On December 31, 2020, an entity paid P200,000 contribution to a defined contribution plan. Of this amount, P150,000 is in part exchange for services performed by the employees in December 2019, and the balance of P50,000 is in respect of services to be performed in 2020.The contribution to the defined contribution plan is recorded on December 31, 2019 with a: a. Some other answer. b. Debit to :Employee benefit expense for P150,000 Debit to Prepaid benefit expense P50,000 d. Credit to Cash for P100,000 с.

On December 31, 2020, an entity paid P200,000 contribution to a defined contribution plan. Of this amount, P150,000 is in part exchange for services performed by the employees in December 2019, and the balance of P50,000 is in respect of services to be performed in 2020.The contribution to the defined contribution plan is recorded on December 31, 2019 with a: a. Some other answer. b. Debit to :Employee benefit expense for P150,000 Debit to Prepaid benefit expense P50,000 d. Credit to Cash for P100,000 с.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 35P: In 2019, Magenta Corporation paid compensation of 45,300 to the participants in a profit sharing...

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