Sushi Supermarket offers its employees vacation benefits and contributes a 2% contribution to a 401K. Employees...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Sushi Supermarket offers its employees vacation benefits and contributes a 2% contribution to a 401K. Employees had total wages of $ 125,000 and vacation benefits of $ 28,460. 1. Calculate how much the employer contributes for the 401k. 2. Make the wage entries related to vacation pay. 3. Make the wage entries related to the 401K contribution. Sushi Supermarket offers its employees vacation benefits and contributes a 2% contribution to a 401K. Employees had total wages of $ 125,000 and vacation benefits of $ 28,460. 1. Calculate how much the employer contributes for the 401k. 2. Make the wage entries related to vacation pay. 3. Make the wage entries related to the 401K contribution.
Expert Answer:
Answer rating: 100% (QA)
Employers contribution to 401K plan is 2 of the Tot... View the full answer
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Posted Date:
Students also viewed these accounting questions
-
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...
-
Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $40,000 for the period. The pension formula calculated a pension cost of...
-
Vandiver Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $62,000 for the period. The pension formula calculated a pension cost of...
-
For each equation: a) Tell whether the equation describes a parabola, an ellipse, or a hyperbola. b) State whether the directrix is vertical or horizontal and give its location in relation to the...
-
The accounts of Polaris Company provided the following 20X5 information at 31 December 20X5: Accounts receivable ...............$ 1,899,000 (dr.) Allowance for sales discounts ...........23,500 (cr.)...
-
An interest rate floor enables variable rate investors to retain the upside advantages of their variable rate investment while obtaining the comfort of a known _____. a) Maximum interest rate b)...
-
You believe that the Singapore dollars exchange rate movements are mostly attributed to purchasing power parity. Today, the nominal annual interest rate in Singapore is 18 percent. The nominal annual...
-
Guzman Inc. operates the Home Appliance Division as a profit center. Operating data for this division for the year ended December 31, 2014, are shown: In addition, Guzman incurs $150,000 of indirect...
-
4. Determine whether S = {\ 4 -2 1 0 1 } is linearly independent. Also, determine the rank and nullity of your matrix. 1 3 1 2 -3 1
-
Kitchen World Inc. is a Canadian controlled private corporation (CCPC) that operates a retail business selling cooking utensils, knives and small appliances for both professional chefs and home...
-
A plate, 10 mm thick, subjected to a tensile load of 20 kN is shown. Notch sensitivity factor is 0.85. The plane is made of cast iron SUT 350 MPa and the factor of safety is 2.5. Determine the fillet...
-
Define the relational model? What does the relational model consist of? What are the 4 relational models?Discuss
-
The following monthly data are taken from Ramirez Company at July 3 1 : Sales salaries, $ 6 6 0 , 0 0 0 ; Office salaries, $ 1 3 2 , 0 0 0 ; Federal income taxes withheld, $ 1 9 8 , 0 0 0 ; State...
-
1. I'd like to see a thorough definition of ethics and please provide examples of what is meant by relative as well as absolute ethics (including noble cause corruption). 2.I'd like to see a...
-
Based on Sustainability in IKEA Group's case, how should IKEA deal with "sustainability cost" without disturbing its customer value (i.e., quality and price)?
-
Why is it a requirement that a company discloses the amount of interest capitalized in the notes to the financial statements? Not all assets qualify for interest capitalization. Provide some examples...
-
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 $48,000 Accounts Receivable $27,000 Raw Materials Inventory...
-
A red card is illuminated by red light. What color will the card appear? What if its illuminated by blue light?
-
Huffine Lines Co. incurred the following costs related to trucks and vans used in operating its delivery service: 1. Changed the oil and greased the joints of all the trucks and vans. 2. Changed the...
-
The following selected transactions were completed during April between Swan Company and Bird Company: Apr. 2. Swan Company sold merchandise on account to Bird Company, $32,000, terms FOB shipping...
-
On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the Financing Activities section of the statement of cash flows,...
-
Identify the issues related to performance evaluation using DCF models.
-
Identify relevant cash flows for DCF analyses.
-
Andrea Boss, Inc. is interested in using its activity-based costing system to improve its operating efficiency and its profit margins by applying activity-based management techniques. As part of this...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App