Four Seasons Total Landscaping Ltd provides long service leave for its retail staff. Long service leave...
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Four Seasons Total Landscaping Ltd provides long service leave for its retail staff. Long service leave entitlement is determined as 13 weeks of paid leave for 10 years of continued service. The following information is obtained from Four Seasons Total Landscaping Ltd.'s payroll records and actuarial reports for its retail staff as at 30 June 2022. Unit credit No. of employees % expected to become entitled Annual salary per employee No. of years until vesting Yield on HQ corporate bonds (years) 1 90 30 $45 000 9 10% 2 80 40 $45 000 8 9% 3 60 60 $45 000 7 9% 4 40 70 $45 000 6 9% Additional information The estimated annual increase in retail wages is 3% p.a. for the next 10 years, reflecting expected inflation. The provision for long service leave for retail staff as at 30 June 2021 was DR $22 000. • No employees were eligible to take long service leave during the year ended 30 June 2022. Required Prepare the journal entry to account for Four Seasons Total Landscaping Ltd.'s provision for long service leave as at 30 June 2022. Show all workings. Four Seasons Total Landscaping Ltd provides long service leave for its retail staff. Long service leave entitlement is determined as 13 weeks of paid leave for 10 years of continued service. The following information is obtained from Four Seasons Total Landscaping Ltd.'s payroll records and actuarial reports for its retail staff as at 30 June 2022. Unit credit No. of employees % expected to become entitled Annual salary per employee No. of years until vesting Yield on HQ corporate bonds (years) 1 90 30 $45 000 9 10% 2 80 40 $45 000 8 9% 3 60 60 $45 000 7 9% 4 40 70 $45 000 6 9% Additional information The estimated annual increase in retail wages is 3% p.a. for the next 10 years, reflecting expected inflation. The provision for long service leave for retail staff as at 30 June 2021 was DR $22 000. • No employees were eligible to take long service leave during the year ended 30 June 2022. Required Prepare the journal entry to account for Four Seasons Total Landscaping Ltd.'s provision for long service leave as at 30 June 2022. Show all workings.
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Journal entry 30062022 Long service leave expense Dr 211033 provision for long service leave Cr 211033 increase in provision for long service leave Wo... View the full answer
Related Book For
Management Accounting
ISBN: 9780730369387
4th Edition
Authors: Leslie G. Eldenburg, Albie Brooks, Judy Oliver, Gillian Vesty, Rodney Dormer, Vijaya Murthy, Nick Pawsey
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