Prepare all possible general and adjustment entries

Assignment Help Financial Accounting

Reference no: EM132792355

Question - To illustrate accrued vacation time and accrued vacation pay let's assume that the employee's contract guarantees 120 hours of paid vacation time per year. If the employee's hourly pay rate is $30 per hour, or $70 per week. The company is also incurring vacation pay expense and a liability of $70 per week. In terms of vacation time, the employee is earning 2.31 hours of vacation time each week. At December 31 the company has a liability for the vacation hours and vacation pay that the employee has earned and is entitled to if the company were to close. If the employee has worked 20 weeks since the employee's anniversary date with the company and the last vacation payment, then the company should report a current liability of $1,500. Prepare all possible general and adjustment entries?

Reference no: EM132792355

Questions Cloud

Globalization affected different world regions : How has globalization affected different world regions? What are some of the benefits and costs of globalization for different sectors of society?

Summarize the physical changes that occur in children : Summarize the physical changes that occur in children during this age and the factors that influence those changes. Include a comparison of males versus females

Evidence of powerful brain training effects : Convince participants that video games will have the opposite effect (i.e., hurt their cognitive abilities) so any improvement would be evidence of powerful

What amount will common stockholders get for dividends : The dividends are five years in arrears. A declares that it will distribute $800,000 dividends this year. What amount will common stockholders get for dividends

Prepare all possible general and adjustment entries : If the employee's hourly pay rate is $30 per hour, or $70 per week. Prepare all possible general and adjustment entries

Thinking about growing diversity of the students in teachers : Are teachers happy or dissatisfied with what they can do to engage all of their students? How do diversity issues and school policies influence fulfillment or u

Discuss trauma and its effects upon development : Discuss trauma and its effects upon development. Discuss trauma and resilience, how trauma affects development, and what might be the determining factors

What is the cost of sale after closing over applied overhead : This amount did not include under applied or over applied factory overhead. What is the cost of sale after closing the under / over applied overhead

Calculate the percentage increase in production : You are given the following information for Bolux Milling (Pty) Ltd, for the year ending December 2018. Calculate the percentage increase in production

User Account

All Pages