Gen Combo Looseleaf Intermediate Accounting; Connect Access Card
10th Edition
ISBN: 9781260696325
Author: David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher: McGraw-Hill Education
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Question
Chapter 17, Problem 17.6DMP
(1)
To determine
Pension plan: This is the plan devised by corporations to pay the employees an income after their retirement, in the form of pension.
Defined contribution pension plans: In such plans, employers contribute fixed amounts annually, to the pension fund. The benefit amounts are based on size of pension fund available at the time of retirement. There is no commitment on the part of the employers to pay fixed retirement benefits.
Facts of the case: In an audit survey by an auditor, it is observed that the employee contributions towards the defined contribution pension plans are not reported on the mutual funds statement until the completion of two months, after which the deductions are made. But $500,000 of contributions are deducted from the employee pay checks every month. When the plan was initially begun, contributions were reported immediately invested.
To discuss: The motivation behind the change in reporting the timing of investments
(2)
To determine
To discuss: The ethical dilemma for change in in reporting the timing of investments
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Students have asked these similar questions
EB 15. LO 12.5 An employee and employer cost-share 401(k) plan contributions, health insurance premium payments, and charitable donations. The employer also provides annual vacation compensation
equal to ten days of pay at a rate of $30 per hour, eight-hour work day. The employee makes a gross wage of $3,000 monthly. The employee decides to use five days of vacation during the current pay
period. Employees cover 30% of the 401(k) plan contribution and 30% of the health insurance premium. The employee also donates 1% of gross pay to a charitable organization.
A. What would be the employee's total benefits responsibility if the total 401(k) contribution is $700 and the health insurance premium is $260?
B. Include the journal entry representing the payroll benefits accumulation for the employer in the month of March, if the employer matches the employee's charitable donation of 1%.
QUESTION 12
George provides you with the following information in respect of the 2022 income year:
$
• gross salary and wages
• a compensation payment from an insurance company for the loss of one finger
28,000
• interest accrued at 30 June 2022 in respect of a 6-month term deposit invested on 5 January 2022
but not paid to George until 5 July 2022
900
• Navy Reserve pay (for part-time service eight weekends per year)
1,600
71,000
What is George's assessable income for the 2022 income year?
$71,000
$71,900
$72,600
O $73,500
5-12A • LO 4
The following unemployment tax rate schedule is in effect for the calendar year 2021 in State A, which uses the
reserve-ratio formula in determining employer contributions:
See Example 5-10 on page 5-16
Reserve Ratio
Contribution Rate
0.0% or more, but less than 1.0% .
1.0% or more, but less than 1.2%
1.2% or more, but less than 1.4%
1.4% or more, but less than 1.6%
1.6% or more, but less than 1.8%
1.8% or more, but less than 2.0%
2.0% or more, but less than 2.2%
2.2% or more, but less than 2.4%
2.4% or more, but less than 2.6%
2.6% or more, but less than 2.8%
2.8% or more, but less than 3.0%
3.0% or more, but less than 3.2%
3.2% or more
6.7%
6.4%
6.1%
5.8%
5.5%
5.2%
4.9%
4.6%
4.3%
4.0%
3.7%
3.4%
3.1%
.......
Hyram Company, which is located in State A, had an average annual payroll of $850,000 for the thrce 12-month peri-
ods ending on June 30, 2020 (the computation date for the tax year 2021). As of June 30, 2020, the total contributions that
had been made to Hyram…
Chapter 17 Solutions
Gen Combo Looseleaf Intermediate Accounting; Connect Access Card
Ch. 17 - Prob. 17.1QCh. 17 - Prob. 17.2QCh. 17 - Prob. 17.3QCh. 17 - What is the vested benefit obligation?Ch. 17 - Prob. 17.5QCh. 17 - Prob. 17.6QCh. 17 - Name three events that might change the balance of...Ch. 17 - Prob. 17.8QCh. 17 - Prob. 17.9QCh. 17 - Prob. 17.10Q
Ch. 17 - The return on plan assets is the increase in plan...Ch. 17 - Define prior service cost. How is it reported in...Ch. 17 - Prob. 17.13QCh. 17 - Is a companys PBO reported in the balance sheet?...Ch. 17 - What two components of pension expense may be...Ch. 17 - Prob. 17.16QCh. 17 - Evaluate this statement: The excess of the actual...Ch. 17 - Prob. 17.18QCh. 17 - TFC Inc. revises its estimate of future salary...Ch. 17 - Prob. 17.20QCh. 17 - Prob. 17.21QCh. 17 - Prob. 17.22QCh. 17 - The components of postretirement benefit expense...Ch. 17 - The EPBO for Branch Industries at the end of 2018...Ch. 17 - Prob. 17.25QCh. 17 - Prob. 17.26QCh. 17 - Prob. 17.1BECh. 17 - Prob. 17.2BECh. 17 - Prob. 17.3BECh. 17 - Prob. 17.4BECh. 17 - Prob. 17.5BECh. 17 - Prob. 17.6BECh. 17 - Prob. 17.7BECh. 17 - Prob. 17.8BECh. 17 - Prob. 17.9BECh. 17 - Prob. 17.10BECh. 17 - Net gain LO176 The projected benefit obligation...Ch. 17 - Prob. 17.12BECh. 17 - Prob. 17.13BECh. 17 - Postretirement benefits; determine the APBO and...Ch. 17 - Prob. 17.1ECh. 17 - Prob. 17.3ECh. 17 - Prob. 17.4ECh. 17 - Prob. 17.5ECh. 17 - Prob. 17.6ECh. 17 - Prob. 17.7ECh. 17 - Prob. 17.8ECh. 17 - Prob. 17.9ECh. 17 - Prob. 17.14ECh. 17 - Prob. 17.17ECh. 17 - Prob. 17.23ECh. 17 - Prob. 17.32ECh. 17 - Prob. 17.33ECh. 17 - Prob. 17.1DMPCh. 17 - Prob. 17.2DMPCh. 17 - Prob. 17.3DMPCh. 17 - Prob. 17.5DMPCh. 17 - Prob. 17.6DMPCh. 17 - Prob. 17.8DMPCh. 17 - Prob. 17.9DMPCh. 17 - Prob. 17.11DMPCh. 17 - Prob. 1CCTCCh. 17 - Prob. 2CCTC
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