Boree Ltd provides employees with 4 weeks (20 days) of annual leave for each year of service.
Question:
Boree Ltd provides employees with 4 weeks (20 days) of annual leave for each year of service. The annual leave is accumulating and vesting up to a maximum of 6 weeks. Thus, all employees take their annual leave within 6 months after the end of each reporting period so that it does not lapse. Boree Ltd pays a loading of 17.5% on annual leave; that is, employees are paid an additional 17.5% of their regular wage while taking annual leave. Refer to the following extract from Boree Ltd’s payroll records for the year ended 30 June 2024.
Required Calculate the amount of annual leave that should be accrued for each employee.
Step by Step Answer:
Financial Reporting
ISBN: 9780730396413
4th Edition
Authors: Janice Loftus, Ken Leo, Sorin Daniliuc, Belinda Luke, Hong Nee Ang, Mike Bradbury, Dean Hanlon, Noel Boys, Karyn Byrnes