over the next 8 years according to current employee contracts. The present value of the total payments is equal to $96,500. What is the amount of the liability recognized on the company's year-end balance sheet dated December 31, 2020?

Under vacatlon leave cannot be carrled over next year (non-accumulating), 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 answer

Mullen Company pays its employees every other Friday, December 31, 2020, was a Sunday. On Friday, January 5, 2021, Mullen paid wages of $147,000, which covered the 14-day period from December 20, 2020, through January 2, 2021. Wages were eamed evenly across all days, including Saturdays and Sundays. Employee income taxes withheld for this payroll period totaled $17,185, while the FICA tax withheld was $13,300. (Ignore the employer payroll taxes in this exercise.) Prepare the entry to accrue the company's wages and payroll taxes at December 31, 2020. (Assume the $147,000 in wages was the gross amount of the payroll. Record debits first, then credits. Exclude explanations from any journal entries.) Dec Date 2020 31 Salary Expense Salary Payable Journal Entry Accounts Employee Income Tax Payable FICA Tax Payable Y Debit Credit

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 $6,000

Marie earns $557.69 weekly. The company has approved a 2% increase retroactive to January 1, 2023. 20 pay periods have been processed in the current year. Calculate Marie's gross earnings for the next pay period, including the current salary and the retroactive increase. This will be paid on one cheque.

On August 31, 2016, ABC Co offered an early retirement package to employees who have rendered at least 20 years of service to the company. The termination package consisted of the following: Lump-sum payment based on December 31 2016 monthly salary level times the number of years in service. Periodic future annual payments based on 50% of December 31, 2016, monthly salary level to be received every December 31 starting on December 31, 2018, and end in the year prior to the commencement of the regular pension, which is on the 30th year from the employment of the employee. A complimentary watch with an estimated fair value of 85,000 as of August 31, 2016, subject to availability of its cash equivalent, will be given to employees with at least 25 years of service in the company. Medical benefits package costing currently at 15,000 and expected to increase by 10% every year. The medical coverage will end on the 30th year from the employment of the employee, which is the commencement of…

On January 1, 2019, FrankKeating Company decided to grant its employees 10 vacation days and five sick days each year. Vacation days are earned can be carried over to the next year but not sick days. Each employee took an average of four sick days in 2019. During the year, each of Mike’s sixty employees earned P300 per day (increases by 5% each year) and had three unused vacation pays as of yearend.   How much is the Vacation Pay Expense?   How much is the Sick Pay Expense?   How much is the Liability for Compensated Absences?

Global Enterprises, Inc. signed a one-year $42,000 note payable at 8% inerest on April 1, 2025. If Global only adjusts it's accounts once a year at year end, how much interest expense was accrued on December 31, 2025?

An employee has $75 withheld from each monthly paycheck that is deposited in an account. The account earns 12% interest annually, and the interest is compounded monthly. Assuming the employee makes deposits for two and a half years, determine the total account balance on the date of the final deposit.

On December 31 (the end of the fiscal year), Ramesh Company received the PBO report from the actuary. The following information was included in the report: ending PBO, $112,000; benefits paid to retirees, $14,500; interest cost, $8,800. The discount rate applied by the actuary was 10%. What was the beginning PBO?