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Soloha48 [4]
2 years ago
14

A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimate

d amount of the current year’s vacation pay is $55,200.
a. Journalize the adjusting entry required on January 31, the end of the first month of the current year, to record the accrued vacation pay.
b. How is the vacation pay reported on the company's balance sheet?
c. When is this amount removed from the company's balance sheet?
Business
1 answer:
natta225 [31]2 years ago
4 0

Answer:

1. Vacation pay expense Dr. 3500

Vacation pay payable 3500

2. It is recorded at the company's balance sheet as the accrued liabililty at the liabilities portion.

3. The amount will be removed once the vacation pay is paid and is debited to income account.

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The tax laibility as calculated is $1036.

<u>Explanation:</u>

a.)  Carson earnings  $14000

Less: the Standard deduction  $12000

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less: Standard deduction  $12000

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7 0
3 years ago
A marine biologist is planning to move from Sydney, Australia to San Francisco. She has $5,000 Australian dollars (AUD) to make
natita [175]

Answer:

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= $2,500

so, her AUD will be worth more now.

Explanation:

Solution

Given that:

Her present  $5,000 AUD is worth $3,825 USD.

Then

5,000 AUD * (0.765 USD/AUD)

5,000 * 0.765

= $3,825

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If the USD dollar increases against the AUD, then, the ratio will reduce.

For example, it takes 0.765 USD to be equal 1 AUD. when the dollar increases, it will take fewer dollars to equal 1 AUD. for instance, it takes 0.5 dollars per 1 AUD. The conversion will change to:

5,000 AUD * (0.5 USD/AUD)

5,000 * 0.5

= $2,500

Therefore, her AUD will be worth more now.

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