Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Answer all part please!!! U.297 View Policies Show Attempt History Current Attempt in Progress Ayayai Company began operations on January 2, 2019. It employs 11

Answer all part please!!!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
U.297 View Policies Show Attempt History Current Attempt in Progress Ayayai Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee earns 12 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 Sick Days Used by Each Employee Vacation Days Used by Each Employee 2019 2020 0 11 2019 2020 2019 2020 $12 $13 5 6 Ayayal 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. Year in which Vacation Time Was Earned Projected Future Pay Rates Used to Accrue Vacation Pay 2019 $12.79 Question 4 of 5 0.29/1 E ga Ayayal 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. tb Year in which Vacation Time Was Earned Projected Future Pay Rates Used to Accrue Vacation Pay $12.79 2019 2020 13.80 vor sion Your answer is partially correct. Prepare journal entries to record transactions related to compensated absences during 2019 and 2020. Of no entry is required. select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,125.) ny rk & jon Debit Credit Date Account Titles and Explanation 12672 2019 Salaries and Viages Experise beg rk & ion natic 12672 Salaries and Wages Payable Question 4 of 5 0.29/1 2019 Salaries and Wages Expense 12672 Salaries and Wages Payable 12672 (To accrue the expense and liability for vacations) Salaries and Wages Expense 7392 Salaries and Wages Payable 7392 (To record sick leave paid) Salaries and Wages Payable 5280 Cash 5280 (To record vacation time paid) 2020 Salaries and Wages Expense 13728 13728 Salaries and Wages Payable (To accrue the expense and liability for vacations) ROOM Colocar stion 4 of 5 0.29/1 III (10 record vacation time paid) 2020 Salaries and Wages Expense 13728 Salaries and Wages Payable 13728 (To accrue the expense and liability for vacations) Salaries and Wages Expense 8008 Salaries and Wages Payable 8008 (To record sick leave paid) 968 Salaries and Wages Expense 11616 Salaries and Wages Payable 12584 Cash (To record vacation time paid) e Textbook and Media 0.29/1 HII X Your answer is incorrect TE Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 and 2020. (Round answers to O decimal places, e.g. 5,125.) ipd vor fior 2019 2020 Accrued liability e Textbook and Media List of Accounts ny b rk 8 ion

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield

15th edition

978-1118159644, 9781118562185, 1118159640, 1118147294, 978-1118147290

More Books

Students also viewed these Accounting questions

Question

=+c. Savings as the Star focus on price.

Answered: 1 week ago

Question

=+b. Product-Focused emphasize product features.

Answered: 1 week ago