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Swifty Limited began operations on January 2 , 2 0 2 2 . Swifty employs 1 5 individuals who work eight - hour days and

Swifty Limited began operations on January 2,2022. Swifty employs 15 individuals who work eight-hour days and are paid hourly.
Each employee earns 10 paid vacation days and 7 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:
Assume that Swifty Limited has chosen not to recognize paid sick leave until it is used, and has chosen to accrue vacation time at
expected future rates of pay without discounting. Swifty uses the following projected rates to accrue vacation time:
Year in Which Vacation Time
Was Earned
2022
2023
Projected Future Pay Rates Used
to Accrue Vacation Pay
$20.75 per hour
$21.60 per hour
(a)
Question Part Score
(b)
Question Part Score
(c)
Your answer is partially correct.
Calculate the amounts of any liability for vacation pay and sick days that should be reported on the SFP at December 31,2022
and 2023.(Do not leave any answer field blank. Enter 0 for amounts.)
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