Amount of liability for compensation

Reference no: EM13136988

M Corp. has an employee benefit plan for compensated absences that gives employees 15 paid vacation days. Vacation days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days. At December 31, 2009, M's unadjusted balance of liability for compensated absences was $30,000. M estimated that there were 200 vacation days available at December 31, 2009. M's employees earn an average of $150 per day. In its December 31, 2009, balance sheet, what amount of liability for compensated absences is M required to report?

a) $ 0.

b) $ 30,000.

c) $225,000.

d) $450,000.

Reference no: EM13136988

Questions Cloud

What amount of this debt should be eliminated : Raxston currently owes Kordel $500,000 for inventory acquired over the past few months. In preparing consolidated financial statements, what amount of this debt should be eliminated?

Why is the income assigned to noncontrolling interest treat : Why is the income assigned to noncontrolling interest treated as a deduction in computing consolidated net income?

Methods for solving rational expectations models : Identify three methods for solving rational expectations models and using your chosen method, find the rational expectations solution for prices (p) and output (y).

Find required sample size in order to meet desired accuracy : The clinic estimates that the true population standard deviation is around $2,100. If the confidence level is 95%, find the required sample size in order to meet the desired accuracy.

Amount of liability for compensation : At December 31, 2009, M's unadjusted balance of liability for compensated absences was $30,000. M estimated that there were 200 vacation days available at December 31, 2009. M's employees earn an average of $150 per day. In its December 31, 2009, ..

Find probability of no accidents in flight operations : Flying over the western states with mountainous terrain in a small aircraft is 40% riskier than flying over similar distances in flatter portions of the nation. Find the probability of no accidents in 100,000 flight operations.

What bad debt expense should the company report : Atlantic Animation Corporation has aged its accounts receivable and estimated uncollectible accounts as follows (in thousands). What bad debt expense should the company report for the current period?

Personal accomplishment statement for pursuing graduate : an example of a personal accomplishment statement for pursuing graduate studies.

Statement characterizing an operating lease : Which of the following statements characterizes an operating lease?

User Account

All Pages