Amount 2 account title amount 2012 to record vacation

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Amount (2) Account title Amount 2012 To record vacation time paid Account title Amount Account title Amount 2013 To accrue expense and liability for vacations Account title Amount (3) Account title Amount 2013 To record sick leave paid Account title Amount (4) Account title Amount 2013 To record vacation time paid Account title Amount Account title Amount (5) Account title Amount (6) employees per hour hours per day days (1) Number × Amount × Number × Number = Formula (1) (2) Number × Amount × Number × Number = Formula (2) (3) Number × Amount × Number × Number = Formula (3) (4) Number × Amount × Number × Number = Formula (4) (5) Number × Amount × Number × Number = Formula (5) (6) Number × Amount × Number × Number = Formula Formula (6) Accrued liability at year-end 2012 2013 Jan. 1 balance Amount Amount Plus accrued Amount Amount Less paid Amount Amount Dec. 31 balance Formula (1) Formula (2) employees per hour hours per day days (1) Number × Amount × Number × Number = Formula (2) Number × Amount × Number × Number = Formula Number × Amount × Number × Number = Formula Formula Intermediate Accounting , 14 th Edition by Kieso, Weygandt, and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse E13-6 (Compensated Absences) Matthewson Company began operations on January 2, 2012. It employs 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 Matthewson 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 (a) (1) Prepare journal entries to record transactions related to compensated absences during 2012. (a) (2) Prepare journal entries to record transactions related to compensated absences during 2013. Note: Vacation days and sick days are paid at the employee’s current wages (b) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2012, and 2013. Accrued liability at year- end
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44dfbef45d4d29eed28ef53a63fd71480d3d113d.xlsx, Problem 13-2 Solution, Page 7 of 10, 03/29/2012, 01:32:30 Name: Solution Date: Instructor: Course: 1. On December 5, the store received $500 from the Jackson Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 2. During December, cash sales totaled $798,000 which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month.
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