Under the assumptlon: Unused vacation leaves vest (accumulating and vesting),What is the balance of llabillity for compensated absences for the year endedDecember 31, 2019? *ABC Corp allows each employee to earn 15 days of paid vacation leave per year.Unused vacation leave can be carried up to two years from the year there were earned,thereafter it shall expire. The company has 50 employees (assumed have beenemployed throughout 2019 and 2020) with an average salary of P900 per day. Salaryrates increased by 10% in 2020.According to past experience, 75% of allowed leaves to be carried-forward areultimately exercised by the employees. Total leave vacation taken by employeesduring 2019 and 2020 were 400 days and 480 days, respectively.Your answerO This is a required question

Employees are having paid leave provided by the company but if they do not take they are paid for…

Under the assumptlon: Unused vacation leaves vest (accumulating and ves What Is the balance of llablity for compensated absences for the year endi December 31, 2019? * ABC Corp allows each employee to earn 15 days of paid vacation leave pe Unused vacation leave can be carried up to two years from the year there were e thereafter it shall expire. The company has 50 employees (assumed have employed throughout 2019 and 2020) with an average salary of P900 per day. 5 rates increased by 10% in 2020. According to past experience, 75% of allowed leaves to be carried-forwa ultimately exercised by the emplovees, Total leave vacation taken by emp

Under the assumptlon: Unused vacation leaves vest (accumulating and ves What Is the balance of llablity for compensated absences for the year endi December 31, 2019? * ABC Corp allows each employee to earn 15 days of paid vacation leave pe Unused vacation leave can be carried up to two years from the year there were e thereafter it shall expire. The company has 50 employees (assumed have employed throughout 2019 and 2020) with an average salary of P900 per day. 5 rates increased by 10% in 2020. According to past experience, 75% of allowed leaves to be carried-forwa ultimately exercised by the emplovees, Total leave vacation taken by emp

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter3: Social Security Taxes

Section: Chapter Questions

Problem 13PA

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The monthly and hourly wage schedule for the employees of Quincy, Inc., follows. No employees are due overtime pay. Compute the following for the last monthly pay of the year: a. The total wages of each part-time employee for December 2019. b. The OASDI and HI taxable wages for each employee. c. The FICA taxes withheld from each employees wages for December. d. Totals of columns. e. The employers FICA taxes for the month.
The monthly and hourly wage schedule for the employees of Quirk, Inc., follows. No employees are due overtime pay. Compute the following for the last monthly pay of the year: a. The total wages of each part-time employee for December 2019. b. The OASDI and HI taxable wages for each employee. c. The FICA taxes withheld from each employees wages for December. d. Totals of columns. e. The employers FICA taxes for the month.
On October 1, 2019, Grahams WeedFeed Inc. signs a contract to maintain the grounds for BigData Corp. The contract ends on March 31, 2020, and has a monthly payment of 3,200. The contract does not include any stipulations for additional periods. On June 1, Grahams WeedFeed and BigData sign a new 12-month contract that is retroactive to April 1, 2020. The monthly fee for the new contract is 4,000 per month and is also retroactive to April 1, 2020. During April and May of 2020, while the new contract was being negotiated, Grahams Weed Feed continued to maintain the grounds, and BigData continued to pay 3,200 per month. BigData was satisfied with Grahams WeedFeeds performance, and the only issue during negotiations was the monthly fee. Required: Determine if a valid contract exists between Grahams WeedFeed and BigData during April and May 2020.
On January 1, 2019, Mopps Corp. agrees to provide Conklin Company 3 years of cleaning and janitorial services. The contract sets the price at 12,000 per year, which is the normal standalone price that Mopps charges. On December 31, 2020, Mopps and Conklin agree to modify the contract. Mopps reduces the fee for the third year to 10,000, and Conklin agrees to a 4-year extension that will extend services through December 31, 2024, at a price of 15,000 per year. At the time that the contract is modified, Mopps is charging other customers 13,500 for the cleaning and janitorial service. Required: Should Mopps and Conklin treat the modification as a separate contract? If so how should Mopps account for the contract modification on December 31, 2020? Support your opinion by discussing the application to this case of the factors that need to be considered for determining the accounting for contract modifications.