I need help with c) please make sure to provide four answers, with solutions the better. Flounder Limited began operations on January 2, 2019. The company employs 6 individuals who work 8 hour days and are paid hourly.Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the yearfollowing 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 HourlyWage RateVacation Days Usedby Each EmployeeSick Days Usedby Each Employee2019 20202019202020192020$20$220945Assume that Flounder Limited has chosen not to recognize paid sick leave until it is used, and has chosen to accrue vacation time atexpected future rates of pay without discounting. Flounder uses the following projected rates to accrue vacation time:Year in which Vacation TimeWas EarnedProjected Future Pay Rates Usedto Accrue Vacation Pay2019$20.75 per hour2020$22.60 per hourPrepare the journal entries to record the transactions related to vacation entitlement during 2019 and 2020. (Credit account titlesare automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accounttitles and enter o for the amounts.)Date Account Titles and ExplanationDebitCredit2019 Salarles and Wages Expense9960Vacation Wages Payable9960(To accrue the expense and liability for vacations)No EntryNo Entry(To record vacation time paid)Salarles and Wages Expense10848Vacation Wages Payable10848(To accrue the expense and liability for vacations)Salarles and Wages Expense5:40Vacation Wages Payable8964Cash9504(To record vacation time paid)Your answer is correct.Prepare the journal entries to record the transactions related to sick days during 2019 and 2020. (Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter O for the amounts.)Date Account Titles and ExplanationDebitCredit2019Salaries and Wages Expense3840Cash38402020Salaries and Wages Expense5280Cash5280* Your answer is incorrect.Calculate the amounts of any liability for vacation pay and sick days that should be reported on the SFP at December 31, 2019,and 2020.20192020Liability for vacation pay9600$11520Liability for sick pay19203168201920202020(b)(c)LALALA

Flounder limited recognizes sick leaves only when it is used . Thus when the sick leaves are used ,…

Answered: under uses the following projected…

Business

Accounting

under uses the following projected rates to accrue vacation ti Pay Rates Used cation Pay

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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