Posted by & filed under Accounting Careers, Financial Accounting.

Description: Salaried workers may be wondering if they worked for free on February 29, the leap day. Since those on an annual salary receive the same pay whether the year has 365 days or 366, workers like Rohith Krishnan feel they are missing out for showing up for the extra day. Others, like Annie Boilard, a human resources consultant, believe extra hours come with the territory for salaried staff, and that salary compensation generally reflects the employee’s overall contributions.

Date:  March 1, 2024



Discussion points:

1) Had you ever thought of this leap year issue before? What do you think employers should do?

2) For graduating students on your campus, what percentage of them would you say are receiving an annual salary offer?

3) Pages 9-17 and 9-18 of Wiley’s Understanding Financial Accounting discusses the four journal entries required to record a company’s payroll costs. What are they?

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