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Guzman Co. pays all salaried employees on a Monday for the 5-day workweek ended the previous Friday. The last payroll recorded for the year ended December 31, 2004 was for the week ended December 25, 2004. The payroll for the week ended January 1, 2005 included regular weekly salaries of $80,000 and vacation pay of $25,000 for vacation time earned in 2004 not taken by December 31, 2004. Guzman had accrued a liability of $20,000 for vacation pay at December 31, 2003. In its December 31, 2004 balance sheet, what amount should Guzman report as accrued salary and vacation pay?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M954694

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