Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $203,700 for the quarter ended December 31. a. Journalize the entry to record the accrued pension liability on December 31. Dec. 31 Journalize the entry to record the accrued pension liability payment to the funding agent on January 15. Jan. 15 b. The pension plan where a company pays the employee a fixed annual amount based on a formula is a

Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $203,700 for the quarter ended December 31. a. Journalize the entry to record the accrued pension liability on December 31. Dec. 31 Journalize the entry to record the accrued pension liability payment to the funding agent on January 15. Jan. 15 b. The pension plan where a company pays the employee a fixed annual amount based on a formula is a

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 8RE

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Pension Plan Entries Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $202,600 for the quarter ended December 31. a. Journalize the entry to record the accrued pension liability on December 31. If an amount box does not require an entry, leave it blank. Dec. 31 fill in the blank 8e0c7804f03b03e_2 fill in the blank 8e0c7804f03b03e_3 fill in the blank 8e0c7804f03b03e_5 fill in the blank 8e0c7804f03b03e_6 Journalize the entry to record the accrued pension liability payment to the funding agent on January 15. If an amount box does not require an entry, leave it blank. Jan. 15 fill in the blank fa81bdfad054032_2 fill in the blank fa81bdfad054032_3 fill in the blank fa81bdfad054032_5 fill in the…
Pension Plan Entries Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $171,600 for the quarter ended December 31. a. Journalize the entry to record the accrued pension liability on December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Journalize the entry to record the accrued pension liability payment to the funding agent on January 15. If an amount box does not require an entry, leave it blank. Jan. 15 b. The pension plan where a company pays the employee a fixed annual amount based on a formula is a
Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $143,200 for the quarter ended December 31. Question Content Area a. Journalize the entry to record the accrued pension liability on December 31. If an amount box does not require an entry, leave it blank. Dec. 31 - Select - - Select - - Select - - Select - Question Content Area Journalize the entry to record the accrued pension liability payment to the funding agent on January 15. If an amount box does not require an entry, leave it blank. Jan. 15 - Select - - Select - - Select - - Select - Question Content Area b. The pension plan where a company pays the employee a fixed annual amount based on a formula is a
Pension Plan Entries Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $174,700 for the quarter ended December 31. a. Journalize the entry to record the accrued pension liability on December 31. Dec. 31 fill in the blank e66661fef043ffe_2 fill in the blank e66661fef043ffe_3 fill in the blank e66661fef043ffe_5 fill in the blank e66661fef043ffe_6 Journalize the entry to record the accrued pension liability payment to the funding agent on January 15. Jan. 15 fill in the blank cdac31fd9fc3ffd_2 fill in the blank cdac31fd9fc3ffd_3 fill in the blank cdac31fd9fc3ffd_5 fill in the blank cdac31fd9fc3ffd_6 b. The pension plan where a company pays the employee a fixed annual amount based on a…
Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $400,000 for the quarter ended December 31. Required: A. Journalize the entries to record the accrued pension liability on December 31 and the payment to the funding agent on January 15. Refer to the Chart of Accounts for exact wording of account titles. B. How does a defined contribution plan differ from a defined benefit plan?
Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $365,000 for the quarter ended December 31.a. Journalize the entries to record the accrued pension liability on December 31 and the payment to the funding agent on January 15.b. How does a defined contribution plan differ from a defined benefit plan?
Instructions Nakajima Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $20,000 for the period. The pension plan requires a contribution to the plan administrator equal to 6% of employee salaries. Salaries were $244,000 during the period, and the full amount due was contributed to the pension plan administrator. Chart of Accounts CHART OF ACCOUNTS Nakajima Company General Ledger Required: On December 31, provide the journal entry for the (a) vacation pay on page 11 of the journal and (b) pension benefit on page 12 of the journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115…
Dec. 14: Journalized the payment of the September 15 note at maturity. Description Debit Credit Dec. 31: The pension cost for the year was $190,400, of which $139,700 was paid to the pension plan trustee. Description Debit Credit
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_6
Instructions Chart of Accounts Instructions General Journal X Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees eamed vacation pay of $41,000 for the period. The pension plan requires a contribution to the plan administrator equal to 9% of employee salaries. Salaries were $800,000 during the period. Required: Provide the journal entries for (a) the vacation pay and (b) the pension benefit. Refer to the Chart of Accounts for exact wording of account titles.
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.
Vacation Pay and Pension Benefits Putnam Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $24,000 for the period. The pension formula calculated a pension cost of $257,000. Only $15,420 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.