Journalize the entries to record accrued pension liability

Assignment Help Accounting Basics

Reference no: EM132088964

Question: Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $425,000 for the quarter ended December 31.

Required: A. Journalize the entries to record the accrued pension liability on December 31, 2015 (on page 11 of the journal) and the payment to the funding agent on January 15, 2016 (on page 12 of the journal). Refer to the Chart of Accounts for exact wording of account titles. Be sure to include the year when entering the date in the journal.

B. How does a defined contribution plan differ from a defined benefit plan?

Reference no: EM132088964

Questions Cloud

Calculate evan agi and taxable income : This year Evan graduated from college & took a job as a deliveryman in the city. Evan was paid a salary of $68,500 & he received $700 in hourly pay.

How much of the losses incurred on the two stock sales : How much of the losses incurred on the two stock sales can Jack and Jill deduct this year, assuming they do not have capital gains in the current or prior years

Focus on technology information or innovation projects : Evaluate the literature relating to managing and leading cross-functional virtual project teams in three to four pages.

How would adopt a law such as sarbanes oxly act : How would adopt a law such as Sarbanes Oxly act to the Saudi business environment - What would you consider the most protecting laws for the environment

Journalize the entries to record accrued pension liability : Journalize the entries to record the accrued pension liability on December 31, 2015 (on page 11 of the journal) and the payment to the funding.

Record the transactions in given issue : Record the above transactions. Then, using the be-ginning balances in this table, produce the balance sheet, activity statement, and cash flow statement.

Identify the platform that ial chose as an online portal : Identify the platform that IAL chose as an online portal and content management system, and describe the main reason(s) why IAL chose.

Calculate the total future compound amount : A young graduate engineer wants to know the future value accumulated if she invests a uniform series amount equal to the IRS annual limit of $5,500 per year.

Describe and discuss at least two backup strategies : Describe and discuss at least two backup strategies. Discuss the use of cloud backup strategies, as well?

User Account

All Pages