In Chipotle's Footnote 9, they state: Defined Contribution Plan-We maintain the Chipotle Mexican Grill 401(k) Plan....
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/66535fa62d6ad_00666535fa622284.jpg)
Transcribed Image Text:
In Chipotle's Footnote 9, they state: "Defined Contribution Plan-We maintain the Chipotle Mexican Grill 401(k) Plan. We match 100% of the first 3% of pay contributed by each eligible employee and 50% on the next 2% of pay contributed. Employees become eligible to receive matching contributions after one year of service with Chipotle. For the year ended December 31, 2020, matching contributions totaled approximately $8.5 million." What journal entry did Chipotle make to record the matching contributions for its 401(k) plan? Dr. Pension Expense 8,500,000 Cr. Pension Liability 8,500,000 Dr. Pension Liability 8,500,000 Cr. Cash 8,500,000 Dr. Benefits Expense 8,500,000 Cr. Cash 8,500,000 In Chipotle's Footnote 9, they state: "Defined Contribution Plan-We maintain the Chipotle Mexican Grill 401(k) Plan. We match 100% of the first 3% of pay contributed by each eligible employee and 50% on the next 2% of pay contributed. Employees become eligible to receive matching contributions after one year of service with Chipotle. For the year ended December 31, 2020, matching contributions totaled approximately $8.5 million." What journal entry did Chipotle make to record the matching contributions for its 401(k) plan? Dr. Pension Expense 8,500,000 Cr. Pension Liability 8,500,000 Dr. Pension Liability 8,500,000 Cr. Cash 8,500,000 Dr. Benefits Expense 8,500,000 Cr. Cash 8,500,000
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
What is the purpose of adjusting entries?
-
Barrows Company allows a few customers to make sales on credit. Other customers may use either of two credit cards. The First City Bank makes a \(4 \%\) service charge for sales on its credit card...
-
How can mobile devices, such as tablets, support relief work following a natural disaster?
-
Noonan Division has total assets (net of accumulated depreciation) of $2,200,000 at the beginning of year 1. One of the assets is a machine that has a net book value of $200,000. Expected divisional...
-
What keeps light from escaping an optical fiber? Group of answer choices metal mirror coatings diffuse scattering from their rough surface total internal reflection water or oil
-
Brothers Herm and Steve Hargenrater began operations of their tool and die shop (H & H Tool) on January 1, 1987, in Meadville, PA. The annual reporting period ends December 31. Assume that the trial...
-
Please show all of your work Worksheet 8-1 Summer 2022 Tuesday, 7/19/2022 Page 1 of 1 Name: Answer all questions and show all of your work 1. Find the p-value and make a decision for o = 0.05, a =...
-
How do coordinating agencies differ in a crisis, disaster, and an emergency ?Explain
-
How do we manage and respond to customer feedback and reviews to maintain a positive brand reputation? Explain with the help of examples.
-
How do I record these entries? January 1: Purchased a fleet of vehicles for $350,000 via a loan from the bank. The trucks have a useful life of six years. The loan is for six years with an interest...
-
How do feedback mechanisms and performance evaluation systems contribute to individual and team development within a corporate context ?
-
How do ideological frameworks underpin political movements, and what is their role in legitimizing or challenging power structures?
-
use the definition of an inverse function to determine whether the two functions are inverses a) f(x)=1/2(5-3x) and g(x)=(1/3)(5-2x) b)f(x)=9-x^2 and g(x)= square root of (9-x)
-
The objectives in managing cash are to maintain an organizations liquidity by making ceitain there is enough cash to cover cash ex pense and to retire debt. invest any idle cash so that a return is...
-
Four generic strategies for dealing with uncertainty are to explicitly consider uncertainty when estimates are generated by >- using best predictor variables in generating estimates. >- analyzing...
-
How is technology affecting supply chain purchasing practices and transac tion costs? LO.1
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App