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meriva
2 years ago
15

Annually, Monet Corp. awards each of its employees two weeks of paid vacation, which can be carried over if not used. As of Dece

mber 31, Year 1, the company determined that there are 20 vacation weeks eligible for carryover. During Year 1, compensation averaged $1,000 per week. That average compensation amount is expected to increase to $1,030 during Year 2 when that vacation time will be taken. What is the liability that should be reported for vacation pay in the company’s balance sheet prepared as of December 31, Year 1?
Business
1 answer:
Zina [86]2 years ago
5 0

Answer:

$20,000

Explanation:

Calculation for the liability that should be reported for vacation pay

Using this formula

Liability=Vacation weeks*Compensation averaged per week for Year 1

Let plug in the formula

Liability=20 weeks × $1,000 per week

Liability = $20,000

Therefore the amount of liability that should be reported for vacation pay will be $20,000

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Answer:

Monthly payment 13.

Explanation:

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6 0
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Veseljchak [2.6K]

Answer:

true                                  

Explanation:

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