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
Darya [45]
3 years ago
8

Riverrun Co. provides medical care and insurance benefits to its retirees. In the current year, Riverrun agrees to pay $45,500 f

or medical insurance and contribute an additional $10,000 to a retirement program.
1. Record the entry for these accrued (but unpaid) benefits on December 31.
2. Assuming $5,500 of the retirement benefits are not to be paid for five years, how should this amount be reported on the current balance sheet?
Business
1 answer:
lbvjy [14]3 years ago
3 0

Answer:

The Solution is given below in the

Explanation:

Requirement 1: Solution

Entries                                                    Debit         Credit

Employee Benefits Expense             $55,500

Medical insurance payable                                     $45,500

Retirement program                                                 $10,000

Requirement 2: Solution

As the retirement program money is paid after 5 years it should be classified as a non-current liability as per the International accounting standard(Presentation of financial statements).

You might be interested in
Financial functions format calculated values as currency, with _______. Question 3 options: a) positive cash flow appearing in r
Vlada [557]

Answer:

d) negative cash flow appearing in red font.

Explanation:

Colour coding is a type of excel formatting for financial modelling.

Color coding allows anyone to immediately pick up your model and know what can be changed (assumptions) and what should not be altered (formulas).

Example:

negative cash flow (Cash outflow) of the company appears in red font while positive cash flow (Cash inflow) of the company appears in green font.

3 0
3 years ago
Name the currency that is used by 19 member states and 330 million people, though some politicians and economists are calling fo
xeze [42]
The answer to the question mentioned above is "the Euro".

Euro is the name of the currency that is used and by 19 members states and 330 million people, though some politicians and economist are calling for its retirement. This is the official currency of the Eurozone.
8 0
3 years ago
Below are the account balances for Cowboy Law Firm at the end of December.
drek231 [11]

Answer:

<u>Cowboy Law Firm</u>

<u>Income statement for the year ended December.</u>

                                            $

Service revenue              8,900

Less Expenses :

Salaries expense           (2,000)

Utilities expense              (1,100)

Net Income / (Loss)         5,800

Explanation:

Income statements shows Revenues earned and Expenses incurred at the end of the trading period.

6 0
3 years ago
Answered - expert verified
ohaa [14]

expert ithegrhrhrrhhehrhhrhrgegrgrhrhbbenehehhe

8 0
3 years ago
Read 2 more answers
The inventory of Cullumber Company was destroyed by fire on March 1. From an examination of the accounting records, the followin
maria [59]

Answer:

a. Merchandise lost by fire value  = $20,760

b. Merchandise lost by fire value  = $25,770

Explanation:

Net sales = $51,000 - $1,100

= $49,900

Net purchase cost = $31,000 + 1,200 - $1,500

= $30,700

a. Gross profit = $49,900 × 40%

= $19,960

Cost of goods sold = $49,900 - $19,960

= $29,940

Cost of goods sold = beginning inventory + Purchases - ending inventory

= $29,940 = $20,000 + $30,700 -  ending inventory

Ending inventory = $20,760

Merchandise lost by fire value  = $20,760

b. Gross profit = $49,900 × 30%

= $14,970

Cost of goods sold = $49,900 - $14,970

= $34,930

Cost of goods sold = beginning inventory + Purchases - ending inventory

= $34,930 = $30,000 + $30,700 - ending inventory

ending inventory = $25,770

Merchandise lost by fire value  = $25,770

5 0
3 years ago
Other questions:
  • Job dissatisfaction is more likely to translate into​ ________ when employees feel or perceive they have many available alternat
    9·1 answer
  • Producers sell goods or services for a profit. True False
    13·2 answers
  • In which case do investors buy stock in expectation of higher profits
    12·2 answers
  • Kiara filled out a life insurance application and was given a policy illustration that showed future premiums being paid out of
    12·1 answer
  • The following information describes a company's usage of direct labor in a recent period. The direct labor efficiency variance i
    11·1 answer
  • Suppose Barry is maximizing his utility from consuming used paperback novels and audio books. The price of a used novel​ = $4 an
    11·1 answer
  • 2. Discuss how the factors that affect the promotional mix affect how Pepe’s promotes its various locations: Nature of the produ
    12·1 answer
  • Indifference curves close to the origin are ________ those farther from the origin because of ________. Group of answer choices
    6·1 answer
  • One item is omitted in each of the following summaries of balance sheet and income statement data for the following four differe
    12·1 answer
  • The following table shows the assets and liabilities of the Chang family in 2007 and 2008.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!