The liability for compensated absences of Tomato Company had a beginning balance of P555,000, it represents the probable

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The Liability For Compensated Absences Of Tomato Company Had A Beginning Balance Of P555 000 It Represents The Probable 1 (783.89 KiB) Viewed 95 times

The liability for compensated absences of Tomato Company had a beginning balance of P555,000, it represents the probable unused sick leave and vacation leave in 2021 and prior to 2021 carried over to 2022. The company's policy is to allow the employees to carry over unused leaves over two years from year of grant, thereafter, it shall expire. Salary rate for current year (2022) increased by 7%. The balance cumulative unused sick leave and vacation leave are as follows: Prior to 2021 leaves carried over to 2022 300 days Leaves earned in 2022 carried over to 2023 600 days 2021 leaves earned carried over to 2022 625 days Prior to 2021 leaves used in 2022 720 days of the total leaves used in 2022, from prior to 2021 leaves used in 2022. 285 were eamed by employee prior to 2021. Tomato Company should report liability for compensated absences at the end of December 31, 2022 of?