Solution-Compensated absence-vacation pay

Compensated absence-vacation pay

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Reference no: EM13553478

Compensated Absence-Vacation Pay

General Aviation Company employs six people. Each employee is entitled to three weeks' paid vacation every year the employee works for the company. The conditions of the paid vacation are (a) for each full year of work, an employee will receive three weeks of paid vacation (no vacation accrues for a portion of a year), (b) each employee will receive the same pay for vacation time as the regular pay in the year taken, and (c) unused vacation pay can be carried forward. Based on the following data, compute the liability for vacation pay as of December 31, 2008.

		Cumulative Vacation Taken	Weekly
Employee	Starting Date	as of December 31, 2008	Salary
Marci Clark	December 21, 2001	14 weeks	$850
Bradford Sayer	July 17, 2005	5 weeks	725
Sorena Williams	April 8, 2007	None	650
Jonathan Beecher	December 17, 2000	18 weeks	800
Brian Giles	July 17, 2006	1 week	450
Dale Murphy	May 31, 2008	None	500

Reference no: EM13553478

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Compensated absence-vacation pay

Reference no: EM13553478

Reference no: EM13553478

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