Tutorial Chapter 19

Sandhill Limited provides a defined contribution pension plan for its employees. The plan requires the company to deduct 5% of each employee's gross pay for each payroll period as the employee contribution. The company then contributes 7% of the gross pay for the employer contribution. Both amounts are remitted to the pension trustee within 10 days of the end of each month for the previous month's payrolls. At November 30, 2023, Sandhill reported $29.200 of combined withheld and matched contributions owing to the trustee. During December, Sandhill reported gross salaries and wages expense of $261,200. (b) What amount of defined benefit expense will the company report for December 2023? Defined benefit expense to be reported $

aj.6

None

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. Hide a. Provide the journal entry for the vacation pay. Hide b. Provide the journal entry for the pension benefit.

Fukushima 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.

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.

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.

On January 1, 20X1, Cello Co. established a defined benefit pension plan for its employees. At January 1, 20X1, Cello estimated the service cost for 20X1 to be $45,000. At January 1, 20X2, it estimated 20X2 service cost to be $49,000. On the plan inception date, prior service credit was granted to employees for five years, the period of time between the company’s formation and plan inception. The prior service cost was estimated to be $650,000 at January 1, 20X1. Cello uses a 10% discount rate and assumes a return on plan assets of 9%. The average remaining service life of employees is 20 years, and the company will fund at the end of each year an amount equal to service cost plus interest cost for 20X1 and 20X2.     December 31,   20X2 20X1 PBO   ?     ?   Benefits paid at 12/31   2,000     0   Fair value of plan assets   ?     0   Contributions at 12/31   ?     ?   Actual return on plan assets   3,200     0     Prepare T-accounts for Pension asset (liability),…

On January 1, 20X1, Cello Co. established a defined benefit pension plan for its employees. At January 1, 20X1, Cello estimated the service cost for 20X1 to be $45,000. At January 1, 20X2, it estimated 20X2 service cost to be $49,000. On the plan inception date, prior service credit was granted to employees for five years, the period of time between the company's formation and plan inception. The prior service cost was estimated to be $650,000 at January 1, 20X1. Cello uses a 10% discount rate and assumes a return on plan assets of 9%. The average remaining service life of employees is 20 years, and the company will fund at the end of each year an amount equal to service cost plus interest cost for 20X1 and 20X2. December 31, 20X2 20X1 PBO Benefits paid at 12/31 Fair value of plan assets 2,000 ? Contributions at 12/31 Actual return on plan assets ? 3,200 Required: 1. Compute the amount of prior service cost to be included as a component of pension expense for 20X1. 2. Compute pension…

Joshua Company has a define contribution plan that covers its existing employees. The terms of the plan require Joshua to contribute 5% of the annual employee salaries to the retirement plan each year. The payroll shows the annual salaries and contributions made as follows: Year Gross Payroll Contributions made 2021 P670,000 670,000 2022 12.200,000 430,000 How much is the benefit expense in 2022 profit or loss and the amount of prepaid (accrued) benefit as of December 31, 2022? O P610,000 and P10,000 prepaid O P610,000 and P180,000 accrued OP430,000 and P10.000 prepaid OP430,000 and P180,000 accrued

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.

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