages Expense for $58500 and credit Salaries and Wages Payable for $58500. Debit Salaries and Wages Expense for $117000 and credit Salaries and Wages Payable for $117000. No journal entry required. O Debit Salaries and Wages Payable for $116495 and credit Salaries and Wages Expense for $116495.Jerome Company has 35 employees who work 8 hours a day and are paid hourly.On January 1, 2018, the entity began a program of granting the employees 10 days ofpaid vacation each year. Vacation days earned in 2018 may first be taken on January 1,2019.Year Hourly wage Vacation daysearned by eachemployee Vacation days usedby each employee2018 129 10 02019 135 10 82020 142.50 10 1015. What is the vacation pay expense for 2018?a. 0b. P361,200c. P378,000d. P344,40016. What is the accrued liability on December 31, 2020?a. P474,600b. P453,600c. P399,000d. P478,800 17. What is the accrued liability on December 31, 2020 assuming the policy is to accrueliability at the end of each year at the wage rate for that year?a. P474,600b. P453,600c. P399,000d. P478,800 Provide SOLUTION
- Under the assumption: Unused vacation leaves do not vest (accumulating and non-vesting), What amount should be reported as vacation pay expense in 2020? * ABC Corp allows each employee to earn 15 days of paid vacation leave per year. Unused vacation leave can be carried up to two years from the year there were eamed, thereafter it shall expire. The company has 50 employees (assumed have been employed throughout 2019 and 2020) with an average salary of P900 per day. Salary rates increased by 10% in 2020. According to past experience, 75% of allowed leaves to be carried-forward are ultimately exercised by the employees. Total leave vacation taken by employees during 2019 and 2020 were 400 days and 480 days, respectively. Your answerHere is the problem from the book: JWS Transport Company’s employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately (that is, an employee is entitled to the pay even if employment terminates). During 2021, total salaries paid to employees equaled $413,000, including $5,000 for vacations actually taken in 2021 but not including vacations related to 2021 that will be taken in 2022. All vacations earned before 2021 were taken before January 1, 2021. No accrual entries have been made for the vacations. No overtime premium and no bonuses were paid during the period.Required:Prepare the appropriate adjusting entry for vacations earned but not taken in 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) I know the debit will be Salaries Expense and Liability-Compensated future absences for the credit account. I do not know how to figure out the dollar amount of vacations…Oriole provides its employees two weeks of paid vacation per year. As of December 31, 70 employees have earned two weeks of vacation time to be taken the following year. If the average weekly salary for these employees is $920, what is the required journal entry to accrue compensated absences? Debit Salaries and Wages Payable for $128295 and credit Salaries and Wages Expense for $128295. No journal entry required. Debit Salaries and Wages Expense for $128800 and credit Salaries and Wages Payable for $128800. Debit Salaries and Wages Expense for $64400 and credit Salaries and Wages Payable for $64400.
- Under the assumptlon: Unused vacation leaves vest (accumulating and vesting), What Is the balance of llablity for compensated absences for the year ended December 31, 20207 ABC Corp allows each employee to earn 15 days of paid vacation leave per year. Unused vacation leave can be carried up to two years from the year there were earned, thereafler it shall expire. The company has 50 employees (assumed have been employed throughout 2019 and 2020) with an average salary ofP900 per day. Salary rates increased by 10% in 2020. According to past experience, 75% of allowed leaves to be carried-forward are ultimately exercised by the employees. Total leave vacation taken by employces during 2019 and 2020 were 400 days and 480 days, respectively. Your answerHIJ 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. 3,000,000Charlet Company has 35 employees who work 8 hour a day and are paid hourly. On January 1, 2019, the company began a program of granting its employees 10 days paid vacation each year. Vacation days earned in 2019 may first be taken on January 1, 2020. Information relative to these employees is as follows:Year Hourly Wages Vacation Days Earned by EachEmployee Vacation Days Used by EachEmployee2019 P 12.90 10 None2020 13.50 10 82021 14.25 10 10Charlet has chosen to accrue the liability for compensated absences at the current rates of pay in effect when the compensated time is carried. 1. What is the amount of expense relative to compensated absences that should be reported on Charlet’s income statement for 2020? 2. What is the amount of the accrued liability for compensated absences that should be reported at December 31, 2021?
- JWS Transport Company's employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately (that is, an employee is entitled to the pay even if employment terminates). During 2024, total salaries paid to employees equaled $421,000, including $6,600 for vacations actually taken in 2024 but not including vacations related to 2024 that will be taken in 2025. All vacations earned before 2024 were taken before January 1, 2024. No accrual entries have been made for the vacations. No overtime premium and no bonuses were paid during the period. Required: Prepare the appropriate adjusting entry for vacations earned but not taken in 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 Record the adjusting entry for vacations earned but not taken in 2024. Note: Enter debits before credits. Event 1 Record entry General Journal Clear…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 plagiarismUnder the assumptlon: Unused vacation leaves vest (accumulating and vesting), What is the balance of llabillity for compensated absences for the year ended December 31, 2019? * ABC Corp allows each employee to earn 15 days of paid vacation leave per year. Unused vacation leave can be carried up to two years from the year there were earned, thereafter it shall expire. The company has 50 employees (assumed have been employed throughout 2019 and 2020) with an average salary of P900 per day. Salary rates increased by 10% in 2020. According to past experience, 75% of allowed leaves to be carried-forward are ultimately exercised by the employees. Total leave vacation taken by employees during 2019 and 2020 were 400 days and 480 days, respectively. Your answer O This is a required question