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Calculate the amount of liability to be reported at the end

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Lofft Furniture Mfg. currently employs 10 people on its assembly line, each of whom earn $160 per day. Each employee is entitled to 15 days of vacation per year and one sick day per month. Vacation days accumulate each month, but cannot be taken until after the end of the current year. Sick days do not accumulate, and if they are not taken in a given month they are forfeited. The company is planning to give a 3% raise to its employees in the next fiscal year. The 10 employees worked for the entire year and took a total of 96 sick days. No vacation was taken during the year.

Required:

Question a. Prepare the journal entries for the current year with respect to the vacation and sick pay.

Question b. Calculate the amount of liability to be reported at the end of the current year with respect to the vacation pay and sick pay

Reference no: EM132579382

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