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This is a question about the Employee Benefits-LSL. Thank you !
Pirate Ltd employs 5 staff. Each staff member is entitled to 20 days annual leave per annum. Leave loading of 17.5% is paid when the leave is taken. At 1 July 2013 the balance in the provision for annual leave account was $20 303.
Details of each employees leave entitlement at 30 June 2014 are as follows:
Employee
Salary
Days owing @ 1/7/13
Days taken during year
Jo Bird
$65 000
17
22
Bill Brown
$70 000
5
12
Ben Fit
$85 000
24
18
Greg Horn
$62 500
3
15
Lou Hamilton
$90 000
9
26
There are 260 work days in a year. On 1 July each year all employees receive a 5% wage rise. There are no other wage rises given during the year.
1. What is the closing balance in the provision for annual leave account at 30 June 2014?
2. On 31 December 2013 Hugh Tackman left the company and was paid out his untaken leave entitlements. Hugh had 12 days leave owing at 1 July 2013 and took 4 days leave between 1 July and 31 December 2013. His salary at the time of his departure was $140 000.
There are 260 work days in a year. On 1 July each year all employees receive a 3% wage rise. There are no other wage rises given during the year.
What was the gross entitlement owing to Hugh on 31 December 2013?
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