Question: 3M provides the following information about its defined contribution plans in its footnotes. Based on this information, 3M made the following journal entry to

3M provides the following information about its defined contribution plans in its footnotes. Based on this information, 3M made the following journal entry to

3M provides the following information about its defined contribution plans in its footnotes. Based on this information, 3M made the following journal entry to record its matching contributions in 2019: 3M Notes to Consolidated Financial Statements The Company also sponsors employee savings plans under Section 401(k) of the Internal Revenue Code. These plans are offered to substantially all regular U.S. employees. Employer contributions to the U.S. defined contribution plans were $186 million, $173 million and $159 million for 2019, 2018 and 2017, respectively. O Dr. Pension Liability 186 million Cr. Cash 186 million Dr. Benefits Expense 186 million Cr. Cash 186 million

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Prove the result that the R 2 associated with a restricted least squares estimator is never larger than that associated with the unrestricted least squares estimator. Conclude that imposing...

3M provides the following information about its defined contribution plans in its footnotes. Based on this information, 3M made the following journal entry to record its matching contributions in...

. Cost of Goods Sold Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 51,600 units will be produced with the following total costs: Direct materials ?...

Marcus is scared that he will not find a job in the current economy. He decides to become a lawyer and attends one of the top law schools in the country. Upon graduation, he is hired by a top law...

View Policies Current Attempt in Progress Sandhill Corporation provides the following information about its defined benefit pension plan for the year 2020: Current service cost Contribution to the...

'Proposed dividend' is shown in the balance sheet of a company under the head A ) Provisions B ) Current liabilities C ) Reserves and surplus D ) Other liabilities

COLATE MERT Exercise 20-03 (Part Level Submission) Sandhill Company provides the following information about its defined benefit person plan for the year 2020 Service cont $90,100 Contribution to the...

Sheridan Corporation provides the following information about its defined benefit pension plan for the year 2020: Current service cost $225.000 Contribution to the plan 262650 Past service cost,...

Vernhey Corporation, which follows ASPE, provides the following information about its defined benefit pension plan for the year 2020: Current service cost $ 144,000 Contribution to the plan 182,600...

Sage Company provides the following information about its defined benefit pension plan for the year 2020. $88,700 103.000 9,800 63,000 40,100 633,700 699,000 150,500 10 % OCI Prior Service Cost Cash...

assets 5. (5 points) Algeria Company provides the following information about its defined benefit pension plan for the year 2019. Complete the pension worksheet below. Service cost $ 91,200...

Langsir Enterprise is a company that specializes in supplying curtains and drapes to offices and residential houses. These curtains are mostly pre-designed to capture Malaysian traditional patterns...

A supermarket XYZ is determined to please its customers with a customer advantage card. Currently 30% of all shoppers are loyal to XYZ. A loyal customer shops at XYZ 80% of the time. An unloyal...

Audit documentation prepared by auditors on audits of publicly held clients is the property of the Option A The auditor Option B Shareholders Option C The management of the entity being audited...

A cylindrical object can roll down an incline, as shown in Figure 1. The incline is slightly less than one meter in length. A group of students wants to determine the acceleration of the object while...

PLEASE SOLVE BOTH OF IT THANKS Torsion Q1). A square block of rubber, 350 mm x 350 mm x 25 mm thick, is fastened by adhesive between two parallel horizontal plates 25 mm apart. If a horizontal force...

Jack Devereux is a manager for Company XYZ. He has been with the company for about seven years and was recruited from Company XYZs main competitor. Jack is a forward-thinking individual and wants to...

5.2 kg/s of steam enters an adiabatic turbine at 6 MPa and 550 C and leaves at 1.2 MPa. If the isentropic efficiency of the turbine is 0.782, calculate (a) the entropy change of the fluid during the...

A shell-and-tube exchanger (two shells, four tube passes) is used to heat 10,000 kg/h of pressurized water from 35C to Tco With 5000 kg/h of hot engine oil entering the exchanger at 300C. The overall...

Help me find the Forward rate. I am trying to get to 7 . 2 8 % as shown in the solutions column. But I do not know how to get to that answer.

Surveys of youth. The Centers for Disease Control and Prevention, in a survey of teenagers, asked the subjects if they were sexually active. Those who said Yes were then asked, How old were you when...

Tempting subjects. A psychologist conducts the following experiment: she measures the attitude of subjects toward cheating, then has them play a game rigged so that winning without cheating is...

Charging for data? Data produced by the government are often available free or at low cost to private users. For example, satellite weather data produced by the U.S. National Weather Service are...