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Jenny's Hula Hoop Service rents classroom motivational tools to professors at major universities. Jenny's began 2007 with a projected benefit obligation of $2,400,000 and plan assets of $2,400,000. They had no unrecognized prior service cost, no unrecognized gains or losses, and no balance sheet accruals relating to pension assets or liabilties. The company uses a discount rate of 10% in determining the PBO and has an expected rate of return on plan assets of 8%. The actuary has indicated that the service cost for 2007 will be $350,000. The company contributed $450,000 to its pension fund on the last day of the year. During the year, the pension fund earned $192,000 and paid out benefits of $430,000. Given these facts, determine (a) Interest cost, (b) expected return on plan assets, (c) pension expense, (d) ending PBO, (e) ending plan assets, and (f) pension asset/ liability.
How would your answers to the above questions differ if Jenny's had an actual return on plan assets of $206,000?
The Word for the study of Values in Philosophy is "Axiology," which has the same root as "Axiom" in mathematics. In Axiology, however, values are studied as to what motivates, inspires, of is responsible for human decision making.
Compute the balance in the Accumulated Depreciation account at the end of 2013 using the straight-line method.
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Dean signed an agreement to sell the plant for $350,000 January 1 year 10 and Lease it back for $15,000 per year, deans incremental borrowing rate is 6%. Present value factors for annuity
How realistic do you feel the criteria are for determining whether a lease is "capital" or "operating"? Can't a lease just be negotiated at 79% of the economic life, or 89% of the present value of payments? Has FASB taken any action to address thi..
In 2007, Peggy, a widow, places $3 million in trust, life estate to her children, reminder to her grandchildren, but retains the right to revoke the trust. In 2010, when the trust is worth $3.1 million, Peggy rescinds her right to revoke the trust..
December 31. The excess fair value of the investment over the underlying book value of the acquired net assets is allocated to inventory (60%) and to goodwill (40 %). On a consolidated balance sheet as of January 2, what would be the amount for ea..
Caroline and Clint are married, have no dependents, and file a joint return in 2005. Use the following selected data to calculate their Federal income tax liability. What is the AMTI? What is the regular income tax liability? What are the AMT tax ..
By preparing a four-column bank reconciliation ("proof of cash") at year-end, an auditor will generally not be able to detect:
Construction costs incurred during the first year were $6 million and estimated costs to complete at the end of the year were $9 million
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