The Tom Thumb Corporation follows this vacation policy for its factory workers. I to 3 years...

 

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The Tom Thumb Corporation follows this vacation policy for its factory workers. I to 3 years of service: 1 week paid vacation 4 to 12 years of service: 3 weeks paid vacation Over 12 years of service: 4 weeks paid vacation The payroll records show the following information pertaining to next year (all em- ployees work directly on the product): NAME 1. Gelati B. O'Hara R. Reilly F. Maestro R. Auerbach K. Sposare TFyumo YEARS OF EMPLOYMENT 5 2 6 15 8 SALARY (WEEKLY) $350 175 370 425 400 125 390 Required: a Determine the amount that should be accrued each week for each employee. b Show next year's journal entry needed to distribute the weekly payroll. The Tom Thumb Corporation uses the perpetual cost accumulation system. To prepare the entry, assume that no employee would be on vacation. The Tom Thumb Corporation follows this vacation policy for its factory workers. I to 3 years of service: 1 week paid vacation 4 to 12 years of service: 3 weeks paid vacation Over 12 years of service: 4 weeks paid vacation The payroll records show the following information pertaining to next year (all em- ployees work directly on the product): NAME 1. Gelati B. O'Hara R. Reilly F. Maestro R. Auerbach K. Sposare TFyumo YEARS OF EMPLOYMENT 5 2 6 15 8 SALARY (WEEKLY) $350 175 370 425 400 125 390 Required: a Determine the amount that should be accrued each week for each employee. b Show next year's journal entry needed to distribute the weekly payroll. The Tom Thumb Corporation uses the perpetual cost accumulation system. To prepare the entry, assume that no employee would be on vacation.

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Date Particulars Debit Credit xxxx Vacation Expense AC 105000 To Vacation Payable AC 105000 Being ac... View the full answer