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How much should gold report as a liability at december

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Reference no: EM132761012

Question - All of the GOLD Company's employees are entitled to two weeks of paid vacation for each full year in GOLD's employ. Unused vacation can be accumulated and carried forward to succeeding years and will be compensated at the salary in effect when the vacation is taken. Felicia started her employment with GOLD on January 1, 2014. As of December 31, 2020, when Felicia's salary was P5,000 per week, Felicia had used 10 weeks of her accumulated vacation time. In December 2020, Felicia notified GOLD of Felicia's intention to use her accumulated vacation weeks in June 2021. GOLD regularly scheduled salary adjustments in July of each year. GOLD properly did not deduct compensation for unused vacations in Fellicia's 2020 income tax return.

Required - How much should GOLD report as a liability at December 31, 2020 for Felicia's accumulated vacation time?

a. 10,000

b. None

c. 20,000

d. 5,000

Reference no: EM132761012

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