The following applies to Q 8 24,25,26,27,28 sens College Employces are paid from the general fund semi-monthly on the 1 5th day and the last day of the moeth. The QC mumerous employee benefits. Employees earn ten vacation days for each 12 months of employment. The employee can take the vacation during any summer months (May-September) prior to retirement. The employees also earn one sick day for each month of employment. Sick pay vests at the completion of five years of continuous service. Vested unused sick pay will be paid upon retirement or termination. The city contributes to a retirensent plan that is administered by the state. Each year the city gets a statement from the state explaining the actuarially determsined contribution required The OC recognizes revenueslexpenditures when collected/paid or if collected/paid within 60 days of year-end. The QC's fiscal yer end is December 31. At the beginning of the current year employees had S0.4 million of earmed vacation time and $7 million of vested earned sick leave. Assuming that the city maintains its books and records in a manner to facilitate the preparation of fund financial statements, analyze the financial statement impact for the current year for the following tractions a. During the year employees of the QC earned $60 milion in salaries. At year-end all but $2 million had been paid to the employees. OC does plan to pay the rest 61 days after the year end b. During the year the employees of the QC earned S2.5 million in vacation pay. By year-end the employees had taken $2 million of vacation. Of the balance of vacation pay duc to the employees, the QC estimates that S0.3 million will be taken during the next year and S0.2 million will be deferred until later c. During the year the employees of the QC earned S3 million in sick pay, of which $2.5 million is expected to vest. Of the $2.5 million, employees are expected to take $2.0 million and S0.5 million is expected to be paid to employees upon their termination or retirement. During the year employees took $1 million in sick days. d.The QC received a statement from the state requiring a contribution to the retirement plan of $8 million for the current year Because of a cash shortage the QC paid S6 million of the required contribution during the year, S1.5 million on February 15 of the following year and $0.3 million in June of the following year. 24. Salary Expenditure should be a $62 million 60 million c.558 million d. $2 million 25. Total E pensated Absence should be a. $3.0 million b.$2.5 million e. $2.0 million d. $1.0 million 26. Pension Espenditures should be a. $8.0 million b. $7.5 million c. S6.0 million d. $15 million Total Expense reported on the OC Year End Financial Statement should be /a. $73 million b.$71.5 million c. S68 million d. $65 million The following applies to Q 8 24,25,26,27,28 sens College Employces are paid from the general fund semi-monthly on the 1 5th day and the last day of the moeth. The QC mumerous employee benefits. Employees earn ten vacation days for each 12 months of employment. The employee can take the vacation during any summer months (May-September) prior to retirement. The employees also earn one sick day for each month of employment. Sick pay vests at the completion of five years of continuous service. Vested unused sick pay will be paid upon retirement or termination. The city contributes to a retirensent plan that is administered by the state. Each year the city gets a statement from the state explaining the actuarially determsined contribution required The OC recognizes revenueslexpenditures when collected/paid or if collected/paid within 60 days of year-end. The QC's fiscal yer end is December 31. At the beginning of the current year employees had S0.4 million of earmed vacation time and $7 million of vested earned sick leave. Assuming that the city maintains its books and records in a manner to facilitate the preparation of fund financial statements, analyze the financial statement impact for the current year for the following tractions a. During the year employees of the QC earned $60 milion in salaries. At year-end all but $2 million had been paid to the employees. OC does plan to pay the rest 61 days after the year end b. During the year the employees of the QC earned S2.5 million in vacation pay. By year-end the employees had taken $2 million of vacation. Of the balance of vacation pay duc to the employees, the QC estimates that S0.3 million will be taken during the next year and S0.2 million will be deferred until later c. During the year the employees of the QC earned S3 million in sick pay, of which $2.5 million is expected to vest. Of the $2.5 million, employees are expected to take $2.0 million and S0.5 million is expected to be paid to employees upon their termination or retirement. During the year employees took $1 million in sick days. d.The QC received a statement from the state requiring a contribution to the retirement plan of $8 million for the current year Because of a cash shortage the QC paid S6 million of the required contribution during the year, S1.5 million on February 15 of the following year and $0.3 million in June of the following year. 24. Salary Expenditure should be a $62 million 60 million c.558 million d. $2 million 25. Total E pensated Absence should be a. $3.0 million b.$2.5 million e. $2.0 million d. $1.0 million 26. Pension Espenditures should be a. $8.0 million b. $7.5 million c. S6.0 million d. $15 million Total Expense reported on the OC Year End Financial Statement should be /a. $73 million b.$71.5 million c. S68 million d. $65 million