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Please help. I have been trying and I am not understanding Stellar Company began operations on January 2, 2019. It employs 12 individuals who work
Please help. I have been trying and I am not understanding Stellar Company began operations on January 2, 2019. It employs 12 individuals who work 8-hour days and are paid hourly. Each employee earns 13 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 2019 2020 12 Sick Days Used by Each Employee 2019 2020 5 7 2019 $13 2020 $15 0 Stellar 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 $14.19 2019 2020 15.31 Date Account Titles and Explanation Debit Credit 2019 Salaries and Wages Expense 16224 16224 Salaries and Wages Payable (To accrue the expense and liability for vacations) Salaries and Wages Expense 6240 Cash 6240 (To record sick leave paid) No Entry 0 No Entry (To record vacation time paid) 2020 Salaries and Wages Expense 18720 Salaries and Wages Payable 18720 (To accrue the expense and liability for vacations) Salaries and Wages Expense 5760 Cash 5760 Salaries and Wages Expense 1.95/5 192 Salaries and Wages Payable 9888 Cash (To record vacation time paid) 10080 e Textbook and Media List of Accounts X Your answer is incorrect. Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 and 2020. (Round answers to O decimal places, e.g. 5,125.) 2019 2020 Accrued liability
Please help. I have been trying and I am not understanding
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