Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help answering all of these and please show the calculation . thanks Current Attempt in Progress Tamarisk Company began operations on January 2, 2019.

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
please help answering all of these and please show the calculation . thanks
Current Attempt in Progress Tamarisk 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. Vacation Days Actual Hourly Sick Days Used Used Wage Rate by Each Employee by Each Employee 2019 2020 2019 2020 2019 2020 $11 $12 0 6 10 7 Tamarisk 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. Salaries and Wages Payable 2376 Cash 2376 (To record payment for compensated time when used by employees) (To accrue the expense and liability for vacations) Salaries and Wages Expense 8712 9504 Salaries and Wages Payable (To accrue the expense and liability for sick pay) Salaries and Wages Expense Salaries and Wages Payable 6912 6912 Cash (To record vacation time paid) Satories and Wages Expense Salaries and Wages Payable Cash (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, 2019 and 2020 2019 2020 Vacation Wages Payable $ Sick Pay Wages Payable

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_2

Step: 3

blur-text-image_3

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

BMW Brand Audit

Authors: Marion Maguire

1st Edition

3638653137, 978-3638653138

More Books

Students also viewed these Accounting questions