Campbell Soup Company reported pension expense of $94 million and contributed $81.5 million to the pension fund. Prepare Campbell's journal entry to record pension expense and funding, assuming campbell has no OCI amounts. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Enter amount in dollars instead of million dollars.) Account Titles and Explanation Pension Expense Pension Asset/Liability Cash Debit Credit

Campbell Soup Company reported pension expense of $94 million and contributed $81.5 million to the pension fund. Prepare Campbell's journal entry to record pension expense and funding, assuming campbell has no OCI amounts. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Enter amount in dollars instead of million dollars.) Account Titles and Explanation Pension Expense Pension Asset/Liability Cash Debit Credit

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 6DQ

See similar textbooks

Similar questions

Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $20,000 for the period. The pension formula determined a pension cost of $232,000. Only $13,920 was contributed to the pension plan administrator. Question Content Area a. Journalize the entry to record the vacation pay. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank Feedback Area Feedback Question Content Area b. Journalize the entry to record the pension benefit. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
(Pension Worksheet—Missing Amounts) Kramer Co. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2017. Check the below image for pension worksheet. Instructions(a) Determine the missing amounts in the 2017 pension worksheet, indicating whether the amounts are debits or credits.(b) Prepare the journal entry to record 2017 pension expense for Kramer Co.(c) Determine the following for Kramer for 2017: (1) settlement rate used to measure the interest on the liability and (2) expected return on plan assets
Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2025. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
(Pension Worksheet—Missing Amounts) The accounting staff of Usher Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2017. Check the below image for pension worksheet. Instructions(a) Determine the missing amounts in the 2017 pension worksheet, indicating whether the amounts are debits or credits.(b) Prepare the journal entry to record 2017 pension expense for Usher Inc.(c) The accounting staff has heard of a pension accounting procedure called “corridor amortization.” Is Usher required to record any amounts for corridor amortization in (1) 2017? In (2) 2018? Explain.
At the end of the current year, Eastern Electric received the following information from its actuarial firm. Pension expense Postretirement benefits expense The pension plan is fully funded. Eastern Electric has funded only 40 percent of the nonpension postretirement benefits this year. a-b. Record pension expense and nonpension postretirement benefit expenses for the entire year. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet < 12 Record the payments to a fully funded pension plan. Note: Enter debits before credits. Transaction a. $3,500,000 850,000 General Journal Debit Credit
1. These two questions are for quickbooks desktop 2022. Please inlcude explaination. Thank you!
Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. ( Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) The following information is available for the pension plan of Sandhill Company for the year 2020.
Refer to the financial statements and related disclosure notes of Microsoft Corporation (www.microsoft.com).Required:1. What type of pension plan does Microsoft sponsor for its employees? Explain.2. Who bears the “risk” of factors that might reduce retirement benefits in this type of plan? Explain.3. Assuming that employee and employer contributions vest immediately, suppose a Microsoft employee contributes $1,000 to the pension plan during her first year of employment and directs investments to a bondmutual fund. If she leaves Microsoft early in her second year, after the mutual fund’s value has increased by2%, how much will she be entitled to roll over into an Individual Retirement Account (IRA)?4. How did Microsoft account for its participation in the pension plan in fiscal 2015?
Employees who elect additional life insurance coverage (Add Life Ins) pay a fee equal to a percentage of their annual salary. The life insurance premium rate is in cell U5. Employees who do not elect additional life insurance pay nothing. In the Life Insurance Premium column, enter an IF function to calculate the life insurance premiums; use an absolute reference to cell U5 to obtain the life insurance rate and enter 0 for employees who do not elect coverage. All full-time employees over the age of 30 are eligible for the 401(k) benefit. In the 401(k) column, enter the IF and AND functions to calculate the 401(k) benefit as 3 percent of annual salary; use an absolute reference to cell U6 to obtain the 401(k) matching percent rate (3 percent). If the employee is not eligible, enter 0. (HINT: the AND function is used as the logical test in the IF function) All employees with one or more years of service are eligible for a bonus. Pay Grade 1 employees receive $3,000 (cell U2), Pay Grade 2…
Question: Prepare the journal entry to replenish the fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, eg. 52.75. List all debit entries before credit entries.) VIEW POLIES Show Attempt History Current Attempt in Progress Sunland Airline needs to send one of its employees to Nunavut for three weeks to perform some repairs on some aircraft it owns. Some of the payments to be made for the supplies needed on the assignment will be paid from a petty cash fund. Sunland issued a cheque in the amount of $800.00 to establish the fund. After a few days at the assignment, the nployee returned the following receipts along with a report that the fund had $69.20 left in cash. Receipt Amount Description 1 $26.85 Taxi ride from airport to job site 43.50 FedEx charges for delivering plane parts 35.60 4 74.05 5 355.30…
Riverrun Company provides medical care and insurance benefits to its retirees. In the current year, Riverrun agrees to pay $29,500 for medical insurance and contribute an additional $9,600 to a retirement program. Record the entry for these accrued (but unpaid) benefits on December 31. View transaction list Journal entry worksheet 1 Record the costs of employee benefits. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal >
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.