Ask question

Ask question

All categories

3 years ago

10

Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $4

0,000 for the period. The pension formula calculated a pension cost of $222,750. Only $185,000 was contributed to the pension plan administrator.
Required:
Journalize the entry to record the:

a. vacation pay
b. pension benefit.

1 answer:

Leto [7]3 years ago

8 0

Answer:

A.

Dr Vacation pay expenses $40,000

Cr Vacation pay payable $40,000

B.

Dr Pension expenses $222,750

Cr Cash $185,000

Cr Unfunded pension liability $37,750

Explanation:

Regling Company Journal entries

A.

Dr Vacation pay expenses $40,000

Cr Vacation pay payable $40,000

B.

Dr Pension expenses $222,750

Cr Cash $185,000

Cr Unfunded Pension liability $37,750

You might be interested in

You are the General Manager of a regional chemical company. In the course of producing your bulk chemicals, large amount of part

34kurt

Answer:

The answer is explained below

Explanation:

The companies board of directors as well as you would consider whether it is best to install the scubber system. When determining whether to install the scubber system both short and long term consequences are to be considered. If presently, the level of pollution is legal, you need to consider if in the future it would be legal? if the installation of the scubber system would affect the public relations of the company. After considering all this, it would be better to install because the pollution can lead to death, and the neighborhood can sue the company. Also the EPA regulations can be regulated.

5 0

3 years ago

If he wanted the cash award of each of the five prizes to be $45,000 and his estate could earn 7% per year, how much would he ne

Stels [109]

Answer:

The answer is $3,214,285.71

Explanation:

Price of each award is $45,000

And there are 5

Therefore, we have 5 x $45,000

=$225,000.

So, $225,000 is the future value.

Rate of return(r) in 7% and it is being assumed that it is forever.

So, so how much will be needed to fund his prizes(present value)?:

PV = FV/r

= $225,000/0.07

=$3,214,285.71

5 0

3 years ago

What is a credit limit? AThe required payment to your credit card company. BHow many credit cards you can own. CThe amount of in

Zolol [24]

B how many credit cards you can own

7 0

3 years ago

Most corporations pay quarterly dividends on their common stock rather than annual dividends. Barring any unusual circumstances

user100 [1]

Answer:

The DDM tells us that share price = D*(1+G)/R-G

Dividend = 4.00

G= 0.05

R= 0.15

Price = 4*(1.05)/0.15-0.05

Price= $42

Explanation:

We use the dividend discount method to estimate the current price. We use the growth rate and required return to figure out the current price by using the DDM formula.

5 0

3 years ago

Read 2 more answers

Employee involvement and participation (eip) management is a method of management where ________.

Fittoniya [83]

It's a method where <span>subordinates share a significant degree of decision-making power with their immediate superiors
One positive benefit of the employee involvement and participation is that companies will prepare more employees to understand the company's operational method and make more potential leaders for the company if it choose to expand in the future</span>

7 0

3 years ago