Joshua Company has a define contribution plan that covers its existing employees. The terms of the plan require Joshua t
Posted: Thu May 19, 2022 4:02 pm
Joshua Company has a define contribution plan that covers its
existing employees. The terms of the plan require Joshua to
contribute 5% of the annual employee salaries to the retirement
plan each year. The payroll shows the annual salaries and
contributions made as follows:
Year Gross
Payroll Contributions made
2021 P670,000
670,000
2022 12.200,000
430,000
How much is the benefit expense in 2022 profit or loss and the
amount of prepaid (accrued) benefit as of December 31, 2022?
O P610,000 and P10,000 prepaid
O P610,000 and P180,000 accrued
OP430,000 and P10.000 prepaid
OP430,000 and P180,000 accrued
existing employees. The terms of the plan require Joshua to
contribute 5% of the annual employee salaries to the retirement
plan each year. The payroll shows the annual salaries and
contributions made as follows:
Year Gross
Payroll Contributions made
2021 P670,000
670,000
2022 12.200,000
430,000
How much is the benefit expense in 2022 profit or loss and the
amount of prepaid (accrued) benefit as of December 31, 2022?
O P610,000 and P10,000 prepaid
O P610,000 and P180,000 accrued
OP430,000 and P10.000 prepaid
OP430,000 and P180,000 accrued