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serious [3.7K]
3 years ago
6

The pension plan for GL Inc. requires a contribution to the plan administrator equal to 11% of employee salaries. Salaries were

$575,600 for the period. The journal entry to record the pension benefit would include a
a. credit to Cash for $63,316.

b. debit to Cash for $6,332.

c. debit to Pension Expense for $6,332.

d. credit to Salary Expense for $63,316.
Business
1 answer:
krok68 [10]3 years ago
6 0

Answer:

a. credit to Cash for $63,316.

Explanation:

Given;

Pension contribution by GL Inc. percentage = 11%

Salaries for the period = $575,600

Amount to be contributed = 11% × $575,600

                                            = $ 63,316.00  

To account for this, the required journal would be

Debit      Pension Expense        $ 63,316.00

Credit     Cash account              $ 63,316.00

The right option is a. credit to Cash for $63,316.

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conduct an internet search to locate a copy of the sarbanes oxley act of 2002. read and sumarize the requirements of section 302
marta [7]

Answer:

Sarbanes Oxley act of 2002 is law of United States passed on 30th July 2002. This act helps to protect investor from fraudulent financial reporting by organizations. The act requires all companies to include report on their internal controls in the Financial reports.  

Explanation:

The section 302 of the act directs the Securities and Exchange Commission to adopt rules to adopt financial officer who certify company's annual, interim and quarterly financial reports. The main purpose is to minimize any chance of intentional frauds or deceive investors. The officers review financial reports of the company and certify that these reports does not cover any significant wrong statement, Financial statements of the company are fairly presented based on the knowledge of the officer. He is also responsible to review the report of internal controls of the company to ensure that there is no weakness in controls which can lead to frauds in the organization.

8 0
3 years ago
Ned is a head of household with a dependent son, Todd, who is a full-time student. This year Ned made the following expenditures
UNO [17]

Answer: D. $600 included in Ned's medical expenses

Explanation:

The amount that Ned can include in his itemized deductions will be the $600 that's included in Ned's medical expenses.

It should be noted that the medical expenses will be under the itemized deductions. On the other hand, the other options will be under the miscellaneous itemized deductions. Therefore, the correct option is D.

5 0
3 years ago
Michelle Duncan wants to know what price home she can afford. Her annual gross income is $54,000. She owes $810 per month on oth
TEA [102]

Answer:

$143137.25

Explanation:

Given that:

The annual gross income = $54000

The monthly gross income = $54000/12

= $4500

Using the PITI guideline, a mandatory expense of 38% of monthly income is applied.

So;

Expense = $4500 × 38% = $1710

Additional Monthly debt =  $810

Cost of Prop. Taxes and H.O insurance = $170

Monthly Balance left = $1710 - $(810 + 170) = $730

Mortgage payment factor = 6.00

Monthly mortgage payment = \dfrac{monthly  \ balance  \ left }{ Mortgage  \ payment  \ factor }\times 1000

=\$ (\dfrac{730}{6.00 })\times 1000

= $121666.67

Affordable home purchase price = \dfrac{monthly \ mortgage  \ payment }{1 - percentage \ of \ down \ payment}

= \dfrac{ \$121666.67}{1- 0.15}

= \dfrac{\$121666.67}{0.85}

= $143137.25

8 0
3 years ago
Explain the role of entrepreneurship in society
ki77a [65]

Answer:

Entrepreneurship plays an influential role in the economic growth and standard of living of a society. As a startup founder or small business owner, you may think that you are simply working hard to build your own business and provide for yourself and your family.

4 0
3 years ago
A product sells for $30 per unit and has variable costs of $18 per unit. The fixed costs are $720,000. If the variable costs per
Llana [10]

Answer:

E) BEP (units) does not change

Explanation:

Use the following formula to calculate Break-even point in units:

BEP (units) = Fixed cost / (unit selling price - unit variable costs)

1) BEP (Units) before the change in costs is:

BEP (units) = 720000 / (30 -18) = 60,000 units

2) BEP (Units) after the change in costs is:

BEP (units) = 900000 / (30-15) = 60000units

--> BEP (units) does not change

7 0
3 years ago
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