Blue Company began operations on January 2, 2025. It employs 11 individuals who work 8-hour days and are paid hourly. Eachemployee earns 9 paid vacation days and 6 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 Rate2026$11 $122025Vacation Days Usedby Each Employee2025202680Sick Days Usedby Each Employee202520265Blue Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and toaccrue sick pay when earned.$Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31,2025 and 2026.Vacation Wages PayableSick Pay Wages Payable $42025$$2026

The liability for compensated absences on account of vacation and sick pay is the accrued unutilized…

Answered: nis as follows. Hourly Rate 2026 $12…

Business

Accounting

nis as follows. Hourly Rate 2026 $12 Vacati by Ea 2025 0 any has chosen to

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

Blue Company began operations on January 2, 2025. It employs 11 individuals who work 8-hour days and are paid hourly. Each
employee earns 9 paid vacation days and 6 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
Wage Rate
2026
$11 $12
2025
Vacation Days Used
by Each Employee
2025
2026
8
0
Sick Days Used
by Each Employee
2025
2026
5
Blue 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.
$
Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31,
2025 and 2026.
Vacation Wages Payable
Sick Pay Wages Payable $
4
2025
$
$
2026

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