For 2020, Sweet Inc. computed its annual postretirement expense as $234,100. Sweet’s contribution to the plan during 2020 was $168,900. Prepare Sweet’s 2020 entry to record postretirement expense, assuming Sweet has no OCI amounts

For 2020, Sweet Inc. computed its annual postretirement expense as $234,100. Sweet’s contribution to the plan during 2020 was $168,900. Prepare Sweet’s 2020 entry to record postretirement expense, assuming Sweet has no OCI amounts

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 55P

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

For 2020, Sweet Inc. computed its annual postretirement expense as $234,100. Sweet’s contribution to the plan during 2020 was $168,900.

Prepare Sweet’s 2020 entry to record postretirement expense, assuming Sweet has no OCI amounts

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