Prepare the information to process termination payment

Assignment Help Financial Accounting
Reference no: EM132787299

Question - Richard Gray presented a resignation letter to his manager on 2 June 2019. Information extracted from his employment contract states that he started working for Little Pear Administration Pty Ltd on 13 August 2002 and he is entitled to four weeks annual leave per year. His last day will be on 30 June 2019.

After talking to Richard's manager, you find out the following information:

2018-19 taxable income is $88,400.00

The annual leave balance is 6 weeks

No long service leave has been taken (NSW LSL legislation is applicable)

He will receive an ETP in the form of gratuity of $147,900.

Little Pear ensures that its payroll policies and procedures for the organisation meet all relevant legislative requirements.

Prepare the information to process the employment termination payment, by filling in the tables below (show your workings). Ensure compliance and termination procedures are being followed.

Reference no: EM132787299

Questions Cloud

How much is the correct profit before tax for the year : During 2023, the company sustained a loss of P400,000 because of flood, which destroyed its inventory. How much is the correct profit before tax for the year
Define health care organization market entry strategy : Identify a minimum of one factor that affects a health care organization market entry strategy. You must include the internal and external environments.
Prepare the journal entry to record the issuance of bonds : On May 1, 2020, Carla Vista Corp. issued $600,000, %9, 5-year bonds at face value. Prepare the journal entry to record the issuance of bonds
Identify and describe the potential threats to independence : Johns and Johns has been approached by a new client, Hadley Constructions Limited (Hadley Constructions) identify and describe potential threats to independence
Prepare the information to process termination payment : He will receive an ETP in the form of gratuity of $147,900. Prepare the information to process the employment termination payment
Link between e-cigarettes and inflammation in gut : Given what you've learned about inflammation, were you surprised by the link between e-cigarettes and inflammation in the gut?
Prepare the entries to record the lease : Determine the rate implicit in the lease. Prepare the entries to record the lease and the first lease payment on the books of the lessor and lessee
Compute the net gain that is amortized in each of year : The average remaining service life per employee in 2010 is 12 years, and in 2011 it is 10 years. Compute net gain/loss that amortized in each of the 2 years
Describe some leadership styles and traits : Describe some leadership styles and traits that would make you the ideal candidate for an executive position in a health care organization.

Reviews

Write a Review

Financial Accounting Questions & Answers

  How much is advertising expense to be recorded

Equally distributed during the course of the year. How much is advertising expense to be recorded by Mr. Pamath for the year ended December 31, 2011

  Make the cash flows from operating activities section

Make the cash flows from operating activities section of the statement of cash flows for Clear Transmissions Company using the direct method.

  Inventory turnover increases-average sales period decreases

As the inventory turnover increases, the average sales period decreases. A high price-earnings ratio means that investors are willing to pay a premium for the company's stock. Issuing common stock will decrease a company's financial leverage

  Prepare adjusting entry at december to accrue estimate cost

Prepare the adjusting entry at December 31 to accrue the estimated warranty cost.In 2015 warranty contract honored in 50 units, prepare the journal entry.

  Compare the different types of corporation

Compare the different types of corporation. Determine when advisable to form a certain type of corporation. Differentiate between issued shares and outstanding

  Compute what is the pre-tax cost of the company debt

Compute What is the pre-tax cost of the company debt if weighted average costs of the company is 13.5% and the firm's tax rate is 35 percent?

  Common stock

Common Stock, 60,000 Shs. Issued and Outstanding, No Par 2,200,000

  What the difference in the required returns for hri and lri

Market falls to 10.5%, and all betas remain constant. After all of these changes, what will be the difference in the required returns for HRI and LRI?

  Prepare the entry to record the exchange of assets by global

Prepare the entry to record the exchange of assets by Global Co. Prepare the entry to record the exchange of assets by Rijo Inc.

  Discuss loses eligibility to receive social services

termination is when a client leaves an institution for some reason or loses eligibility to receive social services

  Solve company implied enterprise value according to the dcf

What are the next steps in this analysis, now that you've calculated the company's implied Enterprise Value according to the DCF?

  What amount of compensation expense should be recognized

What amount should be recognized as accrued liability for share appreciation rights of December 31, 2019? What amount of compensation expense recognized

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