Employees at Custom Woodworking Co. are entitled to two weeks' vacation every year, which is equivalent to 4% of their gross earnings. The annual gross earnings for the employees average $570,000. Provide the journal entry required each month to accrue employee vacation pay.
Answer to relevant QuestionsUniversal Services was organized on October 1, 2015. A summary of the revenue and expense transactions for October follows: Fees earned ............$800,000 Wages expense ...........270,000 Rent expense ...Alec Lee established an insurance agency on January 1 of the current year and completed the following transactions during January: a. Opened a business bank account with a deposit of $75,000 from personal funds. b. Purchased ...Antigonish Technology Co. had the following current assets and liabilities for two comparative years: a. Determine the quick ratio for December 31, 2015 and 2014. b. Interpret the change in the quick ratio between the two ...Carson Brothers pays its employees weekly. Information for the week ended May 29, 2015, is given below. Instructions 1. Determine the deductions for CPP, EI, and provincial and federal income taxes using the payroll ...Suzanne Thompson is a chartered accountant (CA) and senior accountant for Deuel and Soldner, a local CA firm. It had been the policy of the firm to provide a holiday bonus equal to two weeks’ salary to all employees. The ...
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