The employees of the City of Raymond earn vacation compensation that totals $1,500 per week. During 2013, $30,000 in vacation time was taken and the remainder is expected to be used during the latter part of next year. In the government-wide financial statements, assuming there was no beginning balance, what liability should be reported at the end of 2013?

Question

Quizplus · Accepted Answer

Beginning Balance $0 + Accrued Liability $78,000 - Vacation Used $30,000 = Ending Liability Balance $48,000

The Employees of the City of Raymond Earn Vacation Compensation