Business, 21.01.2021 23:10 dogeking12
Matt Broderick Company began operations on January 2, 2013. Itemploys 9 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacationdays and 6 paid sick days annually. Vacation days may be taken after January 15 of the year followingthe year in which they are earned. Sick days may be taken as soon as they are earned; unused sick daysaccumulate. Additional information is as follows. Actual Hourly Vacation Days Used Sick Days UsedWage Rate by Each Employee by Each Employee 2013 2014 2013 2014 2013 2014 $10 $11 0 9 4 5Assume the facts 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 Projected Future Pay Rates Time Was Earned Used to Accrue Vacation Pay 2013 $10.75 2014 11.60Instructions:(a) Prepare journal entries to record transactions related to compensated absences during 2013 and 2014.(b) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2013, and 2014.
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Matt Broderick Company began operations on January 2, 2013. Itemploys 9 individuals who work 8-hour...
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