Pearl 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 8 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 HourlyWage Rate2019$92020$10Vacation Days Usedby Each Employee20192020Vacation Wages Payable $10Sick Pay Wages PayableSick Days Usedby Each Employee20196Pearl Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and toaccrue sick pay when earned.2020Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31,2019 and 2020.20197$+A2020

The term "accrued liability" refers to an expense incurred but not yet paid for by a business. These…

Answered: Compute the amounts of any liability…

Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 and 2020.

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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At December 31, 2019, Bashful Corporation had a projected benefit obligation of P5,600,000, plan assets of P3,220,000, and prior service cost of P1,270,000 in accumulated other comprehensive income. Determine the pension asset/liability at December 31, 2019.
Annual additions to qualified retirement plans include interest and dividend income. forfeitures reallocated to plan participants. employee contributions. employer contributions. A) I, II, and III B) II, III, and IV C) I, II, III, and IV D) II and IV
. During 2019, P determined that insurance premiums of $12289 for the 3-year period beginning January 1, 2018, had been paid and fully expensed in 2018 . P has a 37% income tax rate To correct for this error P will adjust the balances of the following accounts on January 1, 2019: a. increase /(decrease) prepaid insurance expense by: b. increase/ (decrease) retained earnings balance by: c. increase /(decrease) income tax payable by:
Gallagher Company has gathered the information needed to complete its Form 941 for the quarter ended September 30, 2019. Using the information presented below, complete Part 1 of Form 941, reproduced on the next page. # of employees for pay period that included September 12—15 employees Wages paid third quarter—$89,352.18 Federal income tax withheld in the third quarter—$10,195.00 Taxable social security and Medicare wages—$89,352.18 Total tax deposits for the quarter—$23,865.92
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Prepare journal entry to record the total liabilities for termination benefits.