question archive Arctic Ice Inc
Arctic Ice Inc
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Arctic Ice Inc. compensates its employees for certain absences. Employees can receive one day vacation plus one day sick leave for each month worked during the year. Unused vacation days may be carried forward, but unused sick leave expires within the year of employment. Employees are compensated according to their current pay rate. The following data were taken from the re- cords for the year 2005.
Starting
Earned
Sick Leave
Carry
Forward
Vacation Days
Current Pay
Employee
Date
Taken 2005
1/1/05
Taken 2005
per Day
S. Perkins
1/6/03
5
0
7
$70
M. Jordan
6/2/04
10
6
3
60
P. Ford
11/4/05
5
0
0
48
J. Worthy
7/28/05
2
0
1
79
Compute the amount that should be reported as a liability for compensated absences on Decem- ber 31, 2005.
Arctic Ice Inc. compensates its employees for certain absences. Employees can receive one day vacation plus one day sick leave for each month worked during the year. Unused vacation days may be carried forward, but unused sick leave expires within the year of employment. Employees are compensated according to their current pay rate. The following data were taken from the re- cords for the year 2005.
|
|
Starting |
Earned Sick Leave |
Carry Forward |
Vacation Days |
Current Pay |
|
Employee |
Date |
Taken 2005 |
1/1/05 |
Taken 2005 |
per Day |
|
S. Perkins |
1/6/03 |
5 |
0 |
7 |
$70 |
|
M. Jordan |
6/2/04 |
10 |
6 |
3 |
60 |
|
P. Ford |
11/4/05 |
5 |
0 |
0 |
48 |
|
J. Worthy |
7/28/05 |
2 |
0 |
1 |
79 |
Compute the amount that should be reported as a liability for compensated absences on Decem- ber 31, 2005.
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