1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Xelga [282]
3 years ago
15

Pina Company began operations on January 2, 2019. It employs 10 individuals who work 8-hour days and are paid hourly. Each emplo

yee earns 11 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.
Actual Hourly Wage Rate Vacation Days Used by Each Employee Sick Days Used by Each Employee
2019 2020 2019 2020 2019 2020
$11 $12 0 10 4 6
Pina 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 2019 $11.83 2020 12.76
Prepare journal entries to record transactions related to compensated absences during 2019 and 2020
Business
1 answer:
Andrew [12]3 years ago
5 0

Answer:

2019

Dr Salaries and wages expense 9,680

Cr Salaries and wages payable 9,680

Dr Salaries and wages expense 6,160

Cr Salaries and wages payable 6,160

Dr Salaries and Wages Payable 3,520

Cr Cash 3,520

2020

Dr Salaries and wages expense 10,560

Cr Salaries and wages payable 10,560

Dr Salaries and wages expense 6,720

Cr Salaries and wages payable 6,720

Dr Salaries and wages expense

800

Dr Salaries and wages payable 8,800

Cr Cash 9,600

Dr Salaries and Wages Expense 240

Dr Salaries and Wages Payable 5,520

Cr Cash 5,760

B. 2019 $10,410

2020 $12,175

Explanation:

(a) Preparation of journal entries to record transactions related to compensated absences during 2019 and 2020

2019

Dr Salaries and wages expense 9,680

Cr Salaries and wages payable 9,680

(10 employees * $11.00/hr. * 8 hrs./day * 11 days)

(Being to record accrue expense and liability for vacation)

Dr Salaries and wages expense 6,160

(10 employees * $11.00/hr. * 8 hrs./day * 7days)

Cr Salaries and wages payable 6,160

(Being to record accrue expense and liability for sick pay)

Dr Salaries and Wages Payable 3,520

Cr Cash 3,520

(10 employees * $11.00/hr. * 8 hrs./day*4 days)

2020

Dr Salaries and wages expense 10,560

(10 employees * $12/.00/hr. * 8 hrs./day * 11 days)

Cr Salaries and wages payable 10,560

(Being to accrue expense and liability for vacation)

Dr Salaries and wages expense 6,720

Cr Salaries and wages payable 6,720

(10 employees * $12.00/hr. * 8 hrs./day * 7 days)

(Being to record accrue expense and liability for sick pay)

Dr Salaries and wages expense

800

(9,600-800)

Dr Salaries and wages payable 8,800

(10 employees * $11.00/hr. X 8 hrs./day *10days)

Cr Cash 9,600

(10 employees * $12.00/hr. * 8 hrs./day X 10days)

(Being to record vacation time period))

Dr Salaries and Wages Expense 240

(10 employees * ($11-12) /hr. * 8 hrs./day * (7-4) last yr)

Dr Salaries and Wages Payable 5,520

(10 employees * $11.00/hr. * 8 hrs./day * (7-4) days) + (10 employees * $12.00/hr. * 8 hrs./day *(6-3) days)

=(2,640+2,880=5520)

Cr Cash 5,760

(10 employees * $12.00/hr. * 8 hrs./day * 6 days)

(Being to record sick leave paid)

B) Computation for the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019, and 2020

1. December 31, 2019

10 employees * $11.83/hr. * 8 hrs./day * 11 days =$10,410

2. December 31, 2020

10 employees * $11.83/hr. * 8 hrs./day * 1 day =$946

Add: 10 employees * $12.76/hr. * 8 hrs./day * 11 days = 11,229

Total $12,175

($11,229+$946)

Therefore the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 will be $10,410 and 2020 will be $12,175

You might be interested in
You want to search for articles that discuss the role of nature in the poetry of Emily Dickinson. You're specifically interested
DENIUS [597]

Answer:

a.(bees OR flowers) AND dickinson

Explanation:

We defenitevily want Dickinson in our search as it is the writer we are interest on. Thus the statment should be and AND as an OR may leave it off the equation. and the system will look for bees or flowers from pretty much any writer. Dickinson is an exclusive factor.

Then, from the topoc of his poetry we look for bees or flowers at an equal interest. With findings of just one of these two concepts we are satisfied thereofre and OR statement is the way to go.

3 0
3 years ago
Look at Ivan's check register. Ivan spent $158.29 on groceries. He then transferred $250 to his savings account.
jolli1 [7]

Answer:

(1)=A    (2)=D

i just need to fill up this space to answer~

7 0
3 years ago
Read 2 more answers
A commercial oven with a book value of $67,000 has an estimated remaining 5 year life. A proposal is offered to sell the oven fo
GaryK [48]

Answer:

It should replace the equipment

Explanation:

                                         continue replace Differential

Proceeds from sale             -              8,500            8,500

Cost  

purchase                                -           -110,000        -110,000

cost savings (5 years)                           115,000         115,000

Total cost                                 -               5,000           5,000

 

Net                                                    -     13,500          13,500

3 0
3 years ago
Which functionality would you include in the product category of the marketing mix?
Licemer1 [7]

The after sales services are included in the product category of market mix.  Option C

<u>Explanation: </u>

The set of ideas or actions taken by a business entity or a company to promote its product or brand in the market. The four P’s of marketing mix are namely,

  • Product - The end product that is offered for sale.
  • Price – The value set for the finished good for selling.  
  • Place – Direct or indirect markets.
  • Promotion – Public relations, advertising, etc.,

From the given, discounts comes under pricing, product image used in advertising comes under promotion and substitute goods belong to a different topic. After-sales services comes under the service branch of the product category.

6 0
3 years ago
How can expectations about the future change consumer behavior?
Scrat [10]
The answer is C. If the future price of a good is expected to rise, that means consumers would want to buy more NOW before the price increases. This causes the immediate demand to rise.
7 0
3 years ago
Read 2 more answers
Other questions:
  • Robin works for a small firm with only enough money budgeted to use one test to help with hiring decisions. What kind of test wo
    9·1 answer
  • How does one determine the product or services to be produced and/or to be delivered to the target customers?
    11·2 answers
  • Free rein leaders can be described as:
    5·1 answer
  • Which of the following statements is FALSE?A. Asset-specific risks can be easily diversified with highly correlated assets in a
    12·2 answers
  • John and Jill Jones sold stock that resulted in a short-term capital loss of $5,000. They had no other capital transactions duri
    11·1 answer
  • Glastonbury Inc. began operations in April of this year. It makes all sales on account, subject to the following collection patt
    15·1 answer
  • NNR Inc.'s balance sheet showed total current assets of $1,875,000 plus $4,225,000 of net fixed assets. All of these assets were
    5·1 answer
  • When a user sends a reply to a message, what is the user sending
    8·2 answers
  • A company provides services to clients during the period that are neither paid for, nor billed to the clients. What must the com
    9·1 answer
  • List examples of words that can describe a store's image.​
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!