M estimated that there were 200 vacation days available at, Ask an Expert

Accounting

M Corp. has an employee benefit plan for compensated absences that gives employees 15 paid vacation days. Vacation days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days. At December 31, 2009, M's unadjusted balance of liability for compensated absences was $30,000. M estimated that there were 200 vacation days available at December 31, 2009. M's employees earn an average of $150 per day. In its December 31, 2009, balance sheet, what amount of liability for compensated absences is M required to report?

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M999093

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Discussion internal controlsbullimagine that a coworker

Discussion: Internal Controls • Imagine that a coworker wants to circumvent an internal control to steal money from your company. Speculate on two (2) internal controls that your coworker might attempt to circumvent in o ...

Question as you explored in the the value of literature

Question: As you explored in the The Value of Literature discussion, literature can provide us with a multitude of perspectives, ideas, and experiences. Additionally, there is a long tradition of critical reading and wri ...

Question - a company incurred the following transactions

Question - A company incurred the following transactions: 1. Wages of $2,650 accrued at the end of the prior fiscal period were paid this fiscal period. 2. Real estate taxes of $7,100 applicable to the current period hav ...

Question - on january 2 2017 the first year of operations

Question - On January 2, 2017 the first year of operations, Alpha Corp issued 15,000 shares of $10 par value common stock for $15 per share. On july 1, 2017 Alpha Corp 1,000 of these shares were reacquired for $20 each. ...

Question - anwer owns a rental home and is involved in

Question - Anwer owns a rental home and is involved in maintaining it and approving renters. During the year he has a net loss of $8,000 from renting the home. His other sources of income during the year are a salary of ...

Question - a guy doing software coding a company offers him

Question - A guy doing software coding. A company offers him $100,000 as contract to have the right to use his in their procurement software package. The right of use is up to 10,000 packages, if the procurement sells mo ...

Question -a revenue of 62000 was earned but only 45000 was

Question - a. Revenue of $62,000 was earned, but only $45,000 was collected. Expenses of $36,000 were incurred, but only $30,000 was paid. What is reported operating income? b. Wages of $5,000 are paid every Friday for a ...

Question - tony is in the 32 percent tax rate bracket and

Question - Tony is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock over the years: date purchased/shares/basis 07-10-2008/620/$32,240 04-20-2009/520/$30,056 01-29-2010/ ...

Assignment 1 depreciation and nontaxable propertycompanies

Assignment 1: Depreciation and Nontaxable Property Companies buy, use, and sell many types of property as a part of business operations. The amount involved can be substantial as can be the tax implications. Based on you ...

Question - x company manufactures a single product product

Question - X Company manufactures a single product, Product A, and budgets total manufacturing costs each month. The accountant provides the following information about its manufacturing process: Direct material quantity ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert