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Lewis Industries adopted a defined benefit pension plan on January 1, 2013. By making the provisions of the plan retroactive to prior years, Lewis incurred a prior service cost of $4 million. The prior service cost was funded immediately by a $4 million cash payment to the fund trustee on January 2, 2013. However, the cost is to be amortized (expensed) over 10 years. The service cost-$210,000 for 2013-is fully funded at the end of each year. Both the actuary's discount rate and the expected rate of return on plan assets were 9%. The actual rate of return on plan assets was 11%. At December 31, the trustee paid $16,000 to an employee who retired during 2013.
Determine each of the following amounts as of December 31, 2013, the fiscal year-end for Lewis: (Enter your answers in whole dollars.)
Assume that Ortega closes underapplied or overapplied overhead into cost of goods sold. What is the final (i.e adjusted) balance in cost of goods sold?
Marshall Networks, Inc. has a total asset turnover of 2.5% and a net profit margin of 3.5%. The firm has a return on equity of 17.5%. Calculate Marshall's debt ratio.
Determine when the company should record a sale under Dobbs' FOB policy. o Examine the implications of Dobb's FOB policy.
Also, during the current year, the company earned net income of $12,000 and declared cash dividends of $5,000. Compute the year end retained earnings balance
a company reported sales of 100000 cost of goods sold of 60000 selling general and administrative expenses of 15000 and
what are the main ideas expressed in the consensus perspective pluralist perspective and conflict perspective of social
Preparing a Comprehensive Budget
For each of the following situations, indicate what type of audit report is most appropriate.
what is responsibility accounting? what is a cost center? how does a cost center differ from a profit
Williams Inc reports total net income of $130,000 during 2012. This includes $10,000 of income from 5.5% Orange County municipal bonds. Thus the Corporation's taxable income is equal to $120,000.
a) Calculate the employer's payroll taxes, using the following rates state unemployment, 4.3%: federal unemployment, 0.8% b) Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes.
Derivative accounting: What are the disclosure requirements for traditional and derivative financial instruments? Should companies disclose if such instruments are used for hedging or speculation? Why?
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