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Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159 Exercise 18
Pension plan entries
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 $365,000 for the quarter ended December 31.
a. Journalize the entries to record the accrued pension liability on December 31 and the payment to the funding agent on January 15.
b. How does a defined contribution plan differ from a defined benefit plan
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 $365,000 for the quarter ended December 31.
a. Journalize the entries to record the accrued pension liability on December 31 and the payment to the funding agent on January 15.
b. How does a defined contribution plan differ from a defined benefit plan
Explanation
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Pension Expense: Pension is a payment pr...
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
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