Reference no: EM133166359
Question - Mckinley Company grants all employees two weeks paid vacation for each full year of employment. Unused vacation time can be accumulated and carried forward to succeeding years, and will be paid at the salaries in effect when vacations are taken or when employment is terminated. There was no employee turnover in 2020. Additional information relating to the year ended December 31, 2020, is as follows:
Liability for accumulated vacations at 12/31/19 P500,000
Pre-2020 accrued vacations taken from 1/ 1/20 - 9/30/20 300,000
Vacations earned for work in 2020 (adjusted to current rates) 400,000
Mckinley granted a 10% salary increase to all employees on October 1, 2020, its annual salary increase date.
Required -
(a) How much is the vacation pay expense for the year ended December 31, 2020?
(b) What amount is reported as liability for accumulated vacations at December 31, 2020?
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