B CorpHas an Employee Benefit Plan for Compensated Absences That Gives

question 42

Multiple Choice

B Corp.has an employee benefit plan for compensated absences that gives each employee 10 paid vacation days and 10 paid sick days.Both vacation and sick days can be carried over indefinitely.Employees can elect to receive payment in lieu of vacation days;however,no payment is given for sick days not taken.At December 31,2016,B's unadjusted balance of liability for compensated absences was $42,000.B estimated that there were 300 total vacation days and 150 sick days available at December 31,2016.B's employees earn an average of $200 per day.In its December 31,2016,balance sheet,what amount of liability for compensated absences is B required to report?

• A)$ 60,000.
• B)$ 84,000.
• C)$ 90,000.
• D)$144,000.

Recognize the factors influencing the value of the U.S. dollar and its implications on the economy.

Grasp the significance and rationale behind international currencies and the gold standard system.

Identify the causes and consequences of current account deficits and trade imbalances.

Analyze the role of foreign investment in the U.S. economy and its impact on the trade deficit.

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Definitions:

Materials Quantity Variance

The difference between the actual amount of materials used in production and the standard amount expected to be used, multiplied by the standard cost per unit.

Raw Materials Price

The cost of raw materials required in the manufacturing process, a critical factor in the overall production cost and pricing strategy.

Variance

The difference between a planned, budgeted, or standard amount and the actual amount incurred or realized.

Revenue Variance

The difference between actual revenue earned and expected revenue, often used in budgeting and financial analysis.