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Advocard [28]
3 years ago
15

Scallion Company received the following reports of its defined benefit pension plan for the current calendar year: PBO Plan asse

ts Balance, January 1 $ 460,000 Balance, January 1 $ 256,000 Service cost 193,000 Actual return 39,000 Interest cost 31,000 Annual contribution 111,000 Benefits paid (83,000 ) Benefits paid (83,000 ) Balance, December 31 $ 601,000 Balance, December 31 $ 323,000 The long-term expected rate of return on plan assets is 10%. Assuming no other data are relevant, what is the pension expense for the year?
Business
2 answers:
Vesnalui [34]3 years ago
7 0

Answer:

The pension expense for the year is 198,400

Explanation:

According to the reports received by the company we have the following relevant data to calculate the pension expense for the year:

Service cost of $ 193,000

Interest cost of $ 31,000

Considering that the long-term expected rate of return on plan assets is 10%, then $ 256,000×10%= 25,600

Pension expense for the year= Service cost of $ 193,000 +Interest cost of $ 31,000-25,600= 198,400.

Colt1911 [192]3 years ago
7 0

Answer:

$198,400

Explanation:

Explanation- Pension expense for the year =Service cost+ Interest cost- Expected return on plan assets

= $193000 + $31000- ($256000 x 10%)

= $224000 - $25600

= $198,400

The pension expense for the year is = $198,400

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The argument advanced by Milton Friedman for adopting a monetary growth rule is that A. the growth rate of M1 has been unstable.
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Answer:

C. active monetary policy potentially destabilizes the economy.

Explanation:

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2 years ago
Peter Ittig's department store, Ittig Brothers, is Amherst's largest independent clothier. The store receives an average of 8 re
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Answer:

C-chart is the best suited for this since it is widely used to determine if the defects or returns are within the control limits or not.

Mean = average = 8 per day

Z=3

UcL = mean + 3[square root of mean]= 8+ 3 (Sq root of 8) = 16.48

LcL= mean - 3[ square foot of mean] = - 0.485

So the returns are within the control limits.

6 0
3 years ago
What should the accumulated depreciation equal at the end of the asset's useful life?
Advocard [28]

What should the accumulated depreciation equal at the end of the asset's useful life The Balance In Accumulated Depreciation Will Be The Same Amount Under all the depreciation methods.

The depreciation of an asset up to one point in its life is referred to as accumulated depreciation. Since accumulated depreciation is a counter asset account, its natural equilibrium is a credit that lowers the asset's total value. General accepted accounting principles (GAAP) require that expenses be matched to the same accounting period in which the relevant revenue is generated. This is known as the matching principle. A business will depreciate a portion of a capital asset's value over the course of each year of its useful life. This implies that the expense related to using up an asset that has been capitalised is reported every year the asset is put to use and generates income.

Learn more about depreciation here

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8 0
1 year ago
Booker Corporation had the following comparative current assets and current liabilities: Dec. 31, 2019 Dec. 31, 2018 Current ass
Y_Kistochka [10]

Answer:

1. 1.5 Times

2.$100,000

3.0.775 Times

4.$75,000

5.$100,000

Explanation:

Liquidity ratios can be found by just simply putting the given values in their appropriate formulas. All you have to memorize is the simple formulas

1.Current Ratio  

CURRENT RATIO = CURRENT ASSETS/CURRENT LIABILITIES

CURRENT RATIO = $300,000/$200,000

CURRENT RATIO = 1.5 Times

2. Working Capital

WORKING CAPITAL= CURRENT ASSETS- CURRENT LIABILITIES

WORKING CAPITAL= $300,000 - $200,000

WORKING CAPITAL= $100,000

3. Acid ratio

ACID RATIO = CURRENT ASSETS - INVENTORY - PREPAID EXPENSES/CURRENT LIABILITIES

ACID RATIO = ($300,000 - $110,000 - $35,000)/$200,000

ACID RATIO = 0.775 Times

4. Receivable turnover

RECEIVABLE TURNOVER = CREDIT SALES/AVERAGE RECEIVABLE

RECEIVABLE TURNOVER = $750,000/$75,000

RECEIVABLE TURNOVER = 10 Times

<u>Working</u>

AVERAGE RECEIVABLE = (Opening receivables+Closing receivables)/2

AVERAGE RECEIVABLE = ($55,000 + $95,000) / 2 = $75,000

5. Inventory Turnover

INVENTORY TURNOVER = COST OF GOODS SOLD / AVERAGE INVENTORY

INVENTORY TURNOVER = $400,000 / $100,000

INVENTORY TURNOVER = 4 Times

<u>Working</u>

AVERAGE INVENTORY = (Opening inventories+Closing inventories)/2

AVERAGE INVENTORY = (110,000 + 90,000)/2

AVERAGE INVENTORY = $100,000

3 0
3 years ago
Most often used in the description of urban property, which of the following methods of land description contains information re
Nina [5.8K]

Answer: The correct answer is "B. subdivision plat lot and block number".

Explanation: The subdivision plat lot and block number method of land description contains information on a wide variety of easements and can sometimes even contain a list of restrictive agreements.

7 0
3 years ago
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