Mayaguez Corporation provides its officers with bonuses based on net income. For 2020, the bonuses total $350,000 and are paid on February 15, 2021. Prepare Mayaguez’s December 31, 2020, adjusting entry and the February 15, 2021, entry.

Q: The company agrees to provide a lump-sum retirement benefit to employees equal to 69% of final…

A: Lump-sum retirement benefit: A lump-sum retirement benefit to employees refers to the one-time…

Q: Calculate the total profit or loss expenses for post-employment benefits for the year and the…

A: Total Remuneration of Employees for the year ended 2020 Salary paid during the year $10.50…

Q: What is the interest cost for 2023? b. What is the projected benefit obligation on December 31,…

A:

Q: On January 1, 2010 Canes.com hired a new CEO and established a defined benefit pension plan for the…

A: Pension expense is the expense which the company charges against the pensions payable to the…

Q: CBA Co. has established a defined benefit pension plan for its employees. Annual payments under the…

A: Defined benefit obligation can be computed as follows

Q: uan, an employee of SSS, received his 13th month pay of P30,000 last December 14, 2020. His total…

A: Answer: We have  13th month pay = P 30,000 : It is not included in taxable compensation Total…

Q: A company gives each of its 65 employees (assume they were all employed continuously through 2020…

A: For 2020 = 65 x 12 x 8 x 25 = 156000   For 2021 = 65 * (12+(12-9) * 8 * 28 =                  = 65 x…

Q: Cheyenne Hardware payroll for November 2020 is summarized below.           Amount Subject to…

A: GIVEN DATA    Cheyenne Hardware payroll for November 2020 is summarized below.           Amount…

Q: Liam Wallace is general manager of Worldwide Salons. During 2018Wallace worked for the company all…

A: The following calculations are done in the records of Liam Wallace to compute his net pay…

Q: LeMond has 50 full time employees. Recently the company decided to initiate a pension plan as part…

A: Workings:

Q: On September 1, 2020, Reality Corporation offered special termination benefits to employees who had…

A: Special Termination Benefits are the short term benefits provided by the employer to the employee…

Q: JWS Transport Company's employees earn vacation time at the rate of 1 hour per 40-hour work period.…

A: The question is based on the concept of Financial Accounting.

Q: ABC Company grants all employees 2 weeks of paid vacation for each full year of employment. Unused…

A: Solution Vacation expense for the year 2020 = 41000   Abc company should report vacation pay…

Q: 300,000. The employee is expected to retire in 10 years and the salary increases are expected to…

A: The calculation is given as,

Q: A company gives each of its 50 employees (assume they were all employed continuously through 2020…

A: Vacation Liability is a provision which is created to write-off expenditure which arises because of…

Q: iam Wallace is general manager of Worldwide Salons. During 2018Wallace worked for the company all…

A: Payroll deductions: These are the amounts withheld by the employer from the salary of the employees…

Q: Mancuso Corporation amended its pension plan on January 1, 2020, and granted $160,000 of prior…

A: Compute the cost per service year:

Q: Norma Smith is the controller of Baylor Corporation and is responsible for the preparation of the…

A: Current liability is an obligation which is expected to be settled within a period of one year or…

Q: Company A has established a defined benefit plan for the employee. Annual payments under the plan…

A: Current service cost (CSO) refers to the increase in the PV (Present Value) of the defined benefit…

Q: ABC Company grants all employees 2 weeks of paid vacation for each full year of employment. Unused…

A: The total vacation expenses are the sum total of  a) The amount earned in 2020 and b) the increase…

Q: 7.  ABC’s employees are entitled to 15-day vacation leaves and 15-day sick leaves every year. At the…

A: For calculation of accrued liability from compensated absences as of 31 dec 2019, first absences…

Q: Rachel Company has established a defined benefit pension plan for its employees. Annual payments…

A: The question is related to Employees benefits. The employee benefits in which the employer do…

Q: any has established a defined benefit pension plan for its employees. Annual payments under the…

A: Company has to make provisions for the pension o the employee and has to make provision for that.

Q: Liam Wallace is general manager of Worldwide Salons. During 2018Wallace worked for the company all…

A: Particulars Amount Yearly salary(12900*12) 154800 Add: Bonus @15% of the annual salary 23220…

Q: Under the assumption: Unused vacation leaves vest (accumulating and vesting), What amount should be…

A: Vacation leave per employees per year = 15 days Number of Employees = 50 employees  Average salary…

Q: he books of Kwek-Kwek Corp. shows the following information related to payroll as of December 31,…

A: 1. Liability: it is the obligation of employer which is payable in near future..   2. Income tax…

Q: The employees of UMPISA NA NG KALBARYO COMPANY are paid biweekly. Occasionally, advances made to…

A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Q: On September 1, 2021, Di Lion Corporation offered special termination benefits to employees who had…

A: SOLUTION PENSION IS A RETIREMENT PLAN THAT PROVIDES A MONTHLY INCOME IN RETIREMENT.

Q: Mayaguez Corporation provides its officers with bonuses based on net income. For 2017, the bonuses…

A: Liabilities   Liabilities are an obligation of the business to pay to the creditors in future for…

Q: JWS Transport Company’s employees earn vacation time at the rate of 1 hour per 40-hour work period.…

A: Total vacations earned  = (Total amount paid - vacation pay paid)*vacation time earned   =…

Q: BZD, a calendar year corporation, made the following year-end accruals for 2020 financial statement…

A: As per the rules of IRS for claiming deferred compensation expense as a deduction in the federal tax…

Q: Gail , Inc. has a bonus plan covering all employees. The total bonus is equal to 10% of Gail 's…

A: Bonus = Income before bonus and tax x bonus rate

Q: A company gives each of its 20 employees (assume they were all employed in January 2018) 12 days of…

A: Vacation expense = Number of employees * Vacation days * Daily shift hours * Wage rate   Vacation…

Q: Liam Wallace is general manager of Worldwide Salons. During 2018Wallace worked for the company all…

A: FICA Tax is a combination of social security tax and the medicare taxes. Social security taxes has a…

Q: A company gives each of its 60 employees (assume they were all employed continuously through 2020…

A: For the year 2020: 60 employees x 8 hours a day x 12 day a vacation x $33 per hour $190,080 For the…

Q: On January 1, 2020, Carla Vista Incorporated amended its pension plan which caused an increase of…

A: Ans: the amount of annual prior service cost amortization using years of Service Method: Year…

Q: The books of Kwek-Kwek Corp. shows the following information related to payroll as of December 31,…

A: • Accrued salaries and wages (payable on January 5, 2021)- P660,000

Q: Rachel Company has established a defined benefit pension plan for its employees. Annual payments…

A: SOLUTION  PENSION IS A TAX EFFICIENT WAY TO PUT MONEY ASIDE FOR LATER IN LIFE  TO PROVIDE INCOME FOR…

Q: Waterway Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes…

A: FICA taxes (Factory)=FICA amount×7.65%=$128300×7.65%=$9,815

Q: Liam Wallace is general manager of Worldwide Salons. During 2018Wallace worked for the company all…

A: Annual salary=Monthly salary×Number of months in a year=$12,900×12=$154,800

Q: Joe Company’s salaried employees are paid bi-weekly. Occasionally, advances made to employees are…

A: Accrued salaries payable at December 31, 2020 = Beginning Accrued salaries payable + Salaries…

Q: Tax Drill - Work Opportunity Credit During 2020, Lincoln Company hires seven individuals who are…

A: The work opportunity credit refers to the federal tax credit given to the employers for hiring…

Q: On December 31, 2020, Stormy & Co. started a defined benefit plan for its president. The plan…

A: In the given question, Stormy & Co. started a defined benefit plan for its president. The plan…

Q: At vision club company office workers are emplyoed for a 40-hour workweek on either an annual or a…

A: As per the honor code, we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…

Q: A company gives each of its 80 employees (assume they were all employed continuously through 2020…

A: Liability is the amount due to be paid during year but not paid yet.

Q: A Company grants all employees ten (10) days paid vacation for each year of employment.  Unused…

A: As per the question given, we need to find what amount should be reported as liability for vacation…

Q: On September 1, 2020 , Reality Corporation offered special termination benefits to employees who had…

A: Total liability for termination benefits on December 31, 2020 is computed as follows :

Q: At Vision Club Company, office workers are employed for a 40-hour workweek on either an annual or a…

A: Solution A Wage is compensation paid to the employees for work for a company during a period of…

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