User Account

All Pages

Employees to accumulate vacation leave and to receive

Assignment Help Accounting Basics
Reference no: EM13872573

Sophie County allows its employees to earn 10 days of vacation leave every year. It also allows employees to accumulate vacation leave and to receive cash for up to 20 days of leave on termination or retirement. Sophie annual appropriations for salaries include salaries plus a provision for cashed- out vacation leave payments to be made to those who are likely to retire during the year. However, Sophie does not make an appropriation for the accumulating vacation leave liability. In its government wide financial statements for the year ended December 31, 2012, Sophie reported a liability of $ 215,000 for the accumulating vacation leave liability. Sophie finance officer estimated this liability to be $ 285,000 as of December 31, 2013. Prepare journal entries needed to adjust Sophie 2013 fund financial statements so government wide statements can be prepared.

Reference no: EM13872573

Questions Cloud

Write a paper english language development : There are four domains in English Language Development (ELD): reading, writing, listening, and speaking, as described in Chapter 2 of your text. In this assignment, you will research the four domains and find effective instructional strategies uti..
Research on appropriate grouping strategies for students : For this task, begin by conducting your own research on appropriate grouping strategies for students with special needs. Write a paper to address the following points: Grouping with similar ability-peers when important for learning (examples: reading..
Describe the rise or fall in the equilibrium price : Describe the rise or fall in the equilibrium price and quantity
How this error would effect the amounts ofcost of goods sold : Repeat M7-16, except assume the 2015 ending inventory was over stated by $ 100,000. Refer M7-16 Assume the 2015 ending inventory of Shea's Shrimp Shack was understated by $ 10,000. Explain how this error would affect the amounts reported for cost of ..
Employees to accumulate vacation leave and to receive : Sophie County allows its employees to earn 10 days of vacation leave every year. It also allows employees to accumulate vacation leave and to receive cash for up to 20 days of leave on termination or retirement
Determine the fair value of the warranty liability for sales : Determine the fair value of the warranty liability for the sales made in 2013. Use expected cash flow and present value techniques. Use an annual discount rate of 6%.
A company incurs the following costs : A company incurs the following costs, which may be capital expenditures or operating expenditures.
Create a gouraud light model : Create a Gouraud light model - Experiment with the different component of light and create a camera class that will enable the user to manipulate the camera.
Determining the initial speed : A proton (mass m = 1.67 x 10-27 kg) is being accelerated along a straight line at 3.6 x 1015 m/s2 in a machine. If the proton has an initial speed of 2.4 x 107 m/s and travels 3.5 cm, what then is?

Reviews

Write a Review

Accounting Basics Questions & Answers

  On january 1 a company issues bonds dated january 1 with a

on january 1 a company issues bonds dated january 1 with a par value of 400000. the bonds mature in 5 years. the

  The e company had the following records net sales 200000

the e company had the following records net sales 200000. beginning inventroy 13000. net purchases 45000. ending

  Calculate the amount of net profit with the use of

calculate the amount of net profit with the use of following figures sales 10000units selling price 10 per unit

  Describe the relationship among the accounting process

1. what do we mean when we say that accounting is a means rather than an end?2. accounting is sometimes described as

  Jonathan amp pamela reedus are the owners of a retail

internal control implementation is an important part of managers role and responsibility. garrison et al. state that

  States income from the redemption

which has very large E&P, distributes $540,000 in redemption of 300 shares of XYZ Company stock from Ed's estate. What is the estate's income from the redemption?

  Which of the following isnt one of the activities shown on

which of the following is not one of the activities shown on the statement of cash flows? accounting activities

  Company issued 200000 shares of common stock for 15 per

1. company issued 200000 shares of common stock for 15 per share. the par value of each share is 5.2. company issued

  A corporation had 20000 shares of 10 par value common

a corporation had 20000 shares of 10 par value common stock outstanding on jan 10. later that day the board of

  Cigars requiere 80000 in separable costs while chewing

western corp. produces two products cigars and chewing tobacco from a joint process involving the processing of tobacco

  Explain why the bird-in-the-hand explanation

All else being equal, when the capital gains tax rate is less than an investor's personal marginal tax rate would the individual prefer that the firm issue dividends or allow the share price to appreciate? Why?

  Disadvantages of accrual accounting

What are advantages of public firms reporting to investors using an accrual and not a cash approach? What are the disadvantages?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd