loyees of NAM JEWELS LIMITED are each ent each year. Unused sick leave may be carried taken first out of the current year's entitlement ard from the previous year (a LIFO basis). ber 2019 the average unused entitlement is 2 d che basis of experience that is expected to cor than five days of paid sick leave in 2020 and an of six and a half days each. 2020 to restructure its workforce (which was in hat all employees of the age of 55, but below etire immediately should they choose to do so
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- 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 answerUnder 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 questionOn January 1, 2020, the entity began a program of granting Vacation days earned in 2020 may first be taken on January by each employee Problem 29-14 (IAA) P Surigao Company and are paid hourly. te re fu A Vacation days used Hourly Vacation days earned by each employee Year wage 150 15 2020 2021 200 15 13 2022 250 15 15 f I The entity has chosen to accrue the liability for compensated absences existing at the end of each year at the current wage rate for that year. 1. What is the vacation pay expense for 2020? a. 900,000 b. 800,000 c. 700,000 d. 2. What is the accrued liability on December 31, 2022? a. 1,700,000 b. 1,660,000 c. 1,360,000 d. 1,020,000
- 2 An entity provides 30 days of accumulating annual leave to all of its employees. The annual leave will continue to rollover for a period of 3 years if not taken in the first year. However, leave rolled-over to subsequent periods is not paid out in the event of employment termination at the request of the employee. At the end of the entity’s annual reporting period (31 December 2020), the entity notes the following: 2,000 employees have 16 days of 2020 annual leave on average per employee remaining Based on historical trend, 50% (8 days) of the outstanding leave is expected to be taken in the next twelve months and 25% (4 days) in each of the subsequent two years (4 days) in each of the subsequent two years Employees’ average salary is P70,000, with 10% increases expected per annum Turnover is expected to be 20% per annum Discount rate is 5% Average of 260 working days per annum The related accrued benefit obligation at December 31, 2020 is Group of answer choices P9,476,923…Under the assumption: Unused vacation leaves vest (accumulating and vesting), What amount should be reported as vacation pay expense In 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 answerInstructions Bettinghaus Corporation began business on January 2, 2019, with five employees. Its sick leave and vacation policy follows: Each employee is allowed 8 days of paid sick leave each year and one day of paid vacation leave for each month worked. The accrued vacation leave cannot be taken until the employee has been with the company 1 year. The sick leave, if not used, accumulates to an 18-day maximum. The vacation leave accumulates for 5 years, but at any time the employee may request additional compensation in lieu of taking paid vacation leave. The company records its liability for both compensated absences on a quarterly basis. The daily gross wages for each employee are $200. Required: 1. Prepare journal entries to record the liability for compensated absences for the first quarter of 2019. Assume no sick leave had been taken by the employees. 2. Prepare a partial interim balance sheet showing how the liability created in Requirement 1 would be reported on March 31, 2019.…
- 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 SOLUTION3 Assume the year is 2021. On March 15, Juneau Inc. pays each of 15 employees gross wages of $50,000. They withheld $123,300 FIT, $48,000 SIT, applicable FICA, and $200 union dues. FUTA is $140, SUI is $220. Prepare the following journal entries: a. Payment of employee salaries, including deductions. b. Juneau Inc. remits its payroll taxes. c. Juneau Inc. remits employee union dues.Problem 19-4 (IFRS) Compute the accrued liability for sick leave on December that employees are each entitled to 10 working days of no sick leave for each year. Unused sick leave may be carried forward for one calendar year only. Sick leave is taken out of any balance brought forward from the previous year and then out of the current year's entitlement on a FIFO basis. During 2020, the sick leave records of key-employees Aye, Bee and Cee are: Aye Bee Се Daily wage Unused şick leave on January 1, 2020 Sick leave earned in 2020 Sick leave taken in 2020 Wage increase effective January 1, 2020 2,500 6. 10 4,000 1,500 10 10 4 10 7 20% 25% 30% Required: 31, 2020 for the three key employees.
- An entity has 100 employees, who are each entitled to five (5) working days of paid sick leave for each year. Unused sick leave may be carried forward for one calendar year. Sick leave is taken first out of the current year's entitlement and then out of any balance brought forward from the previous year (a LIFO basis). At December 30, 20x1, the average unused entitlement is two days per employee. The entity expects, based on past experience which is expected to continue, that 92 employees will take no more than five days of paid sick leave in 20x2 and that the remaining 8 employees will take an average of six and a half days each. The average salary per day, per employee in 20x1 is P4,000 and it is not expected to change in 20x2. How much is the accrued salaries as of December 31, 20x1? Select the correct response: 208,000 24,000 48,000ABC Company grants all employees 2 weeks of paid vacation for each full year of employment. Unused vacation time can be accumulated and carried forward to succeeding years, and will be paid at the salaries in effect when vacations are taken or when employment is terminated. During 2020, there was no employee turnover. ABC granted a 10% across the board salary increase to all employees on October 1,2020, its annual salary increase date. Information relating to the year ended December 31,2020 follows: Liability for compensated absences, January 1 P 50,000 Accrued vacation taken from 1/1/20 to 9/30/20 (pre-2020 accruals) 40,000 Vacations earned for work in 2020, adjusted to current rates 40,000 How much is the vacation pay expense for the year 2020? What amount is reported as liability for vacation pay at ABC Company's December 31,2020 statement of financial position?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