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Bullet Company compensates its employees for certain absences for vacation and sickness. Employees are entitled to 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 does not accumulate. Employees are compensated in accordance with their pay in effect at the time of the leave.
The following data were taken from the records for 2018:
Employee
Employment Date
Unused Vacation (01/01/18)
Vacation Taken in 2018
Sick Days Taken in 2018
Rate per Day
Kazzie
01/10/2016
5
7
8
P1,200
Marga
07/28/2017
4
1
3
1,000
Dani
09/01/2018
0
750
Mina
09/30/2018
2
600
Required:
Question 1. Compute the balance of the account Liability for Compensated Absences at December 31, 2017.
Question 2. Compute the amount of Employee Benefit Expense for sick leave and vacation leave for 2018.
Question 3. Compute the balance of Liability for Compensated Absences at December 31, 2018.
Question 4. Prepare the entry to record the abovementioned transactions.
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