Reference no: EM132632595

Question - Massey Ltd has 10 employees who are each paid $500 per week for a 5-day working week (i.e. $100 per day). Employees are entitled to 5 days of accumulating non-vesting sick leave each year. At 1 July 2021, the accumulated sick leave brought forward from the previous year was 10 days in total. During the year ended 30 June 2022, employees took 35 days of paid sick leave and 10 days of unpaid sick leave. One employee resigned at the beginning of the year. At the time of her resignation she had accumulated 5 days of sick leave. It is estimated that 60% of the unused sick leave will be taken during the following year and that the remaining 40% will not be taken at all.

Required - What is the balance of Provision for Sick Leave as at 30 June 2022?