As of January 1, 2015, DLSU Inc. has a total of 2,000 employees. Under the SSS Law, DLSU is required to make employer contributions for all of its employees. For the year ended December 31, 2015, the required contribution of DLSU for its employees as computed by the provision of the SSS Law is P10,000,000. During 2015, DLSU made actual contribution to the SSS in the amount of P8,000,000. For the year ended December 31, 2016, the required contribution of DLSU for its employees as computed by the provision of the SSS Law is P12,000,000. During 2016, DLSU made actual contribution to the SSS in the amount of P20,000,000. Required: Determine the following: __________1. Employee benefit expense for year 2015 __________2. Prepaid/(Accrued) Benefit Cost on 12/31/2015 __________3. Employee benefit expense for year 2016 __________4. Prepaid/(Accrued) Benefit Cost on 12/31/2016
As of January 1, 2015, DLSU Inc. has a total of 2,000 employees. Under the SSS Law, DLSU is required to make employer contributions for all of its employees. For the year ended December 31, 2015, the required contribution of DLSU for its employees as computed by the provision of the SSS Law is P10,000,000. During 2015, DLSU made actual contribution to the SSS in the amount of P8,000,000. For the year ended December 31, 2016, the required contribution of DLSU for its employees as computed by the provision of the SSS Law is P12,000,000. During 2016, DLSU made actual contribution to the SSS in the amount of P20,000,000.
Required: Determine the following:
__________1. Employee benefit expense for year 2015
__________2. Prepaid/(Accrued) Benefit Cost on 12/31/2015
__________3. Employee benefit expense for year 2016
__________4. Prepaid/(Accrued) Benefit Cost on 12/31/2016
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