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B) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019, and 2020 Following
B) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019, and 2020
Following Image shows 2013/2014 but it's suppose to be 2019/2020
Sweet Company began operations on January 2, 2019. It employs 9 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 Each Employee Sick Days Used by Each Employee 2019 2020 2019 2020 2019 2020 $11 $12 0 10 6 7 Sweet Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned. Date Account Titles and Explanation Debit Credit 2019 Salaries and Wages Expense 8712 Salaries and Wages Payable 8712 (To accrue the expense and liability for vacations) Salaries and Wages Expense 6336 Salaries and Wages Payable 6336 (To accrue the expense and liability for sick pay) Salaries and Wages Payable 4752 Cash 4752 (To record payment for compensated time when used by employees) 2020 Salaries and Wages Payable 8640 Cash 8640 (To accrue the expense and liability for vacations) Salaries and Wages Payable 6048 Cash 6048 (To accrue the expense and liability for sick pay) (To record vacation time paid) III ON 100 10! (To record sick leave paid) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2013 and 2014. 2013 2014 $ Vacation Wages Payable s Sick Pay Wages Payable s $ Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS
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