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What amount is reported as liability for vacation pay

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Question - ABC Company grants all employees 2 weeks of paid vacation for each full year of employment. Unused vacation time can be accumulated and carried forward to succeeding years, and will be paid at the salaries in effect when vacations are taken or when employment is terminated. During 2020, there was no employee turnover. ABC granted a 10% across the board salary increase to all employees on October 1, 2020, its annual salary increase date. Information relating to the year ended December 31, 2020 follows:

Liability for compensated absences, January 1 P 50,000

Accrued vacation taken from 1/1/20 to 9/30/20 (pre-2020 accruals) 40,000

Vacations earned for work in 2020, adjusted to current rates 40,000

1. What amount is reported as liability for vacation pay at ABC Company's December 31, 2020 statement of financial position?

2. How much is the vacation pay expense for the year 2020?

Reference no: EM132904032

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