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Prepare any entries that are required at the March 3 1 , 2 0 2 3 fiscal year end assuming sabbaticals will be granted automatically
Prepare any entries that are required at the March fiscal year end assuming sabbaticals will be granted automatically with no restrictions on the professors' activities during the year. Use a financial calculator or Excel function for your calculations. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select No Entry" for the account titles and enter O for the amounts. Round answers to decimal places, eg Account Titles and Explanation Debit Credit List Accounts Cash Compensation Expense Defined Benefit Expense Employee Pension Contributions Payable Liability for Compensated Absence LongTerm Disability Benefits Expense LongTerm Disability Benefits Payable Net Defined Benefit Liability or Asset Net Retirement Benefit LiabilityAsset No Entry Payroll Accrual Pension Contributions Payable Pension Expense PostRetirement Benefit Expense Remeasurement Gain OCI Remeasurement Loss OCI Salaries and Wages Expense Salaries and Wages PayableCullumber University recently signed a contract with the bargaining unit that represents fulltime professors. The contract agreement starts on April the start of the university's fiscal year. The following excerpt outlines the portion of the signed agreement that relates to sabbaticals: "Professors may apply for a oneyear sabbatical leave after seven continuous years of employment and must outline how their sabbatical plans will benefit the university." After completing the required amount of time, any professor may apply for the leave. The contract notes particular types of activities that the sabbatical is intended to promote, including formal research, continued professional development, and independent study and research. Professors are left to make their own choices regarding which of these activities to pursue while on sabbatical leave. As part of their agreement, they must continue to work for the university one year after their sabbatical or reimburse it for funds they receive while on leave. The agreement states that professors receive of their salary while on sabbatical leave. Professors may delay, or be asked to delay, their application for sabbatical, in which case they will receive of their salary while on leave. The issue of sabbaticals had long been a point of contention with faculty at Cullumber University, and they fought vehemently for the right to this paid leave, which had not previously been in their collective agreement. The university is phasing in the unfunded sabbatical plan gradually, which means that the first professors will be eligible to apply for their sabbaticals in seven years. The controller has put together the following numbers of professors in each salary group: Professors with salaries averaging $ Professors with salaries averaging $ Professors with salaries averaging $ The union agreement calls for a salary increase of per year in each of the next seven years. This is consistent with past union agreements for this bargaining unit. Five of the professors with salaries averaging $ are scheduled to retire in four years. The university expects to keep a similar composition of salaried professors in the future. Assume a discount rate of Assume that Cullumber University is a private university that applies ASPE.
Prepare any entries that are required at the March fiscal year end assuming sabbaticals will be granted automatically
with no restrictions on the professors' activities during the year. Use a financial calculator or Excel function for your calculations.
Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit
entries. If no entry is required, select No Entry" for the account titles and enter O for the amounts. Round answers to decimal places, eg
Account Titles and Explanation
Debit
Credit List Accounts
Cash
Compensation Expense
Defined Benefit Expense
Employee Pension Contributions Payable
Liability for Compensated Absence
LongTerm Disability Benefits Expense
LongTerm Disability Benefits Payable
Net Defined Benefit Liability or Asset
Net Retirement Benefit LiabilityAsset
No Entry
Payroll Accrual
Pension Contributions Payable
Pension Expense
PostRetirement Benefit Expense
Remeasurement Gain OCI
Remeasurement Loss OCI
Salaries and Wages Expense
Salaries and Wages PayableCullumber University recently signed a contract with the bargaining unit that represents fulltime professors. The contract agreement
starts on April the start of the university's fiscal year.
The following excerpt outlines the portion of the signed agreement that relates to sabbaticals: "Professors may apply for a oneyear
sabbatical leave after seven continuous years of employment and must outline how their sabbatical plans will benefit the university."
After completing the required amount of time, any professor may apply for the leave. The contract notes particular types of activities
that the sabbatical is intended to promote, including formal research, continued professional development, and independent study
and research. Professors are left to make their own choices regarding which of these activities to pursue while on sabbatical leave. As
part of their agreement, they must continue to work for the university one year after their sabbatical or reimburse it for funds they
receive while on leave. The agreement states that professors receive of their salary while on sabbatical leave. Professors may
delay, or be asked to delay, their application for sabbatical, in which case they will receive of their salary while on leave.
The issue of sabbaticals had long been a point of contention with faculty at Cullumber University, and they fought vehemently for the
right to this paid leave, which had not previously been in their collective agreement. The university is phasing in the unfunded
sabbatical plan gradually, which means that the first professors will be eligible to apply for their sabbaticals in seven years.
The controller has put together the following numbers of professors in each salary group:
Professors with salaries averaging $
Professors with salaries averaging $
Professors with salaries averaging $
The union agreement calls for a salary increase of per year in each of the next seven years. This is consistent with past union
agreements for this bargaining unit. Five of the professors with salaries averaging $ are scheduled to retire in four years. The
university expects to keep a similar composition of salaried professors in the future. Assume a discount rate of Assume that
Cullumber University is a private university that applies ASPE.
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