| | Exercise 13-13 Bridgeport Corporation offers enriched parental benefits to its staff. While the government provides compensation based on Employment Insurance legislation for a period of 12 months, Bridgeport increases the amounts received and extends the period of compensation. The benefit program tops up the amount received to 100% of the employees salary for the first 12 months, and pays the employee 72% of his or her full salary for another 6 months after the EI payments have stopped. Zeinab Jolan, who earns $54,600 per year, announced to her manager in early June 2020 that she was expecting a baby in mid-November. On October 29, 2020, 9 weeks before the end of the calendar year and Bridgeports fiscal year, Zeinab applied for and began her 18-month maternity leave. Assume that the Employment Insurance program pays her a maximum of $720 per week for 52 weeks. For the purpose of this question, ignore any tax, CPP, and EI deductions when making payments to Zeinab. | | | | | | | Your answer is partially correct. Try again. | | | | Prepare all entries that Bridgeport Corporation must make during its 2020 fiscal year related to the parental benefits plan in regard to Zeinab Jolan. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) | Date | Account Titles and Explanation | Debit | Credit | | Oct. 29Dec. 31 | | | | | | | | | | | (To record employee benefit expense) | | | | | | | | | | | | | | | (To record payment of parental leave benefits for one week) | | | | SHOW LIST OF ACCOUNTS | | LINK TO TEXT | | | | | | | | Your answer is incorrect. Try again. | | | | Prepare one entry to summarize all entries that the company will make in 2021 relative to Zeinab Jolans leave. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) | Account Titles and Explanation | Debit | Credit | | | | | | | | | | SHOW LIST OF ACCOUNTS | | LINK TO TEXT | | | | | | | | Your answer is incorrect. Try again. | | | | Calculate the amount of parental benefits payable at December 31, 2020, and 2021. (Round answers to 0 decimal places, e.g. 5,275.) | | | 2020 | | 2021 | | Parental Leave Benefits Payable | | $ | | $ | Explain how these amounts will be shown on Bridgeports SFP. (Round answers to 0 decimal places, e.g. 5,275.) | | | 2020 | | 2021 | | Current liability | | $ | | $ | | Long-term liability | | $ | | $ | | SHOW LIST OF ACCOUNTS | | LINK TO TEXT | | | | | | | Question Attempts: 2 of 5 used | | SAVE FOR LATER | SUBMIT ANSWER | | | | |
