Homework Answers
Ans:
Answer:
The adjusting entry is as follows:
|
Transaction |
General Journal |
Debit |
Credit |
|
1 |
Salaries and Wages expenses Dr. |
$ 4,600 |
|
|
To liability - Compensated future absences |
$ 4,600 |
||
|
(To record adjusting entry for vacations earned but not taken) |
Working Note:
Total Non- Vacation wages in 2021= Total wages paid to employees in 2021 - Total Vacation wages paid in 2021
= $414,000 - $4500
= $409,500
Vacation pay earned in 2021 = Total Non- vacation wages x 1 hour/45 hour work period
= $409,500 x 1/45
= $9100
Vacation pay carried over = Vacation pay earned in 2021 - Vacation pay taken in 2021
= $9100 - $4500
= $4600
Add Answer to:
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Muller Company's employees eam vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately meaning an employee is entitled to the pay even if employment terminates. During 2021, total salaries paid to employees equaled 5848.400, including $8,400 for vacations actually taken in 2021 but not including vacations related to 2021 that will be taken in 2022 Al vacations earned before 2021 were taken before January 1, 2021 No accrual entries have been made...
ure SECTION 3 Liabilities and Shareholders' Equity JWS Transport Company's employees earn vacation time at the...
ure SECTION 3 Liabilities and Shareholders' Equity JWS Transport Company's employees earn vacation time at the rate of 1 hour per 40-hour work periodu vacation pay vests immediately (that is, an employee is entitled to the pay even if employment terminates), Dari 2021, total salaries paid to employees equaled $404,000, including $4,000 for vacations actually taken in 2001 but not including vacations related to 2021 that will be taken in 2022. All vacations earned before 2021 were taken before January...
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...
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, 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...
JWS Transport Company's employees earn vacation time at the rate of 1 hour per 45-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 $425,000, including $6,500 for vacations actually taken in 2021 but not including vacations related to 2021 that will be taken in 2022. All vacations earned before 2021 were taken before January 1, 2021. No accrual entries have...
JWS Transport Company's employees earn vacation time at the rate of 1 hour per 35-hour work period. The vacation pay vests immediately (that is, an employee is entitled to the pay even if employment terminates). During 2018, total wages paid to employees equaled $416,000, including $3,000 for vacations actually taken in 2018 but not including vacations related to 2018 that will be taken in 2019. All vacations earned before 2018 were taken before January 1, 2018. No accrual entries have...
Mullers Company's employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests Immediately meaning an employee is entitled to the pay even If employment terminates. During 2021, total salaries paid to employees equaled $909,000, including $9,000 for vacations actually taken in 2021, but not including vacations related to 2021 that will be taken in 2022 All vacations earned before 2021 were taken before January 1, 2021. No accrual entries have been made...
Muller Company's employees eam vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately meaning an employee is entitled to the pay even if employment terminates. During 2021, total salaries paid to employees equaled 5848.400, including $8,400 for vacations actually taken in 2021 but not including vacations related to 2021 that will be taken in 2022 Al vacations earned before 2021 were taken before January 1, 2021 No accrual entries have been made...
ure SECTION 3 Liabilities and Shareholders' Equity JWS Transport Company's employees earn vacation time at the rate of 1 hour per 40-hour work periodu vacation pay vests immediately (that is, an employee is entitled to the pay even if employment terminates), Dari 2021, total salaries paid to employees equaled $404,000, including $4,000 for vacations actually taken in 2001 but not including vacations related to 2021 that will be taken in 2022. All vacations earned before 2021 were taken before January...
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...
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, 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...
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