What is the amount of the accrued liability

Assignment Help Accounting Basics
Reference no: EM132454119

Problem - Vargas Company has 35 employees who work 8-hour days and are paid hourly. On January 1, 2009, the company began a program of granting its employees 10 days of paid vacation each year. Vacation days earned in 2009 may first be taken on January 1, 2010. Information relative to these employees is as follows:

Year

Hourly Wages

Vacation Days Earned by Each Employee

Vacation Days Used by Each Employee

2009

$25.80

10

0

2010

27.00

10

8

2011

28.50

10

10

Vargas has chosen to accrue the liability for compensated absences at the current rates of pay in effect when the compensated time is earned. What is the amount of the accrued liability for compensated absences that should be reported at December 31, 2011?

Reference no: EM132454119

Questions Cloud

Write an analytical essay : Write an Analytical Essay - study on money markets and its operations in Oman or Role of Capital Market Authority in the development of financial Systems
Discuss a ritual that a spots player will do before a game : Is this done purely for superstition or does the player believe in magic? Can be hypothetical player does not need to be a known individual.
Why do you think you are being targeted : Why do you think you are being targeted? In other words try and reflective on what is motivating society's persecution of you and other witches.
How does social class affect the way individuals : How does social class affect the way individuals are perceived and handled in this society as it relates to juvenile delinquency?
What is the amount of the accrued liability : Vargas Company has 35 employees who work 8-hour days. What is the amount of the accrued liability for compensated absences that should be reported at December
Critical competency for public health workers : The ability to identify credible sources of public health data is a critical competency for public health workers.
Racial differences in juvenile justice processing : Discuss the racial differences in juvenile justice processing. (250 words, cite sources, Juvenile Delinquency Class)
Implementing technology for cost saving-efficiency : With regard to labor, are companies always justified in implementing technology for cost saving and efficiency?
What is literature review : What is literature review?What is a thematic literature review? What is the format for literature reviews?Discuss How is a literature review different

Reviews

Write a Review

Accounting Basics Questions & Answers

  What would be the balance of the deferred tax asset

What would be the balance of the deferred tax asset or deferred tax liability as at 30 June 2018

  During the current period department a finished and

during the current period department a finished and transferred 50000 units to department b. of the 50000 units 20000

  Calculate the equivalent units for direct materials

Calculate the cost per equivalent unit for direct materials, Calculate the equivalent units for direct materials

  Prepare journal entries for the preceding transactions

07/08-31 Paid cash expenses: employee salaries, $1,700; office rent, $1,000; utilities,$300. Prepare journal entries for the preceding transactions

  Non-controlling interest share of consolidated net income

Race decided to use the equity method to account for this investment. What was the non-controlling interest's share of consolidated net income?

  What factors should your client consider before introducing

What factors should your client consider before introducing the product into the marketplace

  Calculate the overhead rate

In a service organization, accounting charges overhead to jobs based on hours worked on the job. Actual overhead incurred is $15,000.

  What are some key factors to consider in deciding

You have a client considering plans for transferring her wealth over the next five to ten years. Given the uncertainty in this area of the tax code, what are some key factors to consider in deciding whether to accelerate transfers into 2012 or del..

  Calculate the annual rate of return on the project

Pierre's Hair Salon is considering opening a new location in French Lick, California. Calculate the annual rate of return on the project

  Compute book value per share for nokia

Financial information for Nokia Corporation (www.nokia.com) follows.

  Share-based compensation plans to employees

Vacaro Corporation provides a variety of share-based compensation plans to its employees. Under its executive stock option plan, Vacaro granted options on January 1, 2009, that permit executives to acquire 20 million of the company's $1 par common..

  Discuss a good or a bad experience as an employee

Identify an instance where you had either a good or a bad experience as an employee or volunteer

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