1 Bear Island Ltd has a weekly payroll of $300 000. The employees receive entitlements to two weeks’ sick leave per year. The sick-leave entitlements are classified as non-vesting. Past experience, and experience within the industry, suggest that 60 per cent of employees will use their full two weeks ‘ entitlement each year; 20 per cent of employees will take one week’s sick leave each year; and 10 per cent of employees will take one day’s sick leave each year.REQUIRED(a) Calculate the expected annual sick-leave expense for Bear Island Ltd (on the basis of average salaries).(b) Provide the journal entries necessary to recognise the sick-leave entitlement expense as it accrues.2. Shelley Ltd pays its salaries fortnightly in arrears. The next pay day is Thursday 2 July. The fortnightly salary expense is $30 000, of which $10 000 is retained to pay the Australian Taxation Office on behalf of the employees. Payments to the ATO are made every second Monday, with the next payment being made on Monday 6 July. Shelley Ltd’s reporting period ends on 30 June.REQUIREDProvide the journal entries in the books of Shelley Ltd for:(a) 30 June(b) 2 July(c) 6 July
RECOMMENDED!!ACCOUNTING THEORY 6025-Bear Island Ltd has a weekly payroll of $300 000
How it works
- Paste your instructions in the instructions box. You can also attach an instructions file
- Select the writer category, deadline, education level and review the instructions
- Make a payment for the order to be assignment to a writer
- Download the paper after the writer uploads it
Will the writer plagiarize my essay?
You will get a plagiarism-free paper and you can get an originality report upon request.
Is this service safe?
All the personal information is confidential and we have 100% safe payment methods. We also guarantee good grades
Recent Comments