Homework Answers
| REQUIRED: PREPARE THE ENTRIES ASSOCIATED WITH 2016 COMPENSATED ABSENCES | ||
| Account titles and description | Debit | Credit |
| WAGE EXPENSE | $ 47,520.00 | |
| VACATION WAGES PAYABLE (30 employees x 6 days x 8 hours per day x $18 per hour) | $ 25,920.00 | |
| SICK WAGES PAYABLE (30 employees x 5 days x 8 hours per day x $18 per hour) | $ 21,600.00 | |
| SICK WAGES PAYABLE (30 employees x 3 days x 8 hours per day x $18 per hour) | $ 12,960.00 | |
| CASH | $ 12,960.00 | |
| $ 60,480.00 | $ 60,480.00 | |
| REQUIRED: PREPARE THE ENTRIES ASSOCIATED WITH 2017 COMPENSATED ABSENCES | ||
| Account titles and description | Debit | Credit |
| WAGE EXPENSE | $ 52,800.00 | |
| VACATION WAGES PAYABLE (30 employees x 6 days x 8 hours per day x $20 per hour) | $ 28,800.00 | |
| SICK WAGES PAYABLE (30 employees x 5 days x 8 hours per day x $20 per hour) | $ 24,000.00 | |
| WAGE EXPENSE (30 employees x 6 days x 8 hours per day x ($20-$18 )per hour) | $ 2,880.00 | |
| VACATION WAGES PAYABLE (30 employees x 4 days x 8 hours per day x $18 per hour) | $ 17,280.00 | |
| SICK WAGES PAYABLE (30 employees x 2 days x 8 hours per day x $18 per hour) + (30 employees x 1 days x 8 hours per day x $20 per hour) | $ 13,440.00 | |
| CASH | $ 33,600.00 | |
| $ 86,400.00 | $ 86,400.00 | |
| REQUIRED: DETERMINE THE 2016 & 2017 ACCOUNT BALANCES FOR | ||
| 2016 BALANCE SHEET AMOUNTS | ||
| VACATION WAGES PAYABLE (30 employees x 6 days x 8 hours per day x $18 per hour) | $ 25,920.00 | |
| SICK WAGES PAYABLE (30 employees x 2 days x 8 hours per day x $18 per hour) | $ 8,640.00 | |
| 2017 BALANCE SHEET AMOUNTS | ||
| VACATION WAGES PAYABLE (30 employees x 2 days x 8 hours per day x $20 per hour) + (30 employees x 6 days x 8 hours per day x $20 per hour) | $ 37,440.00 | |
| SICK WAGES PAYABLE (30 employees x 4 days x 8 hours per day x $20 per hour) | $ 19,200.00 | |
| REQUIRED: PREPARE THE ENTRIES ASSOCIATED WITH 2017 COMPENSATED ABSENCES ASSUMING | ||
| WAGE EXPENSE | $ 3,840.00 | |
| VACATION WAGES PAYABLE (30 employees x 6 days x 8 hours per day x ($20-$18 per hour) | $ 2,880.00 | |
| SICK WAGES PAYABLE (30 employees x (5 days - 3 days) x 8 hours per day x $20 - $18 per hour) | $ 960.00 | |
| WAGE EXPENSE | $ 52,800.00 | |
| VACATION WAGES PAYABLE (30 employees x 6 days x 8 hours per day x $20 per hour) | $ 28,800.00 | |
| SICK WAGES PAYABLE (30 employees x 5 days x 8 hours per day x $20 per hour) | $ 24,000.00 | |
| WAGE EXPENSE | N/A | |
| VACATION WAGES PAYABLE (30 employees x 4 days x 8 hours per day x $20 per hour) | $ 19,200.00 | |
| SICK WAGES PAYABLE (30 employees x 3 days x 8 hours per day x $20 per hour) | $ 14,400.00 | |
| CASH | $ 33,600.00 | |
| $ 90,240.00 | $ 90,240.00 | |
| REQUIRED: DETERMINE THE 2016 & 2017 ACCOUNT BALANCES FOR | ||
| 2016 BALANCE SHEET AMOUNTS | ||
| VACATION WAGES PAYABLE (30 employees x 6 days x 8 hours per day x $18 per hour) | $ 25,920.00 | |
| SICK WAGES PAYABLE (30 employees x 2 days x 8 hours per day x $18 per hour) | $ 8,640.00 | |
| 2017 BALANCE SHEET AMOUNTS | ||
| VACATION WAGES PAYABLE (30 employees x 2 days x 8 hours per day x $20 per hour) + (30 employees x 6 days x 8 hours per day x $20 per hour)+ (30 employees x (5 days - 3 days) x 8 hours per day x $20 - $18 per hour) | $ 38,400.00 | |
| SICK WAGES PAYABLE (30 employees x 4 days x 8 hours per day x $20 per hour) | $ 19,200.00 | |
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INTERMEDIATE ACCOUNTING CHAPTER 13 - COMPENSATED ABSENCES...
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...
Exercise 13-3 Skysong Company began operations on January 2, 2016. It employs 8 individuals who work...
Exercise 13-3 Skysong 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...
Compensated Absences Matt Broderick Company began operations on January 2, 2016. The following information was provided...
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...
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...
Shamrock Company began operations on January 2, 2016. It employs 11 individuals who work 8-hour days...
Shamrock Company began operations on January 2, 2016. It employs 11 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 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 fallows. Vacation Days Used by Each Employee 2016 2017...
Shamrock Company began operations on January 2, 2016. It employs 11 individuals who work 8-hour days...
Shamrock Company began operations on January 2, 2016. It employs 11 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 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 fallows. Vacation Days Used by Each Employee 2016 2017...
Sarasota Company began operations on January 2, 2016. It employs 12 individuals who work 8-hour days...
Sarasota Company began operations on January 2, 2016. It employs 12 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 Used by...
Flint Company began operations on January 2, 2016. It employs 9 individuals who work 8-hour days...
Flint 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 7 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 Used by...
Vaughn Company began operations on January 2, 2016. It employs 8 individuals who work 8-hour days...
Vaughn 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 HourlyVacation Days Used Wage Rate 2016 2017...
Novak Company began operations on January 2, 2016. It employs 12 individuals who work 8-hour days...
Novak Company began operations on January 2, 2016. It employs 12 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 tollowing the year in which they are earned, Sick days may be taken as soon as they are c๑med; unused sick days accumulate. Additional information is as follows. Acbul V ction Deys Sick Days Ueed Used...
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 Skysong 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...
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...
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...
Shamrock Company began operations on January 2, 2016. It employs 11 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 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 fallows. Vacation Days Used by Each Employee 2016 2017...
Shamrock Company began operations on January 2, 2016. It employs 11 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 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 fallows. Vacation Days Used by Each Employee 2016 2017...
Vaughn 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 HourlyVacation Days Used Wage Rate 2016 2017...
Novak Company began operations on January 2, 2016. It employs 12 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 tollowing the year in which they are earned, Sick days may be taken as soon as they are c๑med; unused sick days accumulate. Additional information is as follows. Acbul V ction Deys Sick Days Ueed Used...
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