1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Tamiku [17]
2 years ago
7

Bonita Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $88,500

Contribution to the plan 107,100 Prior service cost amortization 10,600 Actual and expected return on plan assets 63,100 Benefits paid 40,800 Plan assets at January 1, 2020 648,000 Projected benefit obligation at January 1, 2020 688,100 Accumulated OCI (PSC) at January 1, 2020 148,600 Interest/discount (settlement) rate 11 %. Prepare the journal entry recording pension expense.
Business
1 answer:
Zarrin [17]2 years ago
4 0

Answer:

Journal Entry

Debit Pension Expense $111,691 Credit Bank $111,691

Explanation:

Computation of Pension expense

Service cost                             $88,500

Service cost amortization      $10,600

Return on Plan asset           - $63,100

Interest on liability                 $75,691

(688,100*11%)

Pension Expense                 $111,691

You might be interested in
Kenny you works with an IT company his company is about to launch new software in the market he has to ensure that his new softw
motikmotik

Answer

Hi,

Kenny is likely to have the job profile of a software developer

Explanation

A job profile defines the functions, accountabilities and requirements of a job position. In this case, Kenny is a software developer tasks with designing, installation, testing and maintenance of software systems. In this position, he has to ensure the software properly functions and meets the design standards that were agreed in the planning stages.

Good Luck!

7 0
2 years ago
In previous years, Cox Transport reacquired 4 million treasury shares at $22 per share and, later, 2 million treasury shares at
crimeas [40]

Answer:

$8 million

Explanation:

Weighted-average cost = [(4,000,000 × $22) + (2,000,000 × $25)] ÷ (4,000,000 + 2,000,000) = $23

Increase in paid-in capital - share repurchase per share = selling price —Weighted-average cost = $27 - $23 = $4

Amount of increase in paid-in capital—share repurchase = Number of treasury shares × $4 = 2 million × $4 = $8 million

Therefore, Cox’s paid-in capital - share repurchase will increase by $8 million.

3 0
3 years ago
Required information Use the following information for the Exercises below. Skip to question [The following information applies
Lyrx [107]

Answer:

Follows are the solution to this question:

Explanation:

In point A:

The estimated amount of uncollectible allowance =\$ \  635,000 \times 4 \% = \$ \ 2,540,000

In point B                                    Journal

Titles and descriptions of accounts         Debit          Credit         Calculation    

Expenditure on bad debts                \$ \ 2,526,700

Doubted debt allowance                          \$ \ 2,526,700 \  \   (\$ \ 2,540,000 - \$ \ 13,300)

(Bad Debts Expense recorded)  

In point C                                         Journal

Titles and descriptions of accounts         Debit          Credit         Calculation    

Expenditure on bad debts               \$ \ 2,553, 300

Doubted debt allowance                        \$ \ 2,553, 300     \ \ \ \ (\$ \ 2,540,000 + \$ \ 13,300)    

(Bad Debts Expense recorded)  

5 0
3 years ago
A simple purchase on the Internet will not require which function?
Alecsey [184]
A. Multiple password changes and verifications

You won’t need a password for most online stores. The rest of the answers are all required.
6 0
2 years ago
Imari brown is attending community college. she has 1000 of educational expenses. she claims herself on her tax return. she is t
wlad13 [49]
Imari Brown should choose $1,000 tax credit since it reduces her taxes by $1,000. Tax credit is a big help for her because it can also reduced her tax by $1000, it is a big saving to her since she still attending community college.
5 0
3 years ago
Other questions:
  • Question: Jane wants to open a brokerage account. What is one thing she should consider when trying to decide which type of acco
    14·1 answer
  • Jack receives a check from Kappa Company and indorses it "without recourse." This indorsement is:______.a. a blank indorsement.
    7·1 answer
  • Compensatory damages replace what was lost because of what the breaching party did and for this reason are often said to "make t
    7·1 answer
  • Rajiv is a person whose wants are satisfied by using goods and services. Rajiv is a _____.
    12·2 answers
  • Selected operating data for two divisions of Outback Brewing, Ltd., of Australia are given below: Division Queensland New South
    14·1 answer
  • Assume a nominal interest rate on one-year U.S. Treasury Bills of 2.60% and a real rate of interest of 1.00%. Using the Fisher E
    9·1 answer
  • DistaBricks manufactures custom brick and applies job-order costing. The following information relates to the fiscal year ending
    6·1 answer
  • Suppose Value Home and Garden Imports issued 400,000 shares of $0.10 par common stock at $4 per share. Which journal entry corre
    12·1 answer
  • What are hard skills?
    5·1 answer
  • Twitter provides a platform where businesses can create advertising campaigns
    8·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!