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Mayford Ltd commenced operations on 1 July 2016 and has one employee:
Annette James. During the year ended 30 June 2017, Annette was paid $2,000 per week (an annual salary of $104,000). Her only weekly deductions were $600 for PAYG tax instalments. Annette has an entitlement to four weeks' annual leave each year and a 17.5% annual leave loading. The annual leave is accumulating and vesting. During the year ended 30 June 2017, Annette took one week's annual leave. The PAYG tax deducted for this week was $705. Mayford Ltd provides Annette with 13 weeks' long-service leave (LSL) after 10 years of continuous service. The following information in relation to Annette is available for the year ended 30 June 2018: Projected salary when long-service leave vests: $180,000 Years of service to date: 2 years Probability that Annette remains for the vesting period: 25% The government bond rate with a period to maturity of 8 years: 4% The total long-service leave liability as at 30 June 2017: $700
Problem (a) Explain how the journal entries would be different if the annual leave was:
Accumulating and non-vesting. Non-accumulating and non-vesting.
Problem (b) Prepare the journal entry for the year ended 30 June 2018 to provide for the long-service leave for Annette James.
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