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 $422,000, including $6,800 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.

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 $422,000, including $6,800 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.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 6MC

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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…
MullerB Company's employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately, meaning an employee is entitled to the pay even if employment terminates. During 2024, total salaries paid to employees equaled $717,100, including $7,100 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 adjusting entries have been made for the vacations. View transaction list 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. Journal entry worksheet Record the adjusting entry for vacations earned. Note: Enter debits before credits. You received partial credit in the previous attempt. Transaction 1 General Journal Saved Salaries expense Liability compensated future…
JWS Transport Company's employees earn vacation time at the rate of 1 hour per 30-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 $419,000, including $9,500 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.) View transaction list View journal entry worksheet No 1 Event 1 General Journal Debit 10,650 Credit 10,650
JWS Transport Company’s employees earn vacation time at the rate of 1 hour per 45-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 $422,000, including $3,500 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.
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 $428,000, including $4,000 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.) View transaction list Journal entry worksheet > Record the adjusting entry for vacations earned but not taken in 2021. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry…
Here 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…
J Company’s employees earn vacation time at the rate of two hours per 40-hour work period. The vacation pay vests immediately, meaning an employee is entitled to the pay even if employment terminates. During 2020, total wages paid to employees equaled P8,260,000 including P180,000 for vacations actually taken in 2020 but not including vacations related to 2020 that will be taken in 2021. All vacations earned before 2020 were taken before January 1, 2020. No accrual entries have been made for the vacations. What amount should be reported as vacation pay liability on December 31, 2020?
Gonzalez Co. accrues the liability for vacation pay at the rate of pay in effect when the compensated time is earned. Gonzalez has 90 employees who all work 8-hour days. The employees earn 12 paid vacation days per year. They may take those vacation days any time after the year in which the days are earned. Information about the rates of pay, vacation days earned, and vacation days used for 2020, 2021, and 2022 is as follows: Year Hourly wages Vacation days earned by each employee Vacation days used by each employee 2020 $30.00 12 0 2021 $31.00 12 9 2022 $32.00 12 12 What amount should Gonzalez present on its December 31, 2022 balance sheet as its liability for vacation pay?
JWS Transport Company’s employees earn vacation time at the rate of 1 hour per 40-hour work period. Thevacation pay vests immediately (that is, an employee is entitled to the pay even if employment terminates). During2018, total wages paid to employees equaled $404,000, including $4,000 for vacations actually taken in 2018but not including vacations related to 2018 that will be taken in 2019. All vacations earned before 2018 weretaken before January 1, 2018. No accrual entries have been made for the vacations. No overtime premium and nobonuses were paid during the period.Required:Prepare the appropriate adjusting entry for vacations earned but not taken in 2018.
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 answer
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
Silver Ltd. has 35 employees who work 8-hour days and are paid hourly. On January 1, 2020, the company began a program of granting its employees 10 days paid vacation each year. Vacation days earned in 2020 may be taken starting on January 1, 2021. Information relative to these employees is as follows: Hourly Vacation Days Earned Vacation Days Used Year Wages by Each Employee by Each Employee 2020 $12.90 10 2021 13.50 10 8 2022 14.25 10 10 Silver has chosen to accrue the liability for compensated absences (vacation pay) at the current rates of pay in effect when the vacation pay is earned. What is the amount of vacation pay expense that should be reported on Silver's income statement for 2020? O $36,120 O $0 O $37,800 O $34,440