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Question:
The Bailey Company has had a defined pension plan for various years. At the end of 2013, Bailey's actuary provided the following information for 2013 regarding the pension plan: (1) service cost, $115,000; (2) expected return on plan assets, $14,000; (3) amortization of net loss, $2,000; (4) interest on projected benefit obligation, $16,000; (5) amortization of prior service costs, $4,000. Bailey decides to fund an amount at the end of 2013 equal to its pension expense.
1. Evaluate the amount of Bailey's pension expense for 2013 and prepare related journal entry.
2. If Bailey had decided to fund an amount less than the 2013 pension expense how could the company's balance sheet be affected?
on cost liability at the end of 2012. Verna contributed $128,000 to the pension plan at the end of 2013. Compute the amount Verna's pension expense for 2013 and prepare the related journal entries.
Lucy Treasures operates a chain of gift shops. The company pays liability insurance premiums of $2,500 per year for each shop. The managers of each shop are paid a salary of $3,000 per month and all other employees are paid on an hourly basis.
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Troy Department Stores offers employees discounts on merchandise carried in the store. Newly hired employees receive a 10% discount. The discount rate increases 1% each year until employees have 20 years of service.
Plan journal entries to record the preceding transactions on the assumption that the bonus method is used.
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The Prepaid Insurance account had a $4,000 balance on 31 st December, 2012. An analysis of insurance policies shows that $1,200 of unexpired insurance benefits remain at 31 st December, 2013.
Cultural Revolution highlights some of the challenges that China faces as it moves towards the adoption of International Accounting Standards. These challenges include, but are not restricted to, societal, cultural and accounting issues.
To compare the two resorts, convert gold rush net income to the accounting methods and the estimated useful lives used by Mountain hideway. Compare the two resorts' net incomes after you have revised gold rush's figures. Whish resort looked better..
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