Prepare journal entries to record transactions for martinez

Assignment Help Accounting Basics

Reference no: EM131912731

Problem

Martinez Company began operations on January 2, 2016. It employs 10 individuals who work 8-hour days and are paid hourly. Each employee earns 11 paid vacation days and 7 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.

Actual Hourly Wage Rate		Vacation Days Used by Each Employee		Sick Days Used by Each Employee
2016	2017	2016	2017	2016	2017
$9	$10	0	10	5	6

Martinez 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.

Prepare journal entries to record transactions related to compensated absences during 2016 and 2017.

Reference no: EM131912731

Questions Cloud

What is definition of rhetoric and why is significant : After consulting these sources, what is *your* definition of rhetoric? How do rhetorical triangles help us understand how people engage in persuasion

Variance and standard deviation of risk free asset : What is the variance and standard deviation of the risk free asset? What is the standard deviation on your portfolio?

How an organization could improve their margins : Produce a detailed write up that discusses how an organization could improve their margins at a reduced cost without compromising quality

Prepare a physical flow schedule : Darim Company manufactures a product that passes through two processes - Prepare a physical flow schedule and Compute equivalent units using weighted average

Prepare journal entries to record transactions for martinez : Martinez Company began operations on January 2, 2016. Prepare journal entries to record transactions related to compensated absences during 2016 and 2017.

Find the quantity of cartons per year : Assuming that the price per carton is $16.40, find the quantity of cartons per year you need to supply to break even.

Research the reviews of business and public administration : .Obtain access to at least one milestone publication discussed in chapter 3 (other than the one presented at the end of the chapter).

Which of martins segments is reportable : Martin Corporation has the following data related to its operating segments. Inter- Identi Unaffiliated segment. Which of Martin's segments is (are) reportable?

Prepare all entries martinez should have made : Prepare all entries Martinez should have made in its accounting records during August 2017 relating to this lease. Remember, August 31, 2017.

User Account

All Pages