Example of Wages and Salaries Payment note 23
- |
- Email a Friend |
Digg
| 
StumbleUpon
| 
Facebook
NOTE 23 - WAGES & EMPLOYEE BENEFITS PAYABLE
Wages & Employee benefits payable account balance at the end of each forecasted period consists of Employer Mandatory Costs arising from the operating salaries and R&D salaries. Mandatory costs include items such as Worker's Compensation, UI, vacation, etc. and are estimated at 11% of salaries.
| YEAR 1 | YEAR 2 | YEAR 3 | |
| From Operating Salaries | $1,076 | $1,124 | $1,383 |
| From R&D Salaries | $ 610 | $ 925 | $ 953 |
| Total Employer Costs Payable | $1,686 | $2,049 | $2,336 |
As indicated on the Company's Cash Flow Statement, payment of these payables will commence in the first month of the following fiscal year.