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A local firm sponsors a defined contribution pension plan for its full-time employees. Under the plan, the firm is obligated to contribute an amount that matches the employee’s contribution up to a maximum of 5% of gross salary. The firm has no responsibility to contribute more than the employee’s contribution. Employee contributions for the current year totaled $27 million. None exceeded the 5% max. The firm paid $32 million into the fund during the current year. This amount included $7 million to cover the shortfall at the end of the previous year. The firm often is a few months behind in its funding. What amount of pension expense is recognized for the current year (in millions)?
Consider the following three bond quotes: a Treasury bond quoted at 104:28, a corporate bond quoted at 96.35, and a municipal bond quoted at 100.75. If the Treasury and corporate bonds have a par value of $1,000 and the municipal bond has a par value..
Prepare the net cash flows from operating activities using the indirect method. What are the causes of the major differences between net income and net cash flow from operating activities?
Managment has determined that each widget has a standard materails cost of 3.50 when 2.5 ounces of raw materailsat a cost of 1.40 per ounce are used.
What characteristics must the convertible bonds display in order to justify the accounting treatment followed on initial recognition and how was the portion of the bonds assigned to debt on initial recognition valued?
Aerotron Electronics has just bought a used delivery truck for $15,000. The small business paid $1,000 down and financed the rest, with the agreement to pay nothing for the entire first year and then to pay $586.83 at the end of each month over years..
On January 2, 2012, Nash Corporation issued $1,550,000 of 10% bonds at 98 due December 31, 2021. Interest on the bonds is payable annually each December 31. The discount on the bonds is also being amortized on a straight-line basis over the 10 years...
It is seldom that the original bid estimate to perform a particular construction activity is the same as the actual cost to do the work. The estimate will always be higher or lower because of any number of unforeseeable factors that will cause the..
shareholders equity section from the image file details.avon products inc. the cosmetics company had the following
for each of the following errors describe to a recently hired bookkeeper how it would be shown on a cash
John has a 20% stake in the Partnership and receives no distributions from the partnership during the year. He has a $55,000 basis in her partnership interest at the end of the year after all income/loss items have been passed through to her. W..
What is the distinction between equivalent units under the FIFO method and equivalent units under the weighted-average method?
EK-CUSSA's fiscal year runs from January 1 through December 31. With the information above, you are required to construct EK-CUSSA's Income statement using the single-step method.
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