Date | Account Titles and Explanation | Debit | Credit |
2016 | Salaries and Wages Expense | $ 5,120.00 | |
Salaries and Wages Payable | $ 5,120.00 | ||
(To accrue the expense and liability for vacations) | |||
8 employees X $8.00 hourly X 8 Hours a day X 10 days | |||
Salaries and Wages Expense | $ 4,096.00 | ||
Salaries and Wages Payable | $ 4,096.00 | ||
(To accrue the expense and liability for Sick Pay) | |||
8 employees X $8.00 hourly X 8 Hours a day X 8 days | |||
Salaries and Wages Payable | $ 3,072.00 | ||
Cash | $ 3,072.00 | ||
To record payment for compensated time when used by employees | |||
8 employees X $8.00/hr. X 8 hrs./day X 6 days | |||
2017 | Salaries and Wages Expense | $ 5,760.00 | |
Salaries and Wages Payable | $ 5,760.00 | ||
(To accrue the expense and liability for vacations) | |||
8 employees X $9.00 hourly X 8 Hours a day X 10 days | |||
Salaries and Wages Expense | $ 4,608.00 | ||
Salaries and Wages Payable | $ 4,608.00 | ||
(To accrue the expense and liability for Sick Pay) | |||
8 employees X $9.00 hourly X 8 Hours a day X 8days | |||
Salaries and Wages Expense | $ 576.00 | ||
Salaries and Wages Payable | $ 4,608.00 | ||
Cash | $ 5,184.00 | ||
(To record vacation time paid) | |||
8 employees X $8/hr. X 8 hrs./day X 9 days | $ 4,608.00 | ||
8 employees X $9/hr. X 8 hrs./day X 9 days | $ 5,184.00 | ||
Salaries and Wages Expense | $ 128.00 | ||
Salaries and Wages Payable | $ 3,904.00 | ||
Cash | $ 4,032.00 | ||
(To record sick leave paid) | |||
8 employees X $8/hr. X 8 hrs./day X (8-6)days | $ 1,024.00 | ||
8 employees X $9/hr. X 8 hrs./day X( 7-2days) | $ 2,880.00 | $ 3,904.00 | |
8 employees X $9/hr. X 8 hrs./day X 7 days | $ 4,032.00 | ||
b) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2016 and 2017. (Round answers to 0 decimal places, e.g. 5,125.) | 2016 | 2017 | |
Vacation Wages Payable | |||
Beginning balance | 0 | $ 5,120.00 | |
+ accrued | $ 5,120.00 | $ 5,760.00 | |
- paid | 0 | $ 4,608.00 | |
Accrued liability on Dec. 31 balance | $ 5,120 | $ 6,272 | |
Sick Pay Wages Payable | |||
2016 | 2017 | ||
Vacation Wages Payable | |||
Beginning balance | 0 | $ 1,024.00 | |
+ accrued | $ 4,096.00 | $ 4,608.00 | |
- paid | $ 3,072.00 | $ 3,904.00 | |
Accrued liability on Dec. 31 balance | $ 1,024 | $ 1,728 | |
Exercise 13-3 Skysong Company began operations on January 2, 2016. It employs 8 individuals who work...
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...
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...
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...
Sunland Company began operations on January 2, 2019. 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 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 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 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...
Exercise 13-3 (Part Level Submission) Vaughn Company began operations on January 2, 2016. It employs 10 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...