#11- If employees earn 3 weeks vacation each year and annual salaries equal $57,200, prepare the required weekly journa...
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#11- If employees earn 3 weeks vacation each year and annual salaries equal $57,200, prepare the required weekly journa...
Blake Company pays its employees for two weeks vacation each year. The total annual cost of...
Blake Company pays its employees for two weeks vacation each year. The total annual cost of the vacation benefit is $113,000. Prepare the journal entry to record the weekly accrued vacation expense.
Qualpoint provides its employees two weeks of paid vacation per year. As of December 31, 65...
Qualpoint provides its employees two weeks of paid vacation per year. As of December 31, 65 employees have earned two weeks of vacation time to be taken the following year. If the average weekly salary for these employees is $1,140, what is the required journal entry? Debit Salaries and Wages Payable for $147,600 and credit Salaries and Wages Expense for $147,600. Debit Salaries and Wages Expense for $74,100 and credit Salaries and Wages Payable for $74,100. ...
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,...
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,...
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...
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,...
Listed below are a few transactions and events of Maxum Company. Employees earn vacation pay at...
Listed below are a few transactions and events of Maxum
Company.
Employees earn vacation pay at a rate of one day per month.
During December, 26 employees qualify for one vacation day each.
Their average daily wage is $150 per employee.
During December, Maxum Company sold 3,300 units of a product
that carries a 60-day warranty. December sales for this product
total $135,000. The company expects 5% of the units to need
warranty repairs, and it estimates the average repair...
Mullers Company's employees earn vacation time at the rate of 1 hour per 40-hour work period....
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...
Apple inc. allows each employee to earn 15 fully paid vacation days each year. unused vacation...
Apple inc. allows each employee to earn 15 fully paid vacation days each year. unused vacation time can be carried over to next year, if no taken during the next year then its lost. vacation pay is accrued at the pay rate in effect during the year it is earned. by the end of 20X8, all but 3 of 20 employees had taken their earned vacation time, these 3 employees carried over to 20X9 a total of 20 vacation days....
Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay...
Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay at a rate of one day per month. During December, 37 employees qualify for one vacation day each. Their average daily wage is $130 per employee. 2. During December, Maxum Company sold 3,000 units of a product that carries a 60-day warranty. December sales for this product total $123,000. The company expects 9% of the units to need warranty repairs, and it estimates the...
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, 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...
Listed below are a few transactions and events of Maxum
Company.
Employees earn vacation pay at a rate of one day per month.
During December, 26 employees qualify for one vacation day each.
Their average daily wage is $150 per employee.
During December, Maxum Company sold 3,300 units of a product
that carries a 60-day warranty. December sales for this product
total $135,000. The company expects 5% of the units to need
warranty repairs, and it estimates the average repair...
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...
Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay at a rate of one day per month. During December, 37 employees qualify for one vacation day each. Their average daily wage is $130 per employee. 2. During December, Maxum Company sold 3,000 units of a product that carries a 60-day warranty. December sales for this product total $123,000. The company expects 9% of the units to need warranty repairs, and it estimates the...
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