What is spicoli vested account balance


Problem: After completing five years of service. Ridgemont Surfboards sponsors a 401(k) profit sharing plan with a dollar for dollar match up to 6% of compensation in which Spicoli had an account balance of $50,000. Of that account balance, $20,000 was attributable to Ridgemont Surfboard's noncontributory contributions and $30,000 was attributable to the combination of Spicoli's deferral contributions and the equivalent employer match on those deferral contributions. At this time, considering Spicoli has terminated employment and that Ridgemont Surboard's 401(k) profit sharing plan is not top-heavy and follows the least generous graduated vesting schedule permitted under PPA 2006, what is Spicoli's vested account balance in the 401(k) profit sharing plan?

 

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Accounting Basics: What is spicoli vested account balance
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