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Compute the short term employee expense

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Reference no: EM132995444

Problem - The employee records of Pies Company show the following salary and leave details for 2020 and 2021

Employee

Gabe

Vince

Steven

First employed

June 1, 2018

May 1, 2010

July 1, 2009

Annual Leave entitlement

24

24

24

Annual Salary

75000

80,000.00

70,000.00

Unused Leave, 12/31/20

10

14

12

Expected utilization rate

80%

90%

85%

Unused leave from 2020: 12/31/21

6

5

3

Required -

1. Assuming that the leave is accumulating and vesting:

a. Compute the liability for paid leave on December 31, 2020, and December 31, 2021.

b. Compute the short term employee expense for 2020.

c. Prepare journal entries to record the expense and liability in relation to the leave plans in 2020 and 2021.

2. Assuming that the leave is accumulating and non-vesting:

a. Compute the liability for paid leave on December 31, 2020, and December 31, 2021.

b. Compute the short term employee expense for 2020.

c. Prepare journal entries to record the expense and liability in relation to the leave plans in 2020 and 2021.

Reference no: EM132995444

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