Only need help with part B Salaries and Wages Expense176Salaries and Wages Payable4,576Cash(To record sick leave paid)(b)Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at Decem2019 and 2020.20192020Vacation Wages Payable%24%24Sick Pay Wages Payable%24%24eTextbook and MediaList of Accounts Marin Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour days and are paid hourly. Eachemployee earns 11 paid vacation days and 7 paid sick days annually. Vacation days may be taken after January 15 of the year followingthe year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additionalinformation is as follows.Actual HourlyVacation Days Usedby Each EmployeeSick Days UsedWage Rateby Each Employee201920202019202020192020$8$910Marin Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and toaccrue sick pay when earned.(a)Your AnswerCorrect AnswerYour answer is partially correct.Prepare journal entries to record transactions related to compensated absences during 2019 and 2020. (If no entry is required,select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount isentered. Do not indent manually.)

Marin Company Date Accounts titles and explanation Debit Credit 2019 Salaries and wages expense…

Answered: (b) | bartleby

Business

Accounting

(b)

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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Question

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Only need help with part B

Salaries and Wages Expense
176
Salaries and Wages Payable
4,576
Cash
(To record sick leave paid)
(b)
Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at Decem
2019 and 2020.
2019
2020
Vacation Wages Payable
%24
%24
Sick Pay Wages Payable
%24
%24
eTextbook and Media
List of Accounts

Marin Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour days and are paid hourly. Each
employee earns 11 paid vacation days and 7 paid sick days annually. Vacation days may be taken after January 15 of the year following
the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional
information is as follows.
Actual Hourly
Vacation Days Used
by Each Employee
Sick Days Used
Wage Rate
by Each Employee
2019
2020
2019
2020
2019
2020
$8
$9
10
Marin Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to
accrue sick pay when earned.
(a)
Your Answer
Correct Answer
Your answer is partially correct.
Prepare journal entries to record transactions related to compensated absences during 2019 and 2020. (If no entry is required,
select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is
entered. Do not indent manually.)

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