Martin Services Company provides their employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $39,500 for the period. The pension plan requires a contribution to the plan administrator equal to 9% of employee salaries. Salaries were $750,000 during the period.
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- An employee and employer cost-share pension plan contributions and health insurance premium payments. If the employee covers 35% of the pension plan contribution and 25% of the health insurance premium, what would be the employees total benefits responsibility if the total pension contribution was $900, and the health insurance premium was $375? Include the journal entry representing the payroll benefits accumulation for the employer in the month of February.In EB13, you prepared the journal entries for Janet Evanovich, an employee of Marc Associates. You have now been given the following additional information: June is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 60% of the health insurance premium. The employer matches 50% of employee pension plan contributions. Using the information from EB13 and the additional information provided: A. Record the employer payroll for the month of June, dated June 30, 2017. B. Record the payment in cash of all employer liabilities only on July 1.In EA14, you prepared the journal entries for the employee of Toren Inc. You have now been given the following additional information: May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium. Using the information from EA14 and the additional information provided: A. Record the employer payroll for the month of May, dated May 31, 2017. B. Record the payment in cash of all employer liabilities only on June 1.
- 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 6% of employee salaries. Salaries were $400,000 during the period. a. Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank. b. Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank.Putnam Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $19,500 for the period. The pension formula calculated a pension cost of $264,000. Only $15,840 was contributed to the pension plan administrator. (a) Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank. (b) Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank.Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $35,000 for the period. The pension formula calculated a pension cost of $201,250. Only $175,000 was contributed to the pension plan administrator.Provide the journal entry for the (a) vacation pay and (b) pension benefit.
- Harvey Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $20,500 for the period. The pension formula calculated a pension cost of $238,000. Only $14,280 was contributed to the pension plan administrator. (a) Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank. (b) Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank.Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $40,000 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. a. Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank. Vacation Pay Expense fill in the blank 5e6293fdafbafdb_2 fill in the blank 5e6293fdafbafdb_3 Vacation Pay Payable fill in the blank 5e6293fdafbafdb_5 fill in the blank 5e6293fdafbafdb_6 b. Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank. Pension Expense fill in the blank 30546afde038fc5_2 fill in the blank 30546afde038fc5_3 Cash fill in the blank 30546afde038fc5_5 fill in the blank 30546afde038fc5_6Fukushima Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $19,500 for the period. The pension plan requires a contribution to the plan administrator equal to 6% of employee salaries.Salaries were $260,000 during the period, and the full amount due was contributed to the pension plan administrator.Provide the journal entry for the (a) vacation pay and (b) pension benefit.
- 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 acontribution to the plan administrator equal to 10% of employeesalaries. Salaries were $400,000 during the period. Provide the journal entry for the (a) vacation pay and (b) pension benefit.Lawrence Company has a defined benefit pension plan. On December 31 of the current year (the end of the fiscal year), the actuary's report to the company contained the following information: Ending PBO, $115,000; benefits paid to retirees, $15,000; interest cost, $9,000. The discount rate applied to be the actuary was 9%. What was the service cost for the year?Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $47,000 for the period. The pension plan requires a contribution to the plan administrator equal to 8% of employee salaries. Salaries were $500,000 during the period.