Of a Company's Employees,75 Percent Typically Qualify to Receive Two $\begin{array}{llr} \text { Estimated Liability for Vacation Pay } &144 \\ \text { Cash } &&144\\\end{array}$

question 19

Multiple Choice

Of a company's employees,75 percent typically qualify to receive two weeks' paid vacation out of 50 working weeks per year.The entry to record the amount of estimated liability for vacation pay for a week in which the total payroll is $9,600 :

• A)
• \(\begin{array}{llr}
• \text { Estimated Liability for Vacation Pay } &144 \\
• \text { Cash } &&144\\
• \end{array}\)
• B)
• \(\begin{array}{l}
• \text { Vacation Pay Expense } &288\\
• \text { Estimated Liability for Vacation Pay }&&288
• \end{array}\)
• C)
• \(\begin{array}{l}
• \text { Vacation Pay Expense }&7,200 \\
• \text { Cash }&&7,200
• \end{array}\)
• D)
• \(\begin{array}{llr}
• \text {Cash } &256\\
• \text { Estimated Liability for Vacation Pay } &&256\\
• \end{array}\)

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Definitions:

Market Power

The ability of a firm or group of firms to control prices or exclude competition in a market.

Respond Efficiently

The ability of entities or systems to adjust and react promptly and effectively to changes or challenges.

Worse Off

A situation in which an individual's or group's economic position or welfare has deteriorated.

Introduction

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