Wang Equipment Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation
Question:
Wang Equipment Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $42,000 for the period. The pension formula calculated a pension cost of $273,000. Only $210,000 was contributed to the pension plan administrator.
Provide the journal entry for the
(a) Vacation pay and
(b) Pension benefit.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (7 reviews)
a Vacation Pay Expense 42000 Vacation Pay Pa...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
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...
-
Hobson Equipment 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 calculated a pension...
-
Determine the real roots of (x) = - 1 + 5.5x 4x2 + 0.5x3: (a) Graphically and (b) Using the Newton-Raphson method to within s = 0.01%.
-
What is the price of a three-year, default-free security with a face value of $1000 and an annual coupon rate of 4%? What is the yield to maturity for this bond?
-
The gin-pole derrick is used to lift the 300-kg stone with constant velocity. If the derrick and the block and tackle are in the position shown, determine the horizontal and vertical components of...
-
Figure 20.21 shows the flowsheet for a reactive distillation column for the production of ethylene glycol (EG) from ethylene oxide (EO) and water (Al-Arfaj and Luyben, 2002):...
-
Cosi Company reported net income of $190,000 for 2014. Cosi also reported depreciation expense of $35,000 and a loss of $5,000 on the disposal of plant assets. The comparative balance sheet shows an...
-
According to Governance, Risk & Compliance (2023), Jessica Fountaine, a woman from Florida got arrested on suspicion of fraud and third-degree grand theft in connection with a resident of Brandon...
-
Enlightened Eats in Anchorage, Alaska, has six employees who are paid semimonthly. Calculate the net pay from the information provided below for the November 15 pay date. Assume that all wages are...
-
Lutes Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $25,500 for the period. The pension plan requires a contribution...
-
Zinn Co. sold $500,000 of equipment during May under a one-year warranty. The cost to repair defects under the warranty is estimated at 5% of the sales price. On October 10, a customer required a...
-
On December 31, 2022, before the books were closed, the management and accountants of Madrasa SA made the following determinations about three depreciable assets. 1. Depreciable asset A was purchased...
-
1. What is the mathematical definition of torque, t? 2. What is the unit of torque, t, in the MKS system of units? 3. Are the units of work and torque the same? 4. What is the basic difference...
-
Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2023, for $516,000 in cash and other consideration. At the acquisition date, Protrade...
-
How to send an email to my professor in SBAR format communication. email sample?
-
SELF EVALUATION. After writing a PERSUASIVE SPEECH ON THE TOPIC: HOW TO BUILD A HAPPY MARRIAGE 1. Are you satisfied with your speech overall? Why or why not. 2. Give at least two examples of things...
-
A fund manager ( FM ) is constructing a portfolio of two asset classes, a stock and a corporate bond. The return on the stock is 1 2 % , and its standard deviation of return is 1 7 % , while for the...
-
What is the cardinality of a relationship in a relational database?
-
Suppose you won a financial literacy competition and are given FJS10000 to invest, with the condition that investment can be done either in, i) Invest in Unit trust of Fiji or Invest in Fijian...
-
Why do many health professionals have misconceptions concerning the nature of marketing, and what are those misconceptions?
-
A On January 1, 2012, Sather Company had Accounts Receivable of $54,200 and Allowance for Doubtful Accounts of $3,700. Sather Company prepares financial statements annually. During the year, the...
-
The president of Screven Enterprises asks if you could indicate the impact certain transactions have on the following ratios. 1. Received $5,000 on cash sale. The cost of the goods sold was $2,600.2....
-
A Jander Company closes its books on July 31. On June 30, the Notes Receivable account balance is $23,800. Notes Receivable include the following. During July, the following transactions were...
-
Develop a 3-year financial projection for your proposed cancer tele-genetics program . State any and all assumptions you make in creating your estimates. Please consider the following in creating...
-
Lets assume that we have project L, which has a 40% chance of turning out good. The company Raises $7,000, 50% from bondholders demanding a 6% interest rate and 50% from stockholders, which becomes...
-
Please assist in the filling out the above and below table. I have provided all information that has been provided to me. Company Shares Outstanding Latest Share Price MVE Total Debt W d W e a b c =...
Study smarter with the SolutionInn App