On January 1, 2021, G Corporation agreed to grant all its employees two weeks paid vacation...
On January 1, 2021, G Corporation agreed to grant all its employees two weeks paid vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2021, G's employees each earned an average of $860 per week. A total of 600 vacation weeks earned in 2021 were not taken during 2021. Wage rates for employees rose by an average of 5 percent by the time vacations actually were taken in 2022. What is the amount of G's 2022 salaries expense related to 2021 vacation time?
Multiple Choice
- $25,800.
- $516,000.
- $541,800.
- $0.
Homework Answers
Answer :-
The correct answer is - $25,800
Explanation -
Given,
G's employees earned average of $860 per week.
Total vacation week in 2021 wew not taken - 600 week
Total salary expense of G corporation = $760 per week × 600
Total salary expenses = $516,000
If Wage rates for employees rose by an average of 5 percent
The amount of G's 2022 salaries expense = Total salary expenses × wage rate
The amount of G's 2022 salaries expense = $516,000 × 5%
The amount of G's 2022 salaries expense = $25,800
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On January 1, 2021, G Corporation agreed to grant all its
employees two weeks paid vacation...
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PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
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