User Account

All Pages

How much is the prepaid or accrued benefit

Assignment Help Accounting Basics
Reference no: EM132902624

Question - ABC Company provides retirement benefits to employees through defined contribution plan. The plan provides that ABC Company shall contribute  annually 9% of gross payroll to a funding agency. In addition, the entity is also required to contribute 6% of annual sales exceeding 15,000,000. During 2020, gross payroll of the company was P 6,500,000 and total sales amounted to P 32,000,000.

Assuming that during 2020, the company contributed P 1,700,000 to the trustee. How much is the prepaid or accrued benefit arising from the transaction?

Reference no: EM132902624

Questions Cloud

Describe the six factors the effecting : Describe the six factors the effecting and carrying out of contracts to pay on human life and any business incidental to insurance businesss excludes;
Best alternative ways of getting funding : Many major retailers across the country have closed in response to the coronavirus pandemic, and those that have stayed open - including grocery stores - have m
Functions and benefits of strategic planning : What is the definition, purpose, functions and benefits of strategic planning? Why should an organization engage in strategic planning?
Define accrual-based earnings management : Define 'accrual-based earnings management' and 'real earnings management'. Identify and explain at least three specific methods
How much is the prepaid or accrued benefit : Assuming that during 2020, the company contributed P 1,700,000 to the trustee. How much is the prepaid or accrued benefit arising from the transaction
How will these benefits impact the employees net pay : The organization will pay 50% of the cost of the AD&D premiums. How will these benefits impact the employees net pay
Prepare the journal entries to record these transactions : 6/30 Student billed on June 10 pays the amount due to Quark. Prepare the journal entries to record these transactions
Discuss the best possible recommendation to Ms Davila : Based on the analysis made by your colleague and the flow of discussion between them, discuss the best possible recommendation to Ms. Davila
Compute the amount of assets liabilities : As of that date Johnson old business suppliers as follows: Island Gas Company $2,200. Compute the amount of assets liabilities

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute GHJ dividends-received deduction

BP Inc. (a taxable California corporation in which GHJ holds a 2% stock interest)$17,300MN Inc. Compute GHJ dividends-received deduction

  Hondo company has a machine with a book value of 50000 and

hondo company has a machine with a book value of 50000 and a five year remaining life. a new machine is available at a

  Draw a process map of the conversion processes at compton

Draw a process map of the conversion processes at Compton Falls Enterprises Draw a document flowchart showing the records used in Compton Falls conversion processes

  Make a report about the two companies

Make a report about the two companies that absorbed many of the employees from Arthur Andersen when they went bankrupt: Huron Consulting and Protiviti.

  What is a stock redemption

The following answer needs to be 300 words: What is a stock redemption? What are some reasons for redeeming stock? Why are some redemption treated as sales and others as dividends?

  Describe the overhaul is regarded as an

Pat's Pets recently paid to have the engine in its delivery van overhauled. The estimated useful life of the van was originally estimated to be 7 years.

  Compute Anderson Steel Company basic and diluted EPS

On March 31, 2011, 100,000 new shares were sold at a price of $50 per share. Compute Anderson Steel Company's basic and diluted EPS for the year ended

  Journalize the entry

Question - Otis Company accumulates the following adjustment data at December 31. Journalize the entry

  Prepare the journal entry by twin digital

Prepare the journal entry by Twin Digital to record the semiannual interest on July 1, 2013 Prepare the journal entry by Twin Digital to record the redemption of the bonds on July 1, 2013.

  What are the four basic financial statements

What are the four basic financial statements? What is their purpose and what does each one tell you about a company

  Create a revenue recognition summary table

Create a revenue recognition summary table which summarises the calculations used to find the revenue in each quarter.

  Prepare the statement of partners capital balances

Each partner withdrew $12,000 for 2017 and another $12,000 2018. Prepare the Statement of Partners' Capital Balances for 2017 & 2018

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd