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Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2013, Lacy received the following information: Projected Benefit Obligation ($ in millions) Balance, January 1 $ 500 Service cost 74 Interest cost (5%) 25 Benefits paid (72 ) Balance, December 31 $ 527 Plan Assets ($ in millions) Balance, January 1 $ 370 Actual return on plan assets 42 Contributions 2013 74 Benefits paid (72 ) Balance, December 31 $ 414 The expected long-term rate of return on plan assets was 10%. There were no AOCI balances related to pensions on January 1, 2013. At the end of 2013, Lacy amended the pension formula creating a prior service cost of $26 million. Required: 1. Determine Lacy's pension expense for 2013. 2. Prepare the journal entry(s) to record Lacy's pension expense, gains or losses, prior service cost, funding, and payment of retiree benefits for 2013.
Purchased office furniture on credit from Goodyear supply for defective office furniture received on may 10 and returned for credit. The return of defective furniture will reduce the residual value remaining furniture to $3000.
A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gros..
Assume an organization has total current assets of $200,000, total current liabilities of $75,000, inventories of $50,000, prepaid expenses of $25,000, net sales of $770,000, and beginning accounts receivable of $42,000 and ending accounts receiva..
Which depletion method does Kent use to compute its annual deloetion expense for the minerals remove from the ground?
Review the roles of management accounting within a company. What is the most important role of management accounting? How is that different than financial accounting?
Richman Company for $30,000,000. The following details pertain to the contract: Percentage of completion Estimated total cost of contract Gross profit recognized to date At December 31, 2007 25% $22,500,000 1,875,000 At December 31, 2008 60% $25,0..
The forces affecting trade in global markets include sociocultural forces, economic and financial forces, legal and regulatory forces, and physical and environmental forces. What can business do to prevent unexpected problems in dealing with these..
based on background information, what are the major inherent risks in the Securimax audit? Consider both industry and entity risks in your answer? 2. Discuss the factors to consider when determining preliminary materiality for Securimax.
Your company has been in business as a supplier or electricity for over 50 years. You have always made a profit. Your current sales, for the past 3 years, have been 10 Million dollars and your variable costs run at 70% of sales, or 7 Million. Your..
Flint Hills Park is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial information as of December 31, 2014.
Two points on an indifference curve that displays a diminishing marginal rate of substitution between cookies and brownies are: 8 cookies and 2 brownies and 6 cookies and 4 brownies.
In addition to the accounts listed above, Truex also had a Cash account. What is the amount of that Cash account as of May 1?
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