FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Tom works for Hot Chicken Ltd. He receives an annual salary of $80 000. He is also entitled to four weeks’ annual leave and to a leave loading of 17.5 per cent.
Required:
- What will be the cost of annual leave to his employer? What amount will be kept aside for covering this cost on weekly basis? Provide the weekly
journal entry at the end of each week. - Provide journal entry if Tom takes three (3) weeks of annual leave.
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