1.The question 1 and 2 are already answered. I need help in question 3a and 3b only. Do not give me different answers for 1 and 2 as they are already correct, for 3a and 3b only. This is my 3rd time to post this question but not getting the right answer.Thank you for your help! 3-a. The appropriate statement of financial position presentation in 20X5 for the vacation carryover balances.> Answer is complete but not entirely correct.Provision for compensated absencesby$ 62,400 XIncreases3-b. How would the vacation time carried over from 20X5 affect the retained earnings?2Retained earnings wouldhaveAnswer is not complete.decreased by Tunacliff Mowers allows each employee to earn 15 fully paid vacation days each year. Unused vacation time can be carried over to thenext year; if not taken during the next year, it is lost. By the end of 20X5, all but 3 of the 30 employees had taken their earned vacationtime; these 3 carried over to 20X6 a total of 20 vacation days. These 20 days represented total 20X5 salary of $6,300. During 20X6,each of these three used their 20X5 vacation carryover; none of them had received a pay rate change from 20X5 to the time theyused their carryover. Total cash wages paid: 20X5, $735,000; 20X6, $810,000.Required:1. Give the entries for Tunacliff related to vacations during 20X5 and 20X6. Disregard payroll taxes. (If no entry is required for atransaction/event, select "No journal entry required" in the first account field.)No12Transaction20X520X6✔ Answer is complete and correct.General JournalSalary expenseProvision for compensated absencesYear20X5 $ 741,300✔20X6 $ 803,700✔Provision for compensated absencesCash2. Compute the total amount of wage expense for 20X5 and 20X6.✔ Answer is complete and correct.WageExpense✓✓33Debit6,3006,300✔Credit6,300✔6,300✔

Introduction The recorded revenues, obligations, and better profitability of a firm are indicated…

3-a. The appropriate statement of financial position presentation in 20X5 for the vacation carryover balances. Answer is complete but not entirely correct. Provision for compensated absences by $ 62,400 Increases 3-b. How would the vacation time carried over from 20X5 affect the retained earnings? 2 Retained earnings would have > Answer is not complete. decreased by

3-a. The appropriate statement of financial position presentation in 20X5 for the vacation carryover balances. Answer is complete but not entirely correct. Provision for compensated absences by $ 62,400 Increases 3-b. How would the vacation time carried over from 20X5 affect the retained earnings? 2 Retained earnings would have > Answer is not complete. decreased by

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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