American Co. has 25 employees who work 8-hour days and are paid hourly. On January 1,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
American Co. has 25 employees who work 8-hour days and are paid hourly. On January 1, 2017, the company began a program of granting its employees 9 days of paid vacation each year. Vacation days earned in 2017 may first be taken on January 1, 2018. Information relative to these employees is as follows: Hourly Vacation Days Used Vacation Days Earned Year Wages by Each Employee Each Employee 2017 $25.80 9. 2018 27.00 9 8 American Co. has chosen to accrue the liability for compensated absences at the current rates of pay in American Co. has chosen to accrue the liability for compensated absences at the current rates of pay in effect when the compensated time is earned. What is the amount of expense relative to compensated absences that should be reported on December 31, 2018? O A. $46,440. O B. $90,720. O C. $79,800. O D. $48,600. American Co. has 25 employees who work 8-hour days and are paid hourly. On January 1, 2017, the company began a program of granting its employees 9 days of paid vacation each year. Vacation days earned in 2017 may first be taken on January 1, 2018. Information relative to these employees is as follows: Hourly Vacation Days Used Vacation Days Earned Year Wages by Each Employee Each Employee 2017 $25.80 9. 2018 27.00 9 8 American Co. has chosen to accrue the liability for compensated absences at the current rates of pay in American Co. has chosen to accrue the liability for compensated absences at the current rates of pay in effect when the compensated time is earned. What is the amount of expense relative to compensated absences that should be reported on December 31, 2018? O A. $46,440. O B. $90,720. O C. $79,800. O D. $48,600.
Expert Answer:
Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
2x 8. Solve the initial value problem y' - (22) y = 0, y(0) = 3
-
Evaluate the following integrals -1 (a) [ 3t sin(2t ) dt, (b) J 1+2x 2 (0)/2 + (0) /oot (9) du, co d u - 5u+6 dx
-
answer all these questions Regarding cash flow, which of the following is correct? O a. Selling an investment is a cash outflow. O b. Mortgage payments are a cash inflow. Insurance payments are a...
-
How do you ensure data quality?
-
Anyone who tells you that markets left to their own devices always lead to socially beneficial outcomes is talking utter nonsense. Do you agree with this statement? Defend your position.
-
The City of Great Falls, Montana, reports four Internal Service Funds: a Central Communications Fund, a Health and Benefit Fund, an Information Technology Fund, and a Central Garage Fund. Required 1....
-
Presented below are the condensed financial statements of Global Enterprises, Inc. The companys inventory is valued using LIFO. The companys footnotes reveal that the LIFO reserve was as follows....
-
A customer survey for Landmark Company reports that people do not trust what sales representatives say about their firm's products. How might you use the compensation system to help change this...
-
In each of the following cases, indicate whether it would be appropriate for an FI to buy or sell a forward contract to hedge the appropriate risk. Explain your answer a.A commercial bank holds...
-
Wayland Custom Woodworking is a firm that manufactures custom cabinets and woodwork for business and residential customers. Students will have the opportunity to establish payroll records and to...
-
1. Wind turbine technology can be divided into the systems with and without power electronic technology. The system without power electronics technology use induction generator. FIGURE Q1 shows a...
-
An examination of customers accounts shows that accounts totaling $ 6 7 9 should be written off as uncollectible. Using an aging of receivables, the company determines that the ending balance of the...
-
You want to lend $3,000 as a bank deposit in a private bank with an interest rate 3.5% compounded MONTHLY (i.e. 3.5% per month). You plan to withdraw principle and interest as a lump sum (in one...
-
A stock has an expected return of 15percent, its beta is 1.50, and the expected return on the market is12 percent. What must the risk-free rate be? (Roundyour answer to 2 decimal places. (e.g.,...
-
Sheridan Company is considering a long-term investment project called ZIP. ZIP will require an investment of $117,200. It will have a useful life of 4 years and no salvage value. Annual revenues...
-
Solve the following proportion for y. 5 13 y 11 Round your answer to the nearest tenth. y' == X
-
Macon Company is considering a new assembly line to replace the existing assembly line. The existing assembly line was installed 3 years ago at a cost of $90,000; it was being depreciated under the...
-
Pedro Bourbone is the founder and owner of a highly successful small business and, over the past several years, has accumulated a significant amount of personal wealth. His portfolio of stocks and...
-
Bear Park Ltd., a camping ground in the Lake District, has compiled the following financial information as of December 31, 2017. Instructions (a) Determine Bear Park's net income for 2017. (b)...
-
At December 31, 2017, the end of its fi rst year of operations, the trading securities for Geneva, AG are as follows: Security Cost Fair Value A..................CHF17,500...........CHF16,000...
-
The adjusted trial balance for Zhang Ltd. at the end of the current year contained the following accounts. Interest Payable ............................................ HK$ 9,000 Lease Liability...
-
Many choices involve _________ of something to do rather than whether to do something.
-
In acting rationally, people respond to _________.
-
Economists emphasize _________ thinking because the focus is on additional, or _________, choices, which involve the effects of _________ or _________ the current situation.
Study smarter with the SolutionInn App