Exercise 13-4 Sweet Company began operations on January 2, 2016. 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. Actual Hourly Wage Rate Vacation Days Used by Each Employee Sick Days Used by Each Employee 2016 2017 2016 2017 2016 2017 $10 $11 0 9 4 5 Sweet 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 2016 $10.86 2017 11.72 Prepare journal entries to record transactions related to compensated absences during 2016 and 2017. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit 2016 (To accrue the expense and liability for vacations) (To record sick leave paid) (To record vacation time paid) 2017 (To accrue the expense and liability for vacations) (To record sick leave paid) (To record vacation time paid) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2016 and 2017. (Round answers to 0 decimal places, e.g. 5,125.) 2016 2017 Accrued liability $ $ Click if you would like to Show Work for this question:

Prepare journal entries to record transactions related to compensated absences during 2016 and 2017. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,125.) Date Account Titles and Explanation Credit Debit 2016 (To accrue the expense and liability for vacations) (To record sick leave paid) (To record vacation time paid) 2017 (To accrue the expense and liability for vacations) (To record sick leave paid) (To record vacation time paid) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2016 and 2017. (Round answers to 0 decimal places, e.g. 5,125.) 2017 2016 Accrued liability $4 $4 Open Show Work Click if you would like to Show Work for this question: By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Ouestion Attemnts: 0 of 3. used SAVE E OR LATER. ANSW ED SURMTT