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 $42,000.

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slonzyy5904 slonzyy5904

22-07-2022
Business

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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 $42,000.

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Tutorconsortium363 Tutorconsortium363 · Answer 1 · 2022-07-30T21:04:12+02:00

Vacation pay expense $42,000

Vacation pay payable $42,000

How is the vacation pay registered on the company's balance sheet?

It is recorded on the company's balance sheet as the accrued liability at the drawbacks portion.

When is this amount withdrawn from the company's balance sheet?

The amount will be removed once the vacation pay is paid and debited to the income account.

The balance sheet is an significant tool used by executives, investors, analysts, and regulators to know the current financial health of a business. It is usually used alongside the two other types of financial statements: the income statement and the cash flow statement.

To learn more about balance sheet visit the link

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