Laurin Corporation offers parental benefits to its staff as a top-up on employment insurance so that employees end up receiving 100% of their salary for 12 months of parental leave. Ruzbeh Awad, who earns $74,000 per year, announced that he will be taking parental leave for a period of four months starting on December 1, 2011. Assume that the Employment Insurance program pays him a maximum of $720 per week for the four months. Prepare all entries that Laurin Corporation must make during its 2011 fiscal year related to the parental benefits plan as it applies to Ruzbeh Awad.
Answer to relevant QuestionsMayaguez Corporation pays its officers bonuses based on income. For 2011, the bonuses total $350,000 and are paid on February 15, 2012. Prepare Mayaguez’s December 31, 2011 adjusting entry and the February 15, 2012 entry. Jupiter Corp. provides at no extra charge a two-year warranty with one of its products, which was first sold in 2011. In that year, Jupiter sold products for $2.5 million and spent $63,000 servicing warranty claims. At year ...Upland Limited borrowed $40,000 on November 1, 2011, by signing a $40,000, three-month, 9% note. Prepare Upland’s November 1, 2011 entry; the December 31, 2011 annual adjusting entry; and the February 1, 2012 entry. Refer to the data in E13-9 and assume instead that Mustafa Limited has chosen not to recognize paid sick leave until it is used, and has chosen to accrue vacation time at expected future rates of pay without discounting. The ...Three independent situations follow. Situation 1: Marquart Stamp Corporation records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. The stamps can be collected and ...
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