The employees of the City of Raymond earn vacation compensation that totals $1,500 per week.During 2008,$30,000 in vacation time was taken and the remainder is expected to be used next year.On the government-wide financial statements,assuming there was no beginning balance,what liability should be reported at the end of 2008?

Question

Quizplus · Accepted Answer

The Answer of The employees of the City of Raymond earn vacation compensation that totals $1,500 per week.During 2008,$30,000 in vacation time was taken and the remainder is expected to be used next year.On the government-wide financial statements,assuming there was no beginning balance,what liability should be reported at the end of 2008?

The Employees of the City of Raymond Earn Vacation Compensation