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 listRequired: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 worksheetRecord the adjusting entry for vacations earned.Note: Enter debits before credits.You received partial credit in the previous attempt.Transaction1General JournalSavedSalaries expenseLiability compensated future absences▼Debit10,150Credit10,150He

As per dual concept of accounting, every transaction has dual impact on the books of…

MullerB Company's employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately, heaning an employee is entitled to the pay even if employment terminates. During 2024, total salaries paid to employees equaled 6717,100, 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. 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.

MullerB Company's employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately, heaning an employee is entitled to the pay even if employment terminates. During 2024, total salaries paid to employees equaled 6717,100, 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. 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Jon Corp. has an employee benefit plan for compensated absences that gives each employee 10 paid vacation days and 10 paid sick days. Both vacation and sick days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days; however, no payment is given for sick days not taken. At December 31, 2021, Jon 's unadjusted balance of liability for compensated absences was $42,000. B estimated that there were 300 total vacation days and 150 sick days available at December 31, 2021. Jon's employees earn an average of $200 per day. In its December 31, 2021, balance sheet, what amount of liability for compensated absences is B required to report? A. $60,000. B. $84,000. C. $90,000. D. $144,000. D. 9.7%.
Complete ALL requirements and ROUND ALL AMOUNTS TO NEAREST DOLLAR
Aron and Nora Company grant all employees 2 weeks paid vacation for each full year of employment. Unused vacation time can be accumulated and carried forward to succeeding years and paid when vacations are taken or upon termination of employment. No employees resigned during the year.The following information is also available: Liability for accumulated vacations on January 1, 2020: 400,000 Pre-2020 accrued vacations used during January 1 – September 30, 2020 250,000 Vacations earned during 2019 based on current rate 300,000 The entity granted a 10% salary increase to all employees on October 1, 2020. What amount should be reported as vacation pay expense for the year ended December 31, 2020?
In January 2023, Carla Vista Ltd. estimated that its year-end bonuses to executives for calendar 2023 would be $1050000. In February 2023, $945000 was paid in bonuses for the 2022 year end. The estimate for 2023 is subject to year-end adjustment. How much bonus expense should be reflected in Carla Vista's interim income statement for the three months ended March 31, 2023? O $262500 O $236250 $1050000 O $945000
The employees of UMPISA NA NG KALBARYO COMPANY are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar years 2018 and 2019 are as follows. On December 31, 2019, what amount should the company report as accrued salaries payable? a. P100,000 b. P94,000 c. P82,000 d. P35,000
Ivanhoe Company has 60 employees who work 8-hour days and are paid hourly. On January 1, 2025, the company began a program of granting its employees 10 days of paid vacation each year. Vacation days earned in 2025 may first be taken on January 1, 2026. Information relative to these employees is as follows: Hourly Year Wages Vacation Days Earned by Each Employee Vacation Days Used by Each Employee 2025 $27.50 10 0 2026 29.50 10 8 2027 32.50 10 10 Ivanhoe has chosen to accrue the liability for compensated absences at the current rates of pay in effect when the compensated time is earned. What is the amount of the accrued liability for compensated absences that should be reported at December 31, 2027?
Garland incorporated offers a new employee a single-sum sining bonus at the date of employment, june 1,2024. Alternatively, the employee can receive $42,000 at the date of employment plus 13,000 each june 1 for four years, beginning in 2007. Assuming the employee's time value of money is 8% annually, what single amount at the employment date would make the option desirable? A. $50,187 B.$78,915 C.$52,915 D.$76,187
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 plagiarism
hsl.6
Crane Inc. has an annual unlimited vacation policy for its employees and the eligibility requirement is to be an employee of the company. Crane has 40 employees with average annual salaries of $50400. Crane expects its employees to take vacation evenly during the year. In the previous year, its employees took on average 4 weeks of vacation. How much vacation liability should be on the balance sheet at June 30, 2025? O $168000 O $336000 O $0 O $84000
Ryan Ltd commenced operations on 1 July 2019 and has one employee: Joe Hirsch. During the year ended 30 June 2021, Joe was paid $1,700 per week (an annual salary of $88,400). His only weekly deductions were $600 for PAYG tax instalments. Joe has an entitlement to four weeks’ annual leave each year and a 17.5% annual leave loading. The annual leave is accumulating and vesting. During the year ended 30 June 2021, Joe took one week of annual leave. The PAYG tax deducted for this week was $700. Joe also has an entitlement to 10 days sick leave each year. The sick leave is non-accumulating and non-vesting. During the year ended 30 June 2021, Joe took three days’ sick leave. Ryan Ltd provides Joe with 13 weeks of long-service leave (LSL) after 10 years of continuous service. The following information in relation to Joe is available for the year ended 30 June 2021: Projected salary when long-service leave vests: $200,000 Years of service to date:…
Beginning 2019, Maigo and Maika Company grant 15 days of vacation a year to each of the 100 employees if they are still employed at the end of the year. The vacation accumulates and may be taken starting January 1 of the following year. The employees work 8 hours a day. The rate for all employees during 2019, 2020, and 2021 are P70, P75 and P80 per hour, respectively. During 2020 and 2021, the employees each used an average of 5 and 8 vacation days, respectively. The entity’s policy is to record the liability existing at the end of each year at the wage rate for the current year. 1. What amount should be reported as vacation liability on December 31, 2019, 2020 and 2021?2. What amount should be reported as vacation pay expense on December 31, 2019, 2020, and 2021, respectively?