General Aviation Company employs six people. Each employee is entitled to three weeks paid vacation every year

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General Aviation Company employs six people. Each employee is entitled to three weeks€™ paid vacation every year the employee works for the company. The conditions of the paid vacation are
(a) For each full year of work, an employee will receive three weeks of paid vacation (no vacation accrues for a portion of a year),
(b) Each employee will receive the same pay for vacation time as the regular pay in the year taken, and
(c) Unused vacation pay can be carried forward. Based on the following data, compute the liability for vacation pay as of December 31,2011.
General Aviation Company employs six people. Each employee is en
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Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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