4. Your company has 50 employees who receive 28 vacation days per year. They work 8 hour days and make $20 per hour. Vacation days not taken are carried over to the next year. Here are the days earned and taken in 2019:
Employees Days earned and not taken Carryover days 10 0 0 20 7 140 20 07 100 = 50 = 240
a. Record vacation taken in 2019
b. Estimate and record the liability for compensated absences
c. Record vacation actually taken if 100,000 was the actual cost
Homework Answers
a) No. of vacations available per employee during the year = 28
Total no. of employees = 50
Total no. of vacation days available = 28×50= 1400 days
Vacation days carryover = 240 days
Total vacation taken in 2019 = 1400-240= 1160 days, which can be further explained as below:
For 10 employees, vacation days taken = 10×28= 280 days
For 20 employees, vacations days taken = 20×21= 420 days
For next 20 employees, vacation days taken = 20×23=460 days
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