Homework Answers
| Answer | |||
| Transaction | Account Title | Debit | Credit |
| 1 | Wages exp(700*$900) | $ 6,30,000 | |
| Liability - Compensated future absencse | $ 6,30,000 | ||
| ( adjusting entry for vacations earned not taken in 2021 ) | |||
| 2 | Liability - Compensated future absencse | $ 6,30,000 | |
| Wages exp( 630000*5%) | $ 31,500 | $ 6,61,500 | |
| Cash | |||
| ( payment of 2021 vacation taken in 2022 ) | |||
| Wages exp | $ 3,10,00,000 | ||
| Cash | $ 3,10,00,000 | ||
| ( Payment of salaries of 2022) | |||
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Exercise 13-5 (Static) Paid future absences (LO13-3) On January 1, 2021, Poplar Fabricators Corporation agreed to...
On January 1, 2021, Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation...
On January 1, 2021, Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2021, Poplar Fabricators' employees each earned an average of $900 per week. Seven hundred vacation weeks earned in 2021 were not taken during 2021. Required: 1. Prepare the appropriate adjusting entry for vacations earned but not taken in 2021. 2. Suppose that,...
2.On January 1, 2021, Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation...
2.On January 1, 2021, Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2021, Poplar Fabricators’ employees each earned an average of $900 per week. Seven hundred vacation weeks earned in 2021 were not taken during 2021. Required: 1. Prepare the appropriate adjusting entry for vacations earned but not taken in 2021. 2. Suppose that,...
On January 1, 2021, Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation...
On January 1, 2021, Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2021, Poplar Fabricators’ employees each earned an average of $900 per week. Six hundred vacation weeks earned in 2021 were not taken during 2021. Required: 1. Prepare the appropriate adjusting entry for vacations earned but not taken in 2021. 2. Suppose that,...
Solve Required 1 and 2 Exercise 13-5 Paid future absences [L013-3 On January 1,2018, Poplar Fabricators...
Solve Required 1 and 2
Exercise 13-5 Paid future absences [L013-3 On January 1,2018, Poplar Fabricators Corporation agreed to grant its employees two weeks n vacation each year, with the stipulation vacations earned eoch year can be taken the following year. For the year ended December 31,2018, Poplar Fabricators employees each earned an average of $850 per week. Sik hundred vacation weeks earned In 2018 were not taken during 2018 . Prepare 2. Suppose that, by the time vacations from...
On January 1, 2016, Poplar Fabricators Corporation agreed to grant its employees two weeks' vacation each...
On January 1, 2016, Poplar Fabricators Corporation agreed to grant its employees two weeks' vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2016, Poplar Fabricators' employees each earned an average of $900 per week. Seven hundred vacation weeks earned in 2016 were not taken during 2016. Required: 1. Prepare the appropriate adjusting entry for vacations earned but not taken in 2016. (If no entry is...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU! Exercise 13-5 (Algo) Pald...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
Exercise 13-5 (Algo) Pald future absences [LO13-3] On January 1, 2021. Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2021, Poplar Fabricators employees each earned an average of $800 per week. Eight hundred vacation weeks earned in 2021 were not taken during...
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...
On January 1, 2016, Yukon Company agreed to grant its employees two weeks vacation each year,...
On January 1, 2016, Yukon Company agreed to grant its employees two weeks vacation each year, with the provision that vacations earned in a particular year could be taken the following year. For the year ended December 31, 2016, all twelve of Yukon's employees earned $1,200 per week each. Eight of these vacation weeks were not taken during 2016. In Yukon's 2016 income statement, how much expense should be reported for compensated absences? Multiple Choice $0 $9,600 $14,400 $28,800
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU! Exercise 13-4 (Algo) Pald...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
Exercise 13-4 (Algo) Pald future absences [LO13-3] JWS Transport Company's employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately (that is, an employee is entitled to the pay even if employment terminates). During 2021, total salaries paid to employees equaled $421.000, including $5,000 for vacations actually taken in 2021 but not including vacations related to 2021 that will...
Exercise 13-3 Shamrock Company began operations on January 2, 2016. It employs 9 individuals who work...
Exercise 13-3
Shamrock Company began operations on January 2, 2016. It employs 9
individuals who work 8-hour days and are paid hourly. Each employee
earns 9 paid vacation days and 6 paid sick days annually. Vacation
days may be taken after January 15 of the year following the year
in which they are earned. Sick days may be taken as soon as they
are earned; unused sick days accumulate. Additional information is
as follows.
Actual Hourly
Wage Rate
Vacation Days...
On January 1, 2021, Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2021, Poplar Fabricators' employees each earned an average of $900 per week. Seven hundred vacation weeks earned in 2021 were not taken during 2021. Required: 1. Prepare the appropriate adjusting entry for vacations earned but not taken in 2021. 2. Suppose that,...
Solve Required 1 and 2
Exercise 13-5 Paid future absences [L013-3 On January 1,2018, Poplar Fabricators Corporation agreed to grant its employees two weeks n vacation each year, with the stipulation vacations earned eoch year can be taken the following year. For the year ended December 31,2018, Poplar Fabricators employees each earned an average of $850 per week. Sik hundred vacation weeks earned In 2018 were not taken during 2018 . Prepare 2. Suppose that, by the time vacations from...
On January 1, 2016, Poplar Fabricators Corporation agreed to grant its employees two weeks' vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2016, Poplar Fabricators' employees each earned an average of $900 per week. Seven hundred vacation weeks earned in 2016 were not taken during 2016. Required: 1. Prepare the appropriate adjusting entry for vacations earned but not taken in 2016. (If no entry is...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
Exercise 13-5 (Algo) Pald future absences [LO13-3] On January 1, 2021. Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2021, Poplar Fabricators employees each earned an average of $800 per week. Eight hundred vacation weeks earned in 2021 were not taken during...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
Exercise 13-4 (Algo) Pald future absences [LO13-3] JWS Transport Company's employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately (that is, an employee is entitled to the pay even if employment terminates). During 2021, total salaries paid to employees equaled $421.000, including $5,000 for vacations actually taken in 2021 but not including vacations related to 2021 that will...
Exercise 13-3
Shamrock Company began operations on January 2, 2016. It employs 9
individuals who work 8-hour days and are paid hourly. Each employee
earns 9 paid vacation days and 6 paid sick days annually. Vacation
days may be taken after January 15 of the year following the year
in which they are earned. Sick days may be taken as soon as they
are earned; unused sick days accumulate. Additional information is
as follows.
Actual Hourly
Wage Rate
Vacation Days...
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