Matthewson SA began operations on January 2, 2018. It employs 9 individuals who work 8-hour days and
Question:
Matthewson SA began operations on January 2, 2018. It employs 9 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 follows.
Instructions
a. Prepare journal entries to record transactions related to compensated absences during 2018 and 2019.
b. Compute the amounts of any liability for compensated absences that should be reported on the statement of financial position at December 31, 2018 and 2019.
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Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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