B Corp. has an employee benefit plan for compensated absences that gives each employee 10 paid...
B Corp. has an employee benefit plan for compensated absences that gives each employee 10 paid vacation days and 10 paid sick days. Both vacation and sick days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days; however, no payment is given for sick days not taken. At December 31, 2021, B's unadjusted balance of liability for compensated absences was $64,000. B estimated that there were 280 total vacation days and 140 sick days available at December 31, 2021. B's employees earn an average of $222 per day. In its December 31, 2021, balance sheet, what amount of liability for compensated absences is B required to report?
Multiple Choice
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$62,160.
-
$93,240.
-
$204,240.
-
$142,080.
Homework Answers
| Total vacation days available at December 31, 2021 | 280 |
| X Average wage per day | 222 |
| Liability for compensated absences at December 31, 2021 | 62160 |
| Option A $62,160 is correct |
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B Corp. has an employee benefit plan for compensated
absences that gives each employee 10 paid...
B Corp. has an employee benefit plan for compensated absences that gives each employee 10 paid...
B Corp. has an employee benefit plan for compensated absences that gives each employee 10 paid vacation days and 10 paid sick days. Both vacation and sick days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days, however, no payment is given for sick days not taken. At December 31, 2021, B's unadjusted balance of liability for compensated absences was $32,000. B estimated that there were 280 total vacation days and 140 sick...
M Corp. has an employee benefit plan for compensated absences that gives each employee 15 paid...
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Compensated Absences Matt Broderick Company began operations on January 2, 2016. The following information was provided...
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The following information relating to compensated absences was available from Graf Company's accounting records at December...
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Exercise 13-3 Sage Company began operations on January 2, 2016. It employs 8 individuals who work 8-hour days and are pa...
Exercise 13-3 Sage Company began operations
on January 2, 2016. It employs 8 individuals who work 8-hour days
and are paid hourly. Each employee earns 10 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 Vacation Days...
Sarasota Company began operations on January 2, 2016. It employs 12 individuals who work 8-hour days...
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Exercise 13-3 Shamrock Company began operations on January 2, 2016. It employs 9 individuals who work...
Exercise 13-3
Shamrock Company began operations on January 2, 2016. It employs 9
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
Vacation Days...
B Corp. has an employee benefit plan for compensated absences that gives each employee 10 paid vacation days and 10 paid sick days. Both vacation and sick days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days, however, no payment is given for sick days not taken. At December 31, 2021, B's unadjusted balance of liability for compensated absences was $32,000. B estimated that there were 280 total vacation days and 140 sick...
M Corp. has an employee benefit plan for compensated absences that gives each employee 15 paid vacation days. Vacation days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days. At December 31, 2018, M's unadjusted balance of liability for compensated absences was $30,600. M estimated that there were 200 total vacation days available at December 31, 2018. M's employees earn an average of $153 per day. In its December 31, 2018, balance sheet,...
Compensated Absences Matt Broderick Company began operations on January 2, 2016. The following information was provided concerning the company's employees who are paid hourly Number of individuals employed Number of hours worked per day Paid vacation days earned annually by each employee Paid sick days earned annually by each employee 9 employees 8 hours 10 days 6 days Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may...
The following information relating to compensated absences was available from Graf Company's accounting records at December 31, 2020. • Employees' rights to vacation pay vest and are attributable to services already rendered. Payment is probable, and Graf's obligation was reasonably estimated at $198,000. • Employees' rights to sick pay benefits do not vest but accumulate for possible future use. The rights are attributable to services already rendered, the total accumulate sick pay was reasonably estimated at $90,000, and payment is...
Exercise 13-3 Sage Company began operations
on January 2, 2016. It employs 8 individuals who work 8-hour days
and are paid hourly. Each employee earns 10 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 Vacation Days...
Exercise 13-3
Shamrock Company began operations on January 2, 2016. It employs 9
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
Vacation Days...
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