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1. Compensated Absences Mathewson Company began operations on January 2, 2010. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 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.Mathewson Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned.
(a) Prepare journal entries to record transactions related to compensated absences during 2010 and 2011.
(b) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2010 and 2011.
Using the format in Example 13-5, prepare common-size comparative income statements for 2011 and 2010. Use as the base ''Net revenues.'' Round all percentages to the nearest one- tenth of a percent.
presented below are three different transactions related to materiality. explain whether you would classify these
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Distinguish between the all-inclusive income statement and the current operating performance income statement. According to present generally accepted accounting principles, which is recommended? Explain.
the seawall corporation uses an injection molding machine to make a plastic product z39 after receiving firm orders
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