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Calder, Inc. is a furniture manufacturing company with 50 employees. Recently, after a long negotiation with the local labor union, the company decided to initiate a pension plan as a part of its compensation plan. The plan will start on January 1, 2010. Each employee covered by the plan is entitled to a pension payment each year after retirement. As required by accounting standards, the controller of the company needs to report the pension obligation (liability). On the basis of a discussion with the supervisor of the Personnel Department and an actuary from an insurance company, the controller develops the following information related to the pension plan.
Average length of time to retirement 15 years
Expected life duration after retirement 10 years
Total pension payment expected each year after retirement for all employees. Payment made at the end of the year. $707,430.780 per year
The interest rate to be used is 9%.
On the basis of the information above, determine the present value of the pension obligation (liability).
During 2012, Harry, a self-employed accountant, travels from Kansas City to Miami for a 1-week business trip.
Prince Corporation purchased 960,000 shares of Smithtown Corporation's common stock (an 80% interest) for 21,200,000 on January 1, 2006. The 2,000,000 excess of investment cost over book value acquired was allocated to goodwill-Calculate the balan..
What type of tax rate structure does the U.S. tax system apply? What are the individual tax forms, and what factors are used to determine which one to use?
A loss of $35,000 from the sale of equipment would be included in which of the activities sections of the statement of cash flow.
Should Interest Rate Parity Prevent MNCs from Investing in Foreign Currencies?
Calculate the tax disadvantage to organizing a U. S. business today, after passage of the Jobs and Growth Tax Relief Reconciliation Act of 2003, as a corporation versus a partnership under the following conditions.
How would the company's aftertax cash inflow be affected if (a)it donated the land or (b) it sold the land for $110,000? How would its net income be affected?
On January 1, 2010, Carla Industries issued 10% bonds dated January 1, 2010, which has a face amount of 25 million. The bonds mature in 2020. The market rate of interest 12%. The interest is paid on June 30 and December 31.
The partners share equally in partnership capital, income, gain, loss, deduction, and credit and capital is not a material income-producing factor.
A company reports sales revenue of $200 million the current year and $180 million last year. Their total assets in the current year are $150 million and last year's total assets were $130 million. What is the current year's asset turnover ratio?
During 2010 Williamson Company changed from FIFO to weighted-average inventory pricing.
Assess two major reasons that the Corporate Federal income tax has not been reformed to date, and elaborate on how likely it is to happen in the future. Provide support for your rationale.
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