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Cerrena [4.2K]
3 years ago
11

Vacation Pay and Pension Benefits Regling Company provides its employees vacation benefits and a defined benefit pension plan. E

mployees earned vacation pay of $40,000 for the period. The pension formula calculated a pension cost of $222,750. Only $185,000 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.
Business
1 answer:
fenix001 [56]3 years ago
8 0

Answer and Explanation:

According to the scenario, journal entry for the given data are as follows:

(a).

Vacation Pay Expenses A/c Dr. $40,000  

To Vacation Pay Payable A/c. $40,000

(Being vacation pay for the period is recorded)

(b).

Pension Expenses A/c Dr. $222,750  

To Cash A/c. $185,000

To Unfunded Pension Liabilities A/c $37,750     ( $225,750 - $185,000)

( Being pension benefit for the period is recorded)

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Beaver Company (a multi-product firm) produces 5,000 units of Product X each year. Each unit of Product X sells for $8 and has a
Jlenok [28]

Answer:

C. Decrease by $7,000

Explanation:

Calculation to determine what company's overall operating income would Decrease by

Using this formula

Overall operating income =(Product X units*Contribution margin )-Fixed overhead eliminated

Let plug in the formula

Overall operating income=(5,000 units*$5)-$18,000

Overall operating income=$25,000-$18,000

Overall operating income=$7,000 Decrease

Therefore As a result of discontinuing Product X, the company's overall operating income would:Decrease by $7,000

5 0
2 years ago
c) Explain ONE way in which the adoption of laissez-faire economic policies led to an increase in the share of global manufactur
Alinara [238K]

Answer:

Laissez faire economics advocates for less government regulation and intervention. Extreme laissez faire views dislike all types of taxes and controls.  Of course something like that will never happen, but different economic policies favor certain laissez faire views.

For example, during the 1800s, many politicians believed that business owners were entitled to exploit their workers in order to make higher profits. As a result of these types of policies, 14 or 16 hour long labor days were common, no safety regulations existed, and the wages were not high. Since governments didn't regulate labor markets, businesses were able to benefit form this and increase total production.

8 0
3 years ago
Determine what the net income or loss Use the business transactions below to: 1. Stockholders invest $40,000 in cash in starting
Angelina_Jolie [31]

Answer:

the question is incomplete, so I looked for a similar one:

Real estate commissions billed to clients amount to $4,000. Paid $700 in cash for the current month's rent. Paid $250 cash on account for office supplies purchased in transaction 2. Received a bill for $800 for advertising for the current month. Paid $2,500 cash for office salaries. Paid $1,200 cash dividends to stockholders. Received a check for $2,000 from a client in payment on account for commissions billed

<u>Income statement</u>

Service revenue                             $4,000

Operating expenses:

  • Rent $700
  • Advertising $800
  • Office salaries $2,500         <u>($4,000)</u>

Net income                                          $0

Accrual accounting recognizes both expenses and revenues when they occur, not when a cash flow is associated to them. E.g. even though only $2,000 were paid by clients, the whole $4,000 must be considered revenue.

7 0
3 years ago
In order to compute equivalent units of production using the FIFO method of process costing, work for the period must be broken
bazaltina [42]

Answer:

C. completed from beginning inventory, started and completed during the month, and units in ending inventory

Explanation:

During the period, the work done is:

the last part of the beginning WIP

If BI is at 40% complete

During the period 60% is assign to this period cost

the started and complete, those count entirely, as they are finished.

and the equivalent work of the endind inventory

this is also work done during the period, so it should be accounted to assing cost into.

5 0
3 years ago
Which shape has exactly two lines of symmetry? A) square B) isosceles right triangle C) trapezoid D) rectangle
Oxana [17]

Answer:

D) rectangle

Explanation:

A shape with two symmetrical parts is one that has two sides that equals or have a similar appearance.  Symmetrical shapes have at least two identical sides and can be divided into equal parts.

A rectangle has two equal sides. The lengths are equal, and so are the widths.

4 0
3 years ago
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