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- How many years of vesting service would an employee need in order to be considered 60% vested under a six-year graduated vesting schedule? Select one: a. 2 b. 4 c. 5 d. 6 e. 3An entity has 100 employees, who are each entitled to five working days of paid sick leave for each year. Unused sick leave may be carried forward for one calendar year. Sick leave is taken first out of the current year’s entitlement and then out of any balance brought forward from the previous year (a LIFO basis). At December 31, 2021, the average unused entitlement is two days per employee. The entity expects, on the basis of experience that is expected to continue, that 92 employees will take no more than five days of paid sick leave in 2022 and that the remaining eight employees will take an average of six and a half days each. The 2021 salary rate is P1,000 per day which increases by P50 each year. How much is the Liability for Compensated Absences as of yearend 2021? How much is the Sick Pay Expense for 2021?Asia Pacific Ltd started operating on 1 July 2017 with 12 employees. Three years later all of thoseemployees were still with the company. On 1 July 2019, the company hired 15 more people but by 30June 2020 only 10 of those employed at the beginning of that year were still employed by the Asia PacificLtd.All employees are entitled to 13 weeks’ long-service leave after a conditional period of 10 years ofemployment with Asia Pacific Ltd.At 30 June 2020 Asia Pacific Ltd estimates the following: The aggregate annual salaries of all employees hired on 1 July 2017 is now $1,200,000. The aggregate annual salaries of all current employees hired on 1 July 2019 is now $800,000. The probability that employees hired on 1 July 2017 will continue to be employed for the durationof the conditional period is 40 percent. The probability that employees hired on 1 July 2019 will continue to be employed for the durationof the conditional period is 20 percent. Salaries are expected to increase…
- Asia Pacific Ltd started operating on 1 July 2017 with 12 employees. Three years later all of thoseemployees were still with the company. On 1 July 2019, the company hired 15 more people but by 30June 2020 only 10 of those employed at the beginning of that year were still employed by the Asia PacificLtd.All employees are entitled to 13 weeks’ long-service leave after a conditional period of 10 years ofemployment with Asia Pacific Ltd.At 30 June 2020 Asia Pacific Ltd estimates the following: The aggregate annual salaries of all employees hired on 1 July 2017 is now $1,200,000. The aggregate annual salaries of all current employees hired on 1 July 2019 is now $800,000. The probability that employees hired on 1 July 2017 will continue to be employed for the durationof the conditional period is 40 percent. The probability that employees hired on 1 July 2019 will continue to be employed for the durationof the conditional period is 20 percent. Salaries are expected to increase…Read the following information and answer questions that follow.Brian Ndlovu is employed as a manager in Gaborone. During the year ended 30 June 2020, hehad the following incomes and expenditures:Amount (P)Salary 1,40,000Performance related award 50,000Entertainment allowance 60,000Barclays Bank Interest 40,000Commission 70,000Interest from BBS Subscription shares 10,000Other Investment Income 20,000Medical aid contributions from the employer 5,000Compensation for injury at work 6,000Rental Income 1,60,000Expenses incurred during the year:Approved Pension contributions 10,000Contributions to approved retirement annuity fund 15,000Annual subscriptions to ACCA 1,500Contributions to an unapproved fund 20,000Contributions to life assurance policy 15,000P.A.Y.E. deducted 40,000Additional Information:(1) During the year, the company paid a total of P10 000 to Brian for private telephone andelectricity bills(2) Brian had the use of a company car that cost P100 000 for which he paid for his…ETHICS (Rule-Making Issues) When the FASB issues new pronouncements, the implementation date is usually12 months from date of issuance, with early implementation encouraged. Karen Weller, controller, discusses with her financialvice president the need for early implementation of a rule that would result in a fairer presentation of the company’s financialcondition and earnings. When the financial vice president determines that early implementation of the rule will adversely affectthe reported net income for the year, he discourages Weller from implementing the rule until it is required. InstructionsAnswer the following questions.(a) What, if any, is the ethical issue involved in this case?(b) Is the financial vice president acting improperly or immorally?(c) What does Weller have to gain by advocacy of early implementation?(d) Which stakeholders might be affected by the decision against early implementation?
- Entity A has 20 employees who are each entitled to one day paid vacation leave for each month of service rendered. Unused vacation leaves cannot be carried forward and are forfeited when employees leave the entity. All the employees have rendered service throughout the current year and have taken a total of 150 days of vacation leaves. The average daily rate of the employees in the current period is ₱1,000. However, a 5% increase in the rate is expected to take into effect in the following year. Based on Entity A’s past experience, the average annual employee turnover rate is 20%. How much will Entity A accrue at the end of the current year for unused entitlements? * A. 150,000 B. 90,000 C. 0 D. 94,500In June 2019, Tech Mart, appointed Corie Barry as the new CEO. After having just two CEOs in its firs 43 years of operations (Richard Schulze and his successor, Brad Anderson), Tech Mart went through three top leaders in a six-month period in 2012. Brian Dunn resigned in April amidst a personal scandal after just three years at the helm. At the same time, founder Schulze stepped down from his role as chairman of the board and tried to reassert his control via a bid to take the company private. Hubert Joly assumed the lead position from interim CEO George Mikan in August 2012, and he immediately sought to turnaround Tech Mart and return it to profitability. Joly picked his successor in 2019, Corie Barry, who is the fifth CEO and first female leader of Tech Mart. Joly remains as chairman and Barryhas become one of the youngest CEO of a S&P500 company. After appointing Hubert Joly as CEO in 2012, Tech Mart experienced an impressive turnaround, and itsurvived a shakeout of traditional…During its first year of operations, a company granted employees vacation privileges and pension rights estimated at a cost of $24,341 and $14,298. The vacations are expected to be taken in the next year and the pension rights are expected to be paid in the future 5-30 years. What is the total cost of vacation pay and pension rights to be recognized in the first year? a.$24,341 b.$14,298 c.$67,235 d.$38,639
- 1. State University, a public university, has a policy of granting faculty members a one-year paid sabbatical leave after a period of seven years continuous employment. The leave is for further study, research or public service. A particular faculty member earns $70,000 per year. Assuming that the college maintains its books and records in a manner that facilitates the preparation of the government-wide financial statements and assuming that any appropriate accruals have been made, what is the appropriate entry to record the employee s salary paid while on sabbatical leave? a. Debit Expenditures $70,000; Credit Cash $70,000. b. Debit Expenses $70,000; Credit Cash $70,000. c. Debit Sabbatical Leave Payable $70,000; Credit Cash $70,000. d. No entry required. 2. State University, a public university, has a policy of granting faculty members a one-year paid sabbatical leave after a period of seven years continuous employment. The leave is for further study, research or public service. A…An international company appoints a 30-year Harvard MBA as its new president on a 5-year contract at a salary of Php 4,500,000. The salary is to increase each year by 9%. On the first day of the job, a serious past misconduct is discovered about the incumbent. The board of directors therefore decides to fire him the same day. However, as stipulated in the employment contract, he must be paid the present value of the salaries along with a golden handshake in the sum of Php 5,000,000. If ? = 10%, how much is he paid?During its first year of operations, a company granted its employees vacation privileges and pension rights estimated at a cost of $25,288 and $16,715, respectively. The vacations are expected to be taken in the next year, and the pension rights are expected to be paid in the future 5-30 years. What is the total cost of vacation pay and pension rights to be recognized in the first year? a.$16,715 b.$25,288 c.$75,433 d.$42,003