Prepare journal entries to recognize appropriate provision

Assignment Help Accounting Basics
Reference no: EM133099357

Question - Ikitau Enterpries ltd (Ikatau) manufactures dog bowls and employs two staff, Andrew and Suying.

At the end of the 30 June 2020 each employee has 3 weeks (15 days) of sick leave accumulated and they each receive $4000 per week. Andrews sick leave is accumulating and vesting while Suyings is accumulating but not vesting. The company expects employees Andrew and Suying to take 4 days off their 2019-2020-year sick leave in 2020-2021. Prepare journal entries to recognize the appropriate provision at 30 June 2020.

Reference no: EM133099357

Questions Cloud

What would be the budgeted cash disbursements for purchase : A company is planning to purchase inventory for resale costing $70,000 in October, $90,000 in November, What would be budgeted cash disbursements for purchase
What can we glean about ruth character from the text : What can we glean about Ruth character from the text?
Conduct an ethical assurance analysis : The aim of this assignment is to conduct an ethical assurance analysis to ensure research integrity. You should be able to explain the ethical assurance stateme
Explain the unethical business practice : Identify and explain the unethical business practice examined.
Prepare journal entries to recognize appropriate provision : Andrews sick leave is accumulating and vesting while Suyings is accumulating but not vesting. Prepare journal entries to recognize appropriate provision
Historical summary of the organization : Provide a brief historical summary of the organization.
Violation of ethical behavior : Reflect on ethical standards and why this practice was a violation of ethical behavior.
Determine the fairness of punishment : Determine the fairness of punishment. Explain your rationale using ethical theory, as found in the literature, to justify your rationale for the punishment's fa
Examples of good mission statements : Explain what a mission should be with 2 examples of good mission statements. Identify the mission statement of a publicly-traded company and critically examine

Reviews

Write a Review

Accounting Basics Questions & Answers

  Product-cost cross-subsidization problem

Product-cost cross-subsidization is more likely to occur when:

  Should your firm purchase the farm to subdivide

If the rezoning is successful in the next year, your firm will subdivide the land in the second year. Should your firm purchase the farm to subdivide

  Sufficient understanding and reliable evidence

Auditors should understand the five components of internal control that are sufficient to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and to design the nature, timing, and extent of further ..

  Resendes refiners inc processes sugar cane that it

resendes refiners inc. processes sugar cane that it purchases from farmers. sugar cane is processed in batches. a batch

  What is the budgeted contribution margin per composite unit

What is the budgeted contribution margin per composite unit for the actual mix? What is the budgeted contribution margin per composite unit

  At the end of the year x company had sold 64600 units of

at the end of the year x company had sold 64600 units of its regular product for 897940. a company offered to buy 4850

  How is your experience in the investment game

Give a summary report of your investment performance justifying each buy or sell you made. How is your experience in this investment game related.

  Calculate the total estimated bad debts

Rianna.com uses the allowance method of accounting for bad debts. The company produced the following aging of the accounts receivable at year-end.

  Calculate the amount of gross profit reported by corporation

Unearned Revenue $42,000. Calculate the amount of gross profit reported by A9-jY Corporation in its 2029 income statement

  What is the amount of gain or loss on redemption

Bonds Payable has a balance of $855,000 and Discount on Bonds Payable has a balance of $29,070. What is the amount of gain or loss on redemption

  Calculate the premium or discount on the bonds

On July 1, 2020, X Company issued bonds with a face value of $5,185,000 due in 5 years. Calculate the premium or discount on the bonds

  Make the journal entry to record the costs

Carlson Company incurred the following manufacturing overhead costs during the month of June 2010. Prepare the journal entry to record the costs

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!

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