The following information relating to compensated absences was available from Graf Company’s accounting records at December 31, Year 4:-Employees’ rights to vacation pay vest and are attributable to services already rendered. Payment is probable, and Graf’s obligation was reasonably estimated at $110,000.-Employees’ rights to sick pay benefits do not vest but accumulate for possible future use. The rights are attributable to services already rendered, and the total accumulated sick pay was reasonably estimated at $50,000.What amount is Graf required to report as the liability for compensated absences in its December 31, Year 4, balance sheet?

Exercise 7-7 martinez company reports the following financial information before adjustments. dr. cr. accounts receivable $168,900 allowance for doubtful accounts $3,200 sales revenue (all on credit) 849,300 sales returns and allowances 50,440 prepare the journal entry to record bad debt expense assuming martinez company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but allowance for doubtful accounts had a $1,550 debit balance. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)