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A factory worker earns P5,000 per week and will receive a P20,000 bonus at year-end, a 2-week paid vacation, and 5 paid holidays
A factory worker earns P5,000 per week and will receive a P20,000 bonus at year-end, a 2-week paid vacation, and 5 paid holidays. The combined amount of the accruals for bonus, vacation, and holiday pay in the weekly payroll would be
Expert Solution
calculate the amount of bonus, holiday pay & vacation pay to be charged per week as under:
-
Total no. of weeks in a year = 52
-
Paid vacation = 2 weeks
-
Thus, No. of working weeks = 52 – 2
-
= 50 weeks
Step 1 of 4
Bonus Amount = $20,000
Therefore, Bonus per working week
=$20000/50
= $400
Step 2 of 4
Total Vacation Pay = Regular Pay per week × vacation period
= $5,000 × 2 weeks
= $10,000
Vacation pay per working week
= $10000/50
= $200
Step 3 of 4
Number of holidays = 5 days = 1 week
Thus, total holiday pay = $5,000(regular pay for 1 week)
Holiday pay per working week
=$5000/50
= $100
Step 4 of 4
Total combine amount of accruals = Bonus pay per week + Vacation pay per week + Holiday pay per week
= $400 + $200 + $100
= $700
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