Answered: for any unused sick leave entitlements…

for any unused sick leave entitlements if they leave the organisation, whereas in other organisatons employees forfeit this entitlement when they leave. Nee

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 4MC

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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

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Some employers will pay out employees for any unused sick leave entitlements if they leave the organisation, whereas in other organisatons employees forfeit this entitlement when they leave.

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Explain how these different types of sick leave entitlements are treated for accounting purposes.

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