1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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.

You might be interested in
Assume you are the CFO of a factory that supplies product to a large well-known retail chain. It is your company's policy, and t
Molodets [167]

Answer: It is not ethical

Explanation:

Ethics is defined as a moral philosophy that is good for individuals and the society at large.

The basic principles of ethics are objectivity , professional due - care and competence, professional behavior , integrity and confidentiality.

The act of intimidation by the retail chain is un ethical as it is not to the benefit of the suppliers, Moreover , this act violates the principle of professional behavior and integrity.

A good ethical practice respects the trading policies of business partners.

6 0
3 years ago
if are researchers is using data that are low in cost and save time which type of data is this likely to be?
olchik [2.2K]

Answer:

<h2>Secondary data</h2>

Explanation:

The data collected form the first hand sources by using interviews and surveys is called primary data. The secondary data is gathered from surveys and studies which have already been conducted by other people. Mostly researchers use secondary data in their project as the researcher doesn't have to spend time, energy and money in collecting them. They can devote their time to research instead of worrying about gathering data.

8 0
3 years ago
When the cross price elasticity between good X and other related goods is positive and very low firm X can be assumed to have?
geniusboy [140]

Answer:

c. a significant amount of market power 

Explanation:

Cross price elasticity measures the responsiveness of quantity demanded of a good to the changes in price of another good.

If the cross price elascitiy is postive, the goods are subsituites.

If the cross price elasticity is negative, the goods are complementary goods.

If the cross price elasticitiy is low the firm has market power. It means that it's consumers do not change the quantity demanded when the price of the good changes

If the cross price elasticitiy is high, the market has low market power.

I hope my answer helps you.

3 0
3 years ago
For the year ended December 31, Lopez Company implements an employee bonus program based on company net income, which the employ
Mrac [35]

Answer:

Lopezâs bonus expense is computed as $40,777. Therefore,

The Journal entries are as follows:

(i) On December 31,

Employee bonus expense A/c    Dr. $40,777

To Bonds payable A/c                                       $40,777

(To record the bonus due)

(ii) On January 19,

Bonds payable A/c     Dr. $40,777

To Cash A/c                                     $40,777

(To record the payment of the bonus to employees.)

4 0
3 years ago
Traditionally, ________ were always set up as non profit corporations.
riadik2000 [5.3K]
The answer is:

Traditionally, SOCIAL ENTERPRISES were always set up as non profit corporations.
4 0
3 years ago
Other questions:
  • If a loan is risky and extends for more than a year, the lender may ask for
    14·2 answers
  • During the announcement of the merger between Body Metal and​ Shimmer, the two CEOs neglected to mention that to avoid​ duplicat
    12·1 answer
  • Wildhorse Co. began the year 2022 with retained earnings of $651000. During the year, the company sold additional shares of stoc
    9·1 answer
  • Gelb Company currently manufactures 49,500 units per year of a key component for its manufacturing process. Variable costs are $
    8·1 answer
  • Which of the following forms of communication has the most impact during your interview? a. Nonverbal b. Verbal c. Voice quality
    14·2 answers
  • What's the first step in starting a business
    7·1 answer
  • The top management team at Sierra Infusion is concerned about the declining performance of firms in their industry. The team mem
    8·1 answer
  • In newspaper advertising, ________ advertising includes copy, illustrations or photos, headlines, coupons, and other visual comp
    9·1 answer
  • Icarus Aviation, Athena Instrumentation, and Hercules Miniaturization are strategic business units of Olympia Industries. One ca
    7·1 answer
  • Suppose Mike wants to pay efficiency wages to help in the construction of his beach home. If the prevailing wage rate for electr
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!