User Account

All Pages

What is the amount of vacation pay expense

Assignment Help Accounting Basics
Reference no: EM132062848

Question - Silver Ltd. has 35 employees who work 8-hour days and are paid hourly. On January 1, 20x7, the company began a program of granting its employees 10 days paid vacation each year. Vacation days earned in 20x7 may be taken starting on January 1, 20x8. Information relative to these employees is as follows:

Year

Hourly Wages

Vacation Days Earned by Each Employee

Vacation Days Used by Each Employee

20x7

$12.6

10

0

20x8

13.4

10

6

20x9

14.3

10

10

Silver has chosen to accrue the liability for compensated absences (vacation pay) at the current rates of pay in effect when the vacation pay is earned.

What is the amount of vacation pay expense that should be reported on Silver's income statement for 20x7?

Reference no: EM132062848

Questions Cloud

Determine the maturity value of the note : Spring Designs & Decorators issued a 120-day, 4% note for $60,000, Determine the maturity value of the note
Evaluate the annualized holding period return : You purchased 300 shares of General Electric stock at a price of $75.72 four years ago. You sold all stocks today for $78.25. During that period the stock paid.
Averaging multiple valuation methods : Acquirer Incorporated’s management believes that the most reliable way to value a potential target firm is by averaging multiple valuation methods,
How are performance measures and quality feedback : How are performance measures and quality feedback, related to work compensation.
What is the amount of vacation pay expense : What is the amount of vacation pay expense that should be reported on Silver's income statement for 20x7
Determine the value of total return for the past year : If the bond had 15 years to maturity when you originally purchased it, what was your total return for the past year? (Do not round intermediate calculations).
What is the expected value of target company : What is the expected value of Target Company?
What are three learning opportunities in which staff : What are three learning opportunities in which staff can acquire Learning good customer service skills?
Tangible book value of the recently acquired bakery : What was the tangible book value of the recently acquired bakery?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd