Sweet Acacia Incorporated began operations on January 2, 2016. Sweet Acacia employs 10 individuals who...
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Sweet Acacia Incorporated began operations on January 2, 2016. Sweet Acacia employs 10 individuals who work 8-hour days and are paid hourly. Each employee earns 12 paid vacation days and 5 paid sick days annually. Vacation days may be taken after February 28 of 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 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | |||||||
| $11 | $13 | 2 | 10 | 4 | 3 | |||||||
Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2016 and 2017.
| 2016 | 2017 | |||
|---|---|---|---|---|
| Vacation Wages Payable | $enter a dollar amount | $enter a dollar amount | ||
| Sick Pay Wages Payable | $enter a dollar amount |
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