Accrued Vacation Pay A business provides its employees with varying amounts of vacation per year,...
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Accrued Vacation Pay A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's vacation pay is $105,600. a. Journalize the adjusting entry required on January 31, the end of the first month of the current year, to record the accrued vacation pay. If an amount box does not require an entry, leave it blank. 88 b. How is the vacation pay reported on the company's balance sheet? , unless employees are allowed to accumulate their vacation pay for use in future years. When is this amount removed from the company's balance sheet? Employee Net Pay Maxwell Washington's weekly gross earnings for the week ending March 9 were $2,380, and her federal income tax withholding was $499.80. Assuming the social security tax rate is 6% and Medicare tax is 1.5% of all earnings, what is Washington's net pay? If required, round your answer to two decimal places
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