Solution-How much is the benefit expense in profit or loss

How much is the benefit expense in profit or loss

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Question - Joshua Company has a define contribution plan that covers its existing employees. The terms of the plan require Joshua to contribute 5% of the annual employee salaries to the retirement plan each year. The payroll shows the annual salaries and contributions made as follows:

Year	Gross Payroll	Contributions made
2021	P10,000,000	P670,000
2022	12,200,000	430,000

How much is the benefit expense in 2022 profit or loss and the amount of prepaid (accrued) banefit as of December 31, 2022?

a. P430,000 and P180,000 accrued

b. P610,000 and P180,000 accrued

c. P430,000 and P10,000 prepaid

d. P610,000 and P10,000 prepaid

Reference no: EM133188124

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How much is the benefit expense in profit or loss

Reference no: EM133188124

Reference no: EM133188124

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