Fukushima Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $19,500 for the period. The pension plan requires a contribution to the plan administrator equal to 6% of employee salaries.Salaries were $260,000 during the period, and the full amount due was contributed to the pension plan administrator.Provide the journal entry for the (a) vacation pay and (b) pension benefit.

Fukushima Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $19,500 for the period. The pension plan requires a contribution to the plan administrator equal to 6% of employee salaries.Salaries were $260,000 during the period, and the full amount due was contributed to the pension plan administrator.Provide the journal entry for the (a) vacation pay and (b) pension benefit.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16EA: An employee and employer cost-share pension plan contributions and health insurance premium...

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An employee and employer cost-share pension plan contributions and health insurance premium payments. If the employee covers 35% of the pension plan contribution and 25% of the health insurance premium, what would be the employees total benefits responsibility if the total pension contribution was $900, and the health insurance premium was $375? Include the journal entry representing the payroll benefits accumulation for the employer in the month of February.
Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Lemurs payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31.
In EB13, you prepared the journal entries for Janet Evanovich, an employee of Marc Associates. You have now been given the following additional information: June is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 60% of the health insurance premium. The employer matches 50% of employee pension plan contributions. Using the information from EB13 and the additional information provided: A. Record the employer payroll for the month of June, dated June 30, 2017. B. Record the payment in cash of all employer liabilities only on July 1.
Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $43,000 for the period. The pension plan requires a contribution to the plan administrator equal to 6% of employee salaries. Salaries were $600,000 during the period. a. Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave blank. b. Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank.
Blount Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $30,000 for the period. The pension plan requires acontribution to the plan administrator equal to 10% of employeesalaries. Salaries were $400,000 during the period. Provide the journal entry for the (a) vacation pay and (b) pension benefit.
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.
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 $201,250. Only $175,000 was contributed to the pension plan administrator.Provide the journal entry for the (a) vacation pay and (b) pension benefit.
Harvey Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $20,500 for the period. The pension formula calculated a pension cost of $238,000. Only $14,280 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.
Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $40,000 for the period. The pension plan requires a contribution to the plan administrator equal to 10% of employee salaries. Salaries were $500,000 during the period. a. Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank. Vacation Pay Expense fill in the blank 5e6293fdafbafdb_2 fill in the blank 5e6293fdafbafdb_3 Vacation Pay Payable fill in the blank 5e6293fdafbafdb_5 fill in the blank 5e6293fdafbafdb_6 b. Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank. Pension Expense fill in the blank 30546afde038fc5_2 fill in the blank 30546afde038fc5_3 Cash fill in the blank 30546afde038fc5_5 fill in the blank 30546afde038fc5_6
Lawrence Company has a defined benefit pension plan. On December 31 of the current year (the end of the fiscal year), the actuary's report to the company contained the following information: Ending PBO, $115,000; benefits paid to retirees, $15,000; interest cost, $9,000. The discount rate applied to be the actuary was 9%. What was the service cost for the year?
Instructions Nakajima Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $20,000 for the period. The pension plan requires a contribution to the plan administrator equal to 6% of employee salaries. Salaries were $244,000 during the period, and the full amount due was contributed to the pension plan administrator. Chart of Accounts CHART OF ACCOUNTS Nakajima Company General Ledger Required: On December 31, provide the journal entry for the (a) vacation pay on page 11 of the journal and (b) pension benefit on page 12 of the journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115…
Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $47,000 for the period. The pension plan requires a contribution to the plan administrator equal to 8% of employee salaries. Salaries were $500,000 during the period.