Answered Essay: Pirate Ltd employs 5 staff. Each staff member is entitled to 20 days annual leave per annum. Leave loading of 17.5% is paid w

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Testbank to accompany: Financial Reporting le by Loftus et al. 8) Pirate Ltd employs 5 staff. Each staff member is entitled to 20 days annual leave per annum. Leave loading of 17.5% is paid whenthe leaveistaken. At 1 July 2013 the balance in the provision for annual leave account was $20 303. Details of each employees leave entitlement at 30 June 2014 are as follows: Employee Salary Days owing Days taken 17 24 during year Jo Bird Bill Brown Ben Fit Greg Horn $62 500 Lou Hamilton$90 0009 $65 000 $70 000 $85 000 12 18 15 26 There are 260 work days in a year. On 1 July each year all employees receive a 5% wage rise. There are no other wage rises given during the year. Annual leave payments made during the year were debited against the provision account. The total debit against the annual leave account during the year in relation to leave taken was: a) $27 221. b) $28 654. *c) $33 585. d) $33 668. Answer: c Learning Objective 2: Prepare journal entries to account for short-term liabilities for employee benefits, such as wages and salaries, sick leave and annual leave

Pirate Ltd employs 5 staff. Each staff member is entitled to 20 days annual leave per annum. Leave loading of 17.5% is paid when the leave is taken. At 1 July 2013 the balance in the provision for annual leave account was $20 303. Details of each employee’s leave entitlement at 30 June 2014 are as follows: There are 260 work days in a year. On 1 July each year all employees receive a 5% wage rise. There are no other wage rises given during the year. Annual leave payments made during the year were debited against the provision account. The total debit against the annual leave account during the year in relation to leave taken was: a) $27 221. b) $28 654. c) $33 585. d) $33 668. Answer: c Learning Objective 2: Prepare journal entries to account for short-term liabilities for employee benefits, such as wages and salaries, sick leave and annual leave

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Answer: c) $ 33,585

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