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tangare [24]
3 years ago
9

Unscheduled absenteeism has climbed to its highest levels in XYZ Company last month. Inorder to reduce the costs associated with

unscheduled absenteeism HR professionals in XYZCompany decided to change their paid time off policy. This company used to grant eachemployee 10 vacation days, 5 paid days for sick leave, and 4 days for personal leave. With thenew policy, this company combines vacation, sick leave, and personal leave policies into onesingle paid time off policy (i.e., 19 days). The management decided to keep funeral leave as astand-alone policy. What is XYZ Company's new policy called?
A) integrated paid time off
B) combined paid time off
C) sabbatical leave
D) volunteer leave
Business
1 answer:
____ [38]3 years ago
3 0

Answer:

A) integrated paid time off

Explanation:

Integrated paid time off (PTO) is a policy employed by many organizations where all paid time off benefits are combined into one, equaling a total of the paid days off for holidays, vacation, sick leave, and personal days the employee would have received in a separate paid time off system.

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Certain types of contracts must be in writing pursuant to the statute of​ _____.
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2 years ago
On January 1, 2021, Red Flash Photography had the following balances: Cash, $25,000; Supplies, $9,300; Land, $73,000; Deferred R
Aleksandr [31]

Answer:

Red Flash Photography

a. Journal Entries:

1. Feb. 15:

Debit Cash $33,000

Credit Common Stock $33,000

2. May 20:

Debit Cash $48,000

Debit Accounts Receivable $43,000

Credit Service Revenue $91,000

3. Aug. 31:

Debit Salaries Expense $36,000

Credit Cash $36,000

4. Oct. 1:

Debit Prepaid Rent $25,000

Credit Cash $25,000

5. Nov. 17:

Debit Supplies $35,000

Credit Account Payable $35,000

6. Dec. 30:

Debit Dividends $3,300

Credit Cash $3,300

b. Adjusting Journal Entries:

a. Debit Salaries Expense $5,300

Credit Salaries Payable $5,300

b. Debit Rent Expense $6,250

Credit Prepaid Rent $6,250

c. Debit Supplies Expense $38,000

Credit Supplies $38,000

d. Debit Deferred Revenue $6,300

Credit Service Revenue $6,300

c. Income Statement for the year ended December 31, 2022:

Service Revenue                      $97,300

Salaries Expense      41,300

Rent Expense            6,250

Supplies Expense   38,000

Dividends                  3,300    $88,850

Net Income                               $8,450

d. Statement of Stockholders' Equity

For the year ended December 31, 2022:

Common Stock                          $96,000

Beginning retained earnings       38,000

Net Income                                     8,450

Dividends                                      (3,300)

Ending Equity                           $139,150

Explanation:

a) Data and Calculations:

Trial balance

Account Titles             Debit    Credit

Cash                       $25,000

Supplies                   $9,300

Land                       $73,000

Deferred Revenue                 $6,300

Common Stock                    $63,000

Retained Earnings               $38,000

Totals                 $107,300 $107,300

Analysis of Transactions:

1. Feb. 15: Cash $33,000 Common Stock $33,000

2. May 20: Cash $48,000 Accounts Receivable $43,000 Service Revenue $91,000

3. Aus. 31: Salaries Expense $36,000 Cash $36,000

4. Oct. 1: Prepaid Rent $25,000 Cash $25,000

5. Nov. 17: Supplies $35,000 Account Payable $35,000

6. Dec. 30: Dividends $3,300 Cash $3,300

Adjustments:

a. Salaries Expense $5,300 Salaries Payable $5,300

b. Rent Expense $6,250 Prepaid Rent $6,250

c. Supplies Expense $38,000 Supplies $38,000 ($9,300+35,000-6,300)

d. Deferred Revenue $6,300 Service Revenue $6,300

T-accounts:

Cash

Account Titles             Debit      Credit

Beginning balance    $25,000

Common stock            33,000

Service Revenue         48,000

Salaries                                      $36,000

Prepaid Rent                               25,000

Dividends                                      3,300

Ending balance                           41,700

Prepaid Rent

Account Titles             Debit    Credit

Cash                       $25,000

Rent Expense                         $6,250

Ending balance                       18,750

Accounts Receivable

Account Titles             Debit    Credit

Service Revenue    $43,000

Supplies

Account Titles             Debit      Credit

Beginning balance    $9,300

Accounts payable     35,000

Supplies Expense                     $38,000

Ending balance                           $6,300

Land

Account Titles             Debit      Credit

Beginning balance    $73,000

Deferred Revenue

Account Titles             Debit      Credit

Beginning balance                  $6,300

Service Revenue        $6,300

Accounts Payable

Account Titles             Debit    Credit

Supplies                                 $35,000

Salaries Payable

Account Titles             Debit    Credit

Salaries expense                   $5,300

Common Stock

Account Titles             Debit      Credit

Beginning balance               $63,000

Cash                                        33,000

Ending balance        $96,000

Retained Earnings

Account Titles             Debit      Credit

Beginning balance               $38,000

Service Revenue

Account Titles             Debit    Credit

Cash                                      $48,000

Accounts Receivable              43,000

Deferred Revenue                    6,300

Income Summary   $97,300

Salaries Expense

Account Titles             Debit    Credit

Cash                        $36,000

Salaries Payable         5,300

Income Summary                 $41,300

Rent Expense

Account Titles             Debit    Credit

Prepaid Rent            $6,250

Income Summary                 $6,250

Supplies Expense

Account Titles             Debit    Credit

Supplies                 $38,000

Income Summary                 $38,000

Dividends

Account Titles             Debit    Credit

Cash                         $3,300

Retained earnings                  $3,300

Adjusted Trial Balance

Account Titles               Debit      Credit

Cash                          $41,700

Prepaid Rent               18,750

Accounts receivable 43,000

Supplies                      6,300

Land                          73,000

Accounts payable                      $35,000

Salaries payable                             5,300

Common Stock                            96,000

Retained earnings                       38,000

Service Revenue                         97,300

Salaries Expense      41,300

Rent Expense            6,250

Supplies Expense   38,000

Dividends                  3,300

Totals                  $271,600     $271,600

7 0
2 years ago
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