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Maria Wedding Dress Corporation contributed 6% of employees salaries to an employee 401K plan. April monthly...
Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned...
Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $50,000 for the period. The pension plan requires a contribution to the plan administrator equal to 8% of employee salaries. Salaries were $700,000 during the period. a. Provide the journal entry for the vacation pay. b. Provide the journal entry for the pension benefit.
Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned...
Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $42,000 for the period. The pension plan requires a contribution to the plan administrator equal to 10% of employee salaries. Salaries were $500,000 during the period. Provide the journal entries for (a) the vacation pay and (b) the pension benefit. Provide journal entry for the vacation pay on December 31. JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 Provide journal...
Blount Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned...
Blount Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $30,000 for the period. The pension plan requires a contribution to the plan administrator equal to 10% of employee salaries. Salaries were $400,000 during the period.Provide the journal entry for the (a) vacation pay and (b) pension benefit.Hobson Equipment Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $20,000 for the period. The...
Fukushima Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned...
Fukushima Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $23,000 for the period. The pension plan requires a contribution to the plan administrator equal to 6% of employee salaries. Salaries were $262,000 during the period, and the full amount due was contributed to the pension plan administrator. On December 31, provide the journal entry for the (a) vacation pay on page 11 of the journal and (b) pension benefit on...
Vacation Pay and Pension Benefits Putnam Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $40,700 for the period. The pen...
Vacation Pay and Pension Benefits Putnam Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $40,700 for the period. The pension plan requires a contribution to the plan administrator equal to 9% of employee salaries. Salaries were $435,000 during the period, and the full amount due was contributed to the pension plan administrator. Required: (a) Provide the journal entry for the vacation pay. (b) Provide the journal entry for the pension...
* Question 6 Cheyenne Inc. has sponsored a noncontributory, defined benefit pension plan for its employees...
* Question 6
Cheyenne Inc. has sponsored a noncontributory, defined benefit
pension plan for its employees since 1997. Prior to 2020,
cumulative net pension expense recognized equaled cumulative
contributions to the plan. Other relevant information about the
pension plan on January 1, 2020, is as follows.
1.
The company has 200 employees. All these employees are expected
to receive benefits under the plan. The average remaining service
life per employee is 12 years.
2.
The projected benefit obligation amounted to...
Part b. Payroll tax expense. Electronics Service Co. pays salaries monthly on the last day of...
Part b. Payroll tax expense.
Electronics Service Co. pays salaries monthly on the last day of the month. The following information is available from Electronics for the month ended December 31, Year 1: Adninistrative salaries Salen salaries Office salaries $80,000 67,000 36,000 Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent on all salaries. Duke reached the $110,000 amount in September. His salary in December amounted...
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $700,000; Office salaries, $...
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $700,000; Office salaries, $140,000: Federal income taxes withheld, $210,000; State income taxes withheld, $47000: Social security taxes withheld, $52,080; Medicare taxes withheld, $12,180; Medical insurance premlums, $17,000: Life insurance premiums, $14,000: Union dues deducted, $11,000, and Salaries subject to unemployment taxes, $70,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes...
a. On April 1, the company hired an attorney for a flat monthly fee of $3,000....
a. On April 1, the company hired an attorney for a flat monthly fee of $3,000. Payment for April legal services was made by the company on May 12. b. As of April 30, $1,076 of interest expense has accrued on a note payable. The full interest payment of $3,227 on the note is due on May 20. c. Total weekly salaries expense for all employees is $8,000. This amount is paid at the end of the day on Friday...
a. On April 1, the company retained an attorney for a flat monthly fee of $500....
a. On April 1, the company retained an attorney for a flat monthly fee of $500. Payment for April legal services was made by the company on May 12. b. As of April 30, $1,769 of interest expense has accrued on a note payable. The full interest payment of $5,308 on the note is due on May 20. c. Total weekly salaries expense for all employees is $10,000. This amount is paid at the end of the day on Friday...
* Question 6
Cheyenne Inc. has sponsored a noncontributory, defined benefit
pension plan for its employees since 1997. Prior to 2020,
cumulative net pension expense recognized equaled cumulative
contributions to the plan. Other relevant information about the
pension plan on January 1, 2020, is as follows.
1.
The company has 200 employees. All these employees are expected
to receive benefits under the plan. The average remaining service
life per employee is 12 years.
2.
The projected benefit obligation amounted to...
Part b. Payroll tax expense.
Electronics Service Co. pays salaries monthly on the last day of the month. The following information is available from Electronics for the month ended December 31, Year 1: Adninistrative salaries Salen salaries Office salaries $80,000 67,000 36,000 Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent on all salaries. Duke reached the $110,000 amount in September. His salary in December amounted...
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $700,000; Office salaries, $140,000: Federal income taxes withheld, $210,000; State income taxes withheld, $47000: Social security taxes withheld, $52,080; Medicare taxes withheld, $12,180; Medical insurance premlums, $17,000: Life insurance premiums, $14,000: Union dues deducted, $11,000, and Salaries subject to unemployment taxes, $70,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes...
a. On April 1, the company hired an attorney for a flat monthly fee of $3,000. Payment for April legal services was made by the company on May 12. b. As of April 30, $1,076 of interest expense has accrued on a note payable. The full interest payment of $3,227 on the note is due on May 20. c. Total weekly salaries expense for all employees is $8,000. This amount is paid at the end of the day on Friday...
a. On April 1, the company retained an attorney for a flat monthly fee of $500. Payment for April legal services was made by the company on May 12. b. As of April 30, $1,769 of interest expense has accrued on a note payable. The full interest payment of $5,308 on the note is due on May 20. c. Total weekly salaries expense for all employees is $10,000. This amount is paid at the end of the day on Friday...
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