Reference no: EM132809815
Gavin Co. grants all employees two 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. There was no employee turnover in 20X6.
Additional information relating to the year ended December 31, 20X6, is as follows:
Liability for accumulated vacations at 12/31/X5 ?35,000
Pre-20X6 accrued vacations taken from 1/1/X6 to 9/30/X6 (the authorized period for vacations) 20,000
Vacations earned for work in 20X6 (adjusted to current rates) 30,000
Problem 1: Gavin granted a 10% salary increase to all employees on October 1, 20X6, its annual salary increase date. For the year ended December 31, 20X6, Gavin should report vacation pay expense of
a. 45,000
b. 33,500
c. 31,500
d. 30,000
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