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On January 1, 2011, Diana Peter Company has the following defined benefit pension plan balances. Projected benefit obligation $5,000,000 Fair value of plan assets $5,000,000 The interest (settlement) rate application to the plan is 10%. On January 1, 2012, the company amends its pension agreement so that prior service costs of $500,000 are created. Other data related to the pension plan are as follows. 2011 2012 Service Costs $200,000 $180,000 Unrecognized prior service costs amortization -0- $90,000 Contributions (funding) to the plan $120,000 $185,000 Benefits paid $180,000 $280,000 Actual return on plan assets $350,000 $260,000 Expected rate of return on assets 7% 6% Instructions: (a) Prepare a pension worksheet for the pension plan for 2011 and 2012. (b) For 2012, prepare the journal entry to record pension-related amounts. (c) Variation: Assume the 12/31/12 balance of the unrecognized gain/loss account is 800,000 CR, how much amortization is needed, if any, during 2013? What would the entry on the 2013 sheet be? Assume an average remaining service life of 12 years.
Which of the following best describes the auditors' typical observation of plant and equipment?
If the high-low method is used, what is the monthly total cost equation?
(a) Compute the actual cost per foot for materials for March. (b) Compute the materials price variance and a total variance for materials.
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Roxanne is an aerobics (Jumping Jacks) instructor. She submitted a list of her business expenses to you. The list includes: DVD player $500; CD Music $500; Leotards and Tights $500; Towels $500; Mats $500. Which expenses would you allow?
What is the EPS for the company if it has a P/E ratio of 20? What is the book value of the company if the price-to-book ratio is 1.5 and it has 100,000 shares of stock outstanding?
What are some of the arguments in favor of using the indirect (reconciliation) method as opposed to the direct method for reporting a statement of cash flows?
Company has net sales on account of $1,500,000. Net accounts receivable at the beginning ofthe year are $600,000 and net accounts receivable at the end of theyear are $650,000. The average number of days that accounts receivable were on the books ..
What are some advantage of issuing common stock as opposed to bonds? What are some disadvantages?
What are some of the differences between depreciation methods allowed by the IRS and others permitted by GAAP? Why does the IRS have accelerated method of cost recovery for tax payers? Explain
Quartz Co. sells home furniture had the following account balances: Required: Prepare income statement in a multiple step format.
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