PART I)) Fukushima Company provides its employees with vacation benefits and a defined contribution pension plan Employees earned vacation pay of $20,000 for the period The pension plan requires a contribution to the plan administrator equal to 6 of employee salaries Salaries were $244,000 during the period, and the full amount due was contributed to the pension plan administrator On December 31, provide the journal entry for the (a) vacation pay on page 11 of the journal and (b) pension benefit on page 12 of the journal Refer to the Chart of Accounts for exact wording of account titles CHART OF ACCOUNTS Fukushima Company General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 219 Employees State Income Tax Payable 221 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability 228 Product Warranty Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 524 Depreciation Expense Building 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense Office Equipment 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 537 Pension Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Miscellaneous Expense 710 Interest Expense PART II)) Based on the information given below, if you were Tim Smith would you accept the job If your answer is yes, give reasons in detail why you would If your answer is no, give reasons in detail why you would not Also, explain in detail all the liabilities that are listed in the journal entry when recording employees' payroll Tim Smith, a college student, is looking for a summer job Tims neighbor has a cousin who owns a construction company and is looking for help The name of the company is James Construction Tim decides to meet with the owner, Rick James Mr James offers the job to Tim Smith and is paying him $21 dollars an hour and will be working at least 40 hours a week There might be times when he will be working over 40 hours and will be paid time and a half over 40 hours The owner states he will be paying Tim in cash at the end of each work week Since he is paying in cash, Rick James, the owner mentions he will not be issuing him a W 2 or 1099 for his earnings because it is not necessary when cash is involved AS PER CHEGG POLICY, ANSWER ALL PARTS OF THE QUESTION PLEASE DO NOT ANSWER IF YOU CANNOT ANSWER ALL PARTS OF THE QUESTION PLEASE DO NOT ANSWER IF YOU DO NOT KNOW THE ANSWER 4 SUB PARTS OF A QUESTION CHEGG POLICY THANK YOU FOR YOUR TIME

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PART I)) Fukushima Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $20,000 for the period.

PART I)) Fukushima Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $20,000 for the period. The pension plan requires a contribution to the plan administrator equal to 6% of employee salaries. Salaries were $244,000 during the period, and the full amount due was contributed to the pension plan administrator.

On December 31, provide the journal entry for the (a) vacation pay on page 11 of the journal and (b) pension benefit on page 12 of the journal. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

Fukushima Company

General Ledger

	ASSETS
110	Cash
111	Accounts Receivable
112	Interest Receivable
113	Notes Receivable
115	Merchandise Inventory
116	Supplies
118	Prepaid Insurance
120	Land
123	Building
124	Accumulated Depreciation-Building
125	Office Equipment
126	Accumulated Depreciation-Office Equipment

	LIABILITIES
210	Accounts Payable
213	Interest Payable
214	Notes Payable
215	Salaries Payable
216	Social Security Tax Payable
217	Medicare Tax Payable
218	Employees Federal Income Tax Payable
219	Employees State Income Tax Payable
221	Retirement Savings Deductions Payable
224	Federal Unemployment Tax Payable
225	State Unemployment Tax Payable
226	Vacation Pay Payable
227	Unfunded Pension Liability
228	Product Warranty Payable
	EQUITY
310	Owner, Capital
311	Owner, Drawing
312	Income Summary

	REVENUE
410	Sales
610	Interest Revenue
	EXPENSES
510	Cost of Merchandise Sold
520	Salaries Expense
524	Depreciation Expense-Building
525	Delivery Expense
526	Repairs Expense
529	Selling Expenses
531	Rent Expense
532	Depreciation Expense-Office Equipment
533	Insurance Expense
534	Supplies Expense
535	Payroll Tax Expense
536	Vacation Pay Expense
537	Pension Expense
538	Cash Short and Over
539	Product Warranty Expense
540	Miscellaneous Expense
710	Interest Expense

PART II)) Based on the information given below, if you were Tim Smith would you accept the job? If your answer is yes, give reasons in detail why you would. If your answer is no, give reasons in detail why you would not. Also, explain in detail all the liabilities that are listed in the journal entry when recording employees' payroll.

Tim Smith, a college student, is looking for a summer job. Tims neighbor has a cousin who owns a construction company and is looking for help. The name of the company is James Construction. Tim decides to meet with the owner, Rick James. Mr. James offers the job to Tim Smith and is paying him $21 dollars an hour and will be working at least 40 hours a week. There might be times when he will be working over 40 hours and will be paid time and a half over 40 hours. The owner states he will be paying Tim in cash at the end of each work week. Since he is paying in cash, Rick James, the owner mentions he will not be issuing him a W-2 or 1099 for his earnings because it is not necessary when cash is involved.

AS PER CHEGG POLICY, ANSWER ALL PARTS OF THE QUESTION. PLEASE DO NOT ANSWER IF YOU CANNOT ANSWER ALL PARTS OF THE QUESTION. PLEASE DO NOT ANSWER IF YOU DO NOT KNOW THE ANSWER 4-SUB PARTS OF A QUESTION CHEGG POLICY. THANK YOU FOR YOUR TIME.