Employees of the city of orleans earn ten days paid leave for each 12 months of employment. the city has a policy that employees must take their vacation days during the year following the year in which it is earned. if they do not take vacation in the allotted period, they forfeit the vacation pay benefit. traditionally, employees have taken 80% of the vacation days earned. during the current year, employees of the city of orleans earned $400,000 in vacation pay. assuming the city maintains its books and records in a manner to facilitate the preparation of its government-wide financial statements, which of the following entries should be made to record the vacation pay earned during the current period?
a. debit expenditures $400,000; credit vacation payable $400,000.
b. debit expenses $400,000; credit vacation payable $400,000.
c. debit expenses $320,000; credit vacation pay payable $320,000.
d. no entry required.

Exercise 8-6 goods in transit [lo8-2] the kwok company's inventory balance on december 31, 2016, was $190,000 (based on a 12/31/16 physical count) before considering the following transactions: 1. goods shipped to kwok f.o.b. destination on december 20, 2016, were received on january 4, 2017. the invoice cost was $35,000. 2. goods shipped to kwok f.o.b. shipping point on december 28, 2016, were received on january 5, 2017. the invoice cost was $22,000. 3. goods shipped from kwok to a customer f.o.b. destination on december 27, 2016, were received by the customer on january 3, 2017. the sales price was $45,000 and the merchandise cost $27,000. 4. goods shipped from kwok to a customer f.o.b. destination on december 26, 2016, were received by the customer on december 30, 2016. the sales price was $25,000 and the merchandise cost $18,000. 5. goods shipped from kwok to a customer f.o.b. shipping point on december 28, 2016, were received by the customer on january 4, 2017. the sales price was $30,000 and the merchandise cost $17,000. required: determine the correct inventory amount to be reported in kwok's 2016 balance sheet.

Overspeculation and a decrease in consumer confidence are both leading factors of: ?

Heather has been an active participant in a defined benefit plan for 19 years. during her last 6 years of employment, heather earned $42,000, $48,000, $56,000, $80,000, $89,000, and $108,000, respectively (representing her highest-income years). calculate heather’s maximum allowable benefits from her qualified plan (assume that there are fewer than 100 participants). assume that heather’s average compensation for her three highest years is $199,700. calculate her maximum allowable benefits.