Question: please answer A and B. Thanks! E13.4B (LO 1) (Compensated Absences) Assume the facts in E13.3B exercise, except that Zeile Company has chosen not to
E13.4B (LO 1) (Compensated Absences) Assume the facts in E13.3B exercise, except that Zeile Company has chosen not to accrue paid sick leave until used, and has chosen to accrue vacation time at expected future rates of pay without discounting The company used the following projected rates to accrue vacation time: Instructions (a) Prepare journal entries to record transactions related to compensated absences during 2019 and 2020. (b) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31,2019 , and 2020. \begin{tabular}{|l|l|r|r|} \hline 143 & compensated absences & year 2019 & \multicolumn{2}{|c|}{ year 2020 } \\ \hline 144 & vacation wages payable & 10800 & 14040 \\ \hline 145 & sick wages payable & 2160 & 3888 \\ \hline \end{tabular} E13.4B (LO 1) (Compensated Absences) Assume the facts in E13.3B exercise, except that Zeile Company has chosen not to accrue paid sick leave until used, and has chosen to accrue vacation time at expected future rates of pay without discounting The company used the following projected rates to accrue vacation time: Instructions (a) Prepare journal entries to record transactions related to compensated absences during 2019 and 2020. (b) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31,2019 , and 2020. \begin{tabular}{|l|l|r|r|} \hline 143 & compensated absences & year 2019 & \multicolumn{2}{|c|}{ year 2020 } \\ \hline 144 & vacation wages payable & 10800 & 14040 \\ \hline 145 & sick wages payable & 2160 & 3888 \\ \hline \end{tabular}
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
