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Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $40,000 for the period. The pension plan requires a contribution to the plan administrator equal to 9% of employee salaries. Salaries were $800,000 during the period.
Question a. Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank.
Question b. Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank.
Dylan Corporation is considering investing in a new asset. The asset would cost $24,000,000 with an 8 year useful life. It is believed the asset would have a salvage value of $0 after its useful life and Dylan plans to depreciate the asset under the ..
Floppy Corp. factored $600,000 of accounts receivable to Floozy Corp. on October 1, 2015. Control was surrendered by Floppy. Floozy accepted the receivables subject to recourse for non payment. Floozy assessed a fee of 3% and retains a holdback equal..
Nancy Tercek, the financial vice president, and Margaret Lilly, the controller, of Romine Manufacturing Company are reviewing the financial ratios of the company for the years 2017 and 2018. What, if any, is the ethical dilemma in this situation? Sho..
Vincent Products is considering a project that will require an initial investment of $45,000 and is expected to generate future cash flows of $6,000 each year for the next 15 years. Calculate the payback period in yearsA CPA has been asked to audit f..
A used car costing $4,320 is purchased with payments of $200 at the beginning of each month for one year followed by payments of $100 at the beginning of each month for two years. Use the cash flow worksheet to determine the effective monthly interes..
june 1 deposited the 150000 into a business account. paid three months rent in advance of 3000. prepaid rent is treated
Prepare a cash basis budgeted income statement for the fiscal year ending June 30, 2016- Prepare a cash budget for the fiscal year ending June 30, 2016.
Amy Monroe wants to create a fund today that will enable her to withdraw $35,000 per year for 6 years, with the first withdrawal to take place 4 years from today. If the fund earns 15%, how much must Amy invest today?
First Financial Auto Loan Department wishes to know the payment required at the first of each month on a $10,500, 48-month, 11% auto loan. To determine this amount, First Financial would
Determine the inventory balance at December 31, 2004 and evaluate the inventory balance at Decmber 31, 2004, without the reduction for LIFO reserve?
Company has December unit sales of 12,000 units. Assuming a 5% growth, what is the projected UNIT SALES? Also, 12,000 units and assuming a 5% growth and a selling price per unit of $40, what is the PROJECTED UNIT SALES?
For most large businesses, the cash basis of accounting will provide accurate financial statements for user needs. Adjusting entries affect balance sheet accounts at the exclusion of income statement accounts. An account for each supplier of merchand..
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