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S Ltd provides 5 days of sick leave to its employees. Throughout 20X1 the company had 100 employees. The leave is accumulating and vesting. The employees took a total of 450 days of sick leave, out of which 50 days relate to the unused sick leave of 20X0, during the year ended 31 December 20X1. The wage is $160 per day. The beginning balance of sick leave provision was $11,200.
Problem 1: How much sick leave expense S Ltd should report in the income statement for the year ended 31 December 20X1? Show the calculations.
Problem 2: How much sick leave provision, if any, the company should report in the statement of financial position as at 31 December 20X1?
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