Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Glassy Ltd has an average weekly payroll of $700,000. The employees are entitled to 2 weeks non-vesting sick leave per annum. Past experience suggests that
Glassy Ltd has an average weekly payroll of $700,000. The employees are entitled to 2 weeks non-vesting sick leave per annum. Past experience suggests that 40% of employees will take the full 2 weeks' sick leave, 20% of employees will take 1.5 weeks' sick leave and 10% will take 1 week's sick leave each year. The rest of the employees take no sick leave. In the current week an employee with a weekly salary of $10,000 has been off sick for the first time this year. The employee took 3 days off out of her normal 5-day working week. Assuming that PAYE tax is deducted at 20% and there is no medical benefit. Required Record the journal entries in relation to sick leave. Round amounts to the nearest dollar
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started