Current Attempt in Progress Tamarisk Company began operations on January 2, 2019. It employs 9 individuals...
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Current Attempt in Progress Tamarisk Company began operations on January 2, 2019. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 11 paid vacation days and 8 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 2019 2020 $11 $12 Vacation Days Used by Each Employee 2019 2020 0 10 Sick Days Used by Each Employee 2019 6 2020 7 Tamarisk 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. Salaries and Wages Payable Cash (To record payment for compensated time when used by employees) 2376 2376 (To accrue the expense and liability for vacations) Salaries and Wages Expense Salaries and Wages Payable (To accrue the expense and liability for sick pay) Salaries and Wages Expense Salaries and Wages Payable Cash (To record vacation time paid) Salaries and Wages Expense Salaries and Wages Payable Cash (To record sick leave paid) 8712 6912 9504 6912 Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31. 2019 and 2020. Vacation Wages Payable Sick Pay Wages Payable $ 2019 2020 Current Attempt in Progress Tamarisk Company began operations on January 2, 2019. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 11 paid vacation days and 8 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 2019 2020 $11 $12 Vacation Days Used by Each Employee 2019 2020 0 10 Sick Days Used by Each Employee 2019 6 2020 7 Tamarisk 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. Salaries and Wages Payable Cash (To record payment for compensated time when used by employees) 2376 2376 (To accrue the expense and liability for vacations) Salaries and Wages Expense Salaries and Wages Payable (To accrue the expense and liability for sick pay) Salaries and Wages Expense Salaries and Wages Payable Cash (To record vacation time paid) Salaries and Wages Expense Salaries and Wages Payable Cash (To record sick leave paid) 8712 6912 9504 6912 Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31. 2019 and 2020. Vacation Wages Payable Sick Pay Wages Payable $ 2019 2020
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Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood
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