FAC 3703
Miami Dade College
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FAC 3703 SPECIFIC FINANCIAL REPORTING
- Exam (elaborations) • 73 pages • 2022
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FAC 3703 SPECIFIC FINANCIAL REPORTING 
 
FAC3703	 
May-Jun 2017 
Paper 1	 
Suggested solution	 
Question 1	 
a) Calculate employee benefits	 
W1.	 
Salary:	(275 000 x 9 months [Apr – Dec])	2 475 000 
(275 000 x 3 months [Jan – Mar] x 100/110)	750 000 
Bonus paid:	275 000 
Bonus obligation OB:	(275 000 x 1/12)	(22 917) 
Bonus obligation CB:	(275 000 x 1,1 x 1/12)	25 208 
Leave obligation OB:	(52 145) 
Leave obligation CB:	(24 – 6 – 8) = 10 days x 60% = 6 days	62 857 
.’. 6 days x 275 00...
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