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FINANCIAL ACCOUNTING
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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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
Transcribed Image Text: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.)
Transcribed Image Text: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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