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 $48,000 is expected to be used during the latter part of next year. On fund financial statements, what liability should be reported at the end of 2013?
A) $0.
B) $1,500.
C) $30,000.
D) $48,000.
E) $78,000.
Correct Answer:
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