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Grimm Company sponsors a defined contribution plan that matches employee contributions up to 5%. Each year, Grimm makes quarterly contributions on or before January 7,
Grimm Company sponsors a defined contribution plan that matches employee contributions up to 5%. Each year, Grimm makes quarterly contributions on or before January 7, April 7, July 7, and October 7. Grimm has a calendar year- end. In each quarter, Grimm's employees contribute $18,000 to their 401k plans, with each employee contributing no more than 4% of their wages. As part of current liabilities on its December 31, 2022 balance sheet, Grimm should report a pension liability of 2528
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