None During its second year of operations, a companygranted employees performance bonuses andhealth insurance benefits estimated at a cost of$45,000 and $32,500. The performance bonusesare expected to be paid in the next year and thehealth insurance benefits are expected to be usedin the current year. What is the total cost ofperformance bonuses and health insurancebenefits to be recognized in the second year?

Step 1: Definition of Recognized Costs for Employee BenefitsRecognized costs for employee benefits…

Answered: During its second year of operations, 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 11RE

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During its first year of operations, a company granted employees vacation privileges and pension rights estimated at a cost of $23,800 and $16,000. The vacations are expected to be taken in the next year and the pension rights are expected to be paid in the future 5-30 years. What is the total cost of vacation pay and pension rights to be recognized in the first year?
During its first year of operations Harborview Enterprises granted employees vacation.. please answer the accounting question
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An employer uses a final pay formula to determine retirement payouts to its employees. The annual payout is 5 percent of the average salary over the employees’ last three years of service times the total years employed. Calculate the annual benefit under the following scenarios. Years Worked Average Salary during the Last Three Years of Service 17 $ 54,000 20 $ 61,000 22 $ 64,000
This topic is about employee benefits. Please choose the correct letter of answer.
Claude Lopez is the president of Zebra Antiques. His employee, Dwight Francis, is due a raise. Dwight's current benefit analysis is as follows: Yearly Benefit Costs Medical insurance Dental insurance Life insurance AD&D Short-term disability Long-term disability 401(k) Social Security Medicare Tuition reimbursement Total yearly benefit costs (employer) Employee's annual salary. The Total value of employee's compensation Required: Compute the benefit analysis assuming: Company Cost (Current) $ 8,000.00 120.00 300.00 150.00 60.00 30.00 750.00 3,018.16 705.86 $ 2,000.00 $ 15,134.02 50,000.00 $ 65,134.02 Employee Cost (Current) $ 1,200.00 120.00 0 0 0 0 1,500.00 3,018.16 705.86 0 • 3 percent increase in pay. • Dwight will increase his 401(k) contribution to 8 percent with a company match of 50 percent up to 6 percent of the employee's annual salary. • 15 percent increase in medical and dental insurance premiums. (Round your answers to 2 decimal places.)
An employer uses a career average formula to determine retirement payments to its employees. The annual retirement payout is 8 percent of the employees’ career average salary times the number of years of service. Calculate the annual benefit payment under the following scenarios. Years Worked Career Average Salary 27 $ 68,000 30 70,500 32 72,000
An employee is entitled with monthly salary of TK. 50,000. The company has a policy to provide 10 % yearly increment. If the performance of the employee and organizational performance are both excellent, what would be the employee awards according to merit-based pay plan? Please consider the following table to calculate the total increment in that year.
Company A has established a defined benefit plan for the employee. Annual payments under the plan are equal to highest lifetime salary multiplied by 2% multiplied by the number of years with the entity. On December 31, 2020, an employee had worked with the entity for 15 years. The current annual salary of the employee is P600,000. The employee is expected to retire in 10 years and the increase in salary is expected to be 4% per year. The discount rate is 10%. The employee is expected to live 8 years after retirement and shall receive the first annual pension payment one year after retirement. Compute for the ff: 1)Current service cost in 2021, 2022, 2023 and 2024 2)Interest expense in 2021, 2022, 2023 and 2024 3)PBO, Dec. 31,2021, Dec. 31,2022, Dec. 31,2023 and Dec. 31,2024
The employees of Sponsel Manufacturing achieved all of the sales goals for the current year. The company will pay the employees the promised bonus of 6% on annual net income, after deducting the bonus. The net income before the calculation of the bonus is $740,000. The journal entry to record the bonus owed to employees would be (round to the nearest dollar): C. Employee Bonus Payable Employee Bonus Expense 47,234 47,234 OD. Employee Bonus Expense Employee Bonus Payable 47,234 47,234 Click to select your answer. Show Transcribed Text ? The employees of Sponsel Manufacturing achieved all of the sales goals for the current year. The company will pay the employees the promised bonus of 6% on annual net income, after deducting the bonus. The net income before the calculation of the bonus is $740,000. The journal entry to record the bonus owed to employees would be (round to the nearest dollar): A. Employee Bonus Expense Employee Bonus Payable 41,887 41,887 B. Employee Bonus Payable…
The projected benefit obligation was $80 million at the beginning of the year and $85 million at the end of the year. Service cost for the year was $10 million. At the end of the year, pension benefits paid by the trustee were $6 million. The actuary’s discount rate was 5%. At the end of the year, the actuary revised the estimate of the percentage rate of increase in compensation levels in upcoming years. What was the amount of the gain or loss the estimate change caused?
Sagar

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