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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
500
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