aj.6 Prepare the March 28 journal entries to record the payroll, including employee and employer contributions to the pension plan.For simplicity, ignore income taxes and other statutory deductions. (List all debit entries before credit entries. Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter O for the amounts.)Date Account Titles and ExplanationMarch 28(To record payment of salaries and wages expense)(To record company portion of pension benefit expense)DebitTCredit Sunland Corporation provides a defined contribution pension plan for its employees. Under the plan, the company deducts 4% of eachemployee's gross pay for each bi-weekly pay period. The company then contributes 6% of the employees' gross pay to the pensionplan. The combined contributions are then submitted to the pension trustee within 10 days of the end of the month in which the paywas earned.For the first pay period of March (from Sunday March 1 to March 14, 2023), Sunland's total gross payroll was $302,000. Total grosspayroll for the period March 15 through March 28, 2023, was $322,000. The total anticipated payroll for the period March 29 throughApril 10, 2023, was $311,000 (employees worked Monday through Friday each week). On April 10, 2023, Sunland submitted thepension contributions to the trustee for the month of March (including accruals up to and including March 31).

A journal entry is a fundamental accounting record used to capture and document individual financial…

Prepare the March 28 journal entries to record the payroll, including employee and employer contributions to the pension plan. For simplicity, ignore income taxes and other statutory deductions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation March 28 (To record payment of salaries and wages expense) (To record company portion of pension benefit expense) Debit Credit

Prepare the March 28 journal entries to record the payroll, including employee and employer contributions to the pension plan. For simplicity, ignore income taxes and other statutory deductions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation March 28 (To record payment of salaries and wages expense) (To record company portion of pension benefit expense) Debit Credit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 10PA: Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and...

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For tax purposes, assume that the maximum taxable earnings are 118,500 for Social Security and 7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee.
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.
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.
Sandhill Limited provides a defined contribution pension plan for its employees. The plan requires the company to deduct 5% of each employee's gross pay for each payroll period as the employee contribution. The company then contributes 7% of the gross pay for the employer contribution. Both amounts are remitted to the pension trustee within 10 days of the end of each month for the previous month's payrolls. At November 30, 2023, Sandhill reported $29.200 of combined withheld and matched contributions owing to the trustee. During December, Sandhill reported gross salaries and wages expense of $261,200. (b) What amount of defined benefit expense will the company report for December 2023? Defined benefit expense to be reported $
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.
Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their salaries, with the contribution being matched by Alamar. The company also pays 80% of medical and life insurance premiums. Deductions relating to these plans and other payroll information for the first biweekly payroll period of February are listed as follows: Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums Life insurance premiums Federal income taxes to be withheld Local income taxes to be withheld $ 3,700,000 101,000 59,000 10,700 570,000 70,000
Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $365,000 for the quarter ended December 31.a. Journalize the entries to record the accrued pension liability on December 31 and the payment to the funding agent on January 15.b. How does a defined contribution plan differ from a defined benefit plan?
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.
Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $143,200 for the quarter ended December 31. Question Content Area a. Journalize the entry to record the accrued pension liability on December 31. If an amount box does not require an entry, leave it blank. Dec. 31 - Select - - Select - - Select - - Select - Question Content Area Journalize the entry to record the accrued pension liability payment to the funding agent on January 15. If an amount box does not require an entry, leave it blank. Jan. 15 - Select - - Select - - Select - - Select - Question Content Area b. The pension plan where a company pays the employee a fixed annual amount based on a formula is a
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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.