User Account

All Pages

Prepare the appropriate adjusting entry for vacations

Assignment Help Accounting Basics
Reference no: EM13995108

On January 1, 2011, Poplar Fabricators Corporation agreed to grant its employees two weeks' vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2011, Poplar Fabricators' employees each earned an average of $900 per week. Seven hundred vacation weeks earned in 2011 were not taken during 2011.

Required:

1. Prepare the appropriate adjusting entry for vacations earned but not taken in 2011.

2. Suppose that, by the time vacations actually are taken in 2012, wage rates for employees have risen by an average of 5 percent from their 2011 level. Also, assume wages earned in 2012 (including vacations earned and taken in 2012) were $31 million. Prepare a journal entry that summarizes 2012 wages and the payment for 2011 vacations taken in 2012. 

Reference no: EM13995108

Questions Cloud

Appropriate adjusting entry for vacations earned : Prepare the appropriate adjusting entry for vacations earned but not taken in 2011.
How to get basic understanding of indian tax law : How do one learn Indian Tax law or at least how to get basic understanding of Indian tax law ?
If dot product & cross product of two vectors are same then : If dot product & cross product of two vectors are same then find out the angle between them.
What do you mean by international tax : What do you mean by International Tax ? Whether there is any separate law for such International tax ?
Prepare the appropriate adjusting entry for vacations : Prepare the appropriate adjusting entry for vacations earned but not taken in 2011.
Myrna and geoffrey filed a joint tax return : Myrna and Geoffrey filed a joint tax return in 2014. Their AGI was $88,325, and itemized deductions were $15,200, which included $12,160 in state income tax. In 2015, they received a $7,296 refund of the state income taxes that they paid in 2014. The..
Taxes are filed in the us largely on the honor system : Taxes are filed in the US largely on the honor system.  The IRS "matches" a number of major documents such as W-2s, mortgage interest, interest and dividend income, etc.
Determine the liability for gift certificates to be reported : What is the appropriate classification (current or noncurrent) of the liabilities at December 31, 2011? Why?
Most tax-friendly states in the u.s. : Texas was mentioned as an example of that scenario. Also, the majority of states allow municipalities and counties to add additional taxes such as sale levies to be combined with states sales taxes, which add up to 10% in some places (Block, 2015).

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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