ABC Ltd has introduced a new workplace agreement providing employees with 10 days sick leave per...

  
 
 

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ABC Ltd has introduced a new workplace agreement providing employees with 10 days sick leave per year. Based on past experience, ABC Ltd has ascertained that, across each staff level, 60% of staff will take the full 10 days; 20% of staff will take 5 days and 10% of staff will take 1 day. ABC processes the payroll on a weekly basis and recognizes the sick leave entitlement as they accrue in accordance with AASB 119 Employee Benefits. Details of the payroll are as follows: Staff level Managerial staff Accumulating vesting Accumulating non-vesting Professional staff Entitlement Weekly payroll $60,000 $70, 000 Question I: Which of the following general journal entries would be recorded to reflect the weekly sick leave entitlement for the Managerial staff? A) Dr Sick leave expense $1,639 Cr Sick leave payable $1,639 B) Dr Sick leave expense $1,639 Dr Cash $669 Sick leave payable $2,308 C) Dr Sick leave payable $2,308 Cr Cash Cr $2,308 D) Dr Sick leave expense $2,308 Cr Sick leave payable $2,308 Your answer to Question 1: Question II: Which of the following amounts would be recorded to reflect the weekly sick leave entitlement for the professional staff? A) $1,639 B) $2,308 C) $3,823 D) $1,912 Question II: Which of the following amounts would be recorded to reflect the weekly sick leave entitlement for the professional staff? A) $1,639 B) $2,308 C) $3,823 D) $1,912 Your answer to Question II: ABC Ltd has introduced a new workplace agreement providing employees with 10 days sick leave per year. Based on past experience, ABC Ltd has ascertained that, across each staff level, 60% of staff will take the full 10 days; 20% of staff will take 5 days and 10% of staff will take 1 day. ABC processes the payroll on a weekly basis and recognizes the sick leave entitlement as they accrue in accordance with AASB 119 Employee Benefits. Details of the payroll are as follows: Staff level Managerial staff Accumulating vesting Accumulating non-vesting Professional staff Entitlement Weekly payroll $60,000 $70, 000 Question I: Which of the following general journal entries would be recorded to reflect the weekly sick leave entitlement for the Managerial staff? A) Dr Sick leave expense $1,639 Cr Sick leave payable $1,639 B) Dr Sick leave expense $1,639 Dr Cash $669 Sick leave payable $2,308 C) Dr Sick leave payable $2,308 Cr Cash Cr $2,308 D) Dr Sick leave expense $2,308 Cr Sick leave payable $2,308 Your answer to Question 1: Question II: Which of the following amounts would be recorded to reflect the weekly sick leave entitlement for the professional staff? A) $1,639 B) $2,308 C) $3,823 D) $1,912 Question II: Which of the following amounts would be recorded to reflect the weekly sick leave entitlement for the professional staff? A) $1,639 B) $2,308 C) $3,823 D) $1,912 Your answer to Question II: