Homework Answers
| a. | $198,000.00 | |||
| Note: Graf’s obligation for sick pay benefits relates to benefits that do not vest, | ||||
| no accrual for the $90,000 in accumulated sick pay should be recognized. | ||||
| Consequently, only the $198,000 obligation for employee rights to vacation pay | ||||
| should be recognized | ||||
| b. | Date | Account Name | Debit | Credit |
| Dec 31, 2020 | Salary Expense | 198,000 | ||
| Liability for Compensated Absences | 198,000 | |||
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The following information relating to compensated absences was available from Graf Company's accounting records at December...
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