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Betting corporation began business on January 2,2019 with five employees. It sick leave and vacation policy follow: each employee is allowed 8 days of sick
Betting corporation began business on January 2,2019 with five employees. It sick leave and vacation policy follow: each employee is allowed 8 days of sick leave each year and one day of paid vacation leave for each month worked. The accused vacation is not used accumulates to an 18-day maximum. The vacation leave accumulates for 5years, but at any time the employee may request compensation in lieu of taking paid vacation leave. The daily gross wages for each employee are $180.
Problem 2 (30 Points, 10/8/12) Answer each of the following are independent situations. A. Bettinghaus Corporation began business on January 2, 2019, with five employees. Its sick leave and vacation policy follow: Each employee is allowed 8 days of sick leave each year and one day of paid vacation leave for each month worked. The accrued vacation cannot be taken until the employee has been with the company 1 year. The sick leave, if not used accumulates to an 18-day maximum. The vacation leave accumulates for 5 years, but at any time the employee may request compensation in lieu of taking paid vacation leave. The company records its liability for both compensated absences on a quarterly basis. The daily gross wages for each employee are $180. Instructions: 1. Prepare the journal entries to record the compensated absences for the first quarter of 2019. Three sick days were used by employees in the first quarter. 2. Prepare a partial interim balance sheet showing the liability balances for compensated absences at March 31, 2019 Step by Step Solution
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