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shepuryov [24]
2 years ago
14

Indigo Corporation had a projected benefit obligation of $3,386,000 and plan assets of $3,617,000 at January 1, 2020. Indigo als

o had a net actuarial loss of $528,020 in accumulated OCI at January 1, 2020. The average remaining service period of Indigo’s employees is 7.70 years.Compute Indigo’s minimum amortization of the actuarial loss.Minimum amortization of the actuarial loss
Business
1 answer:
Mars2501 [29]2 years ago
6 0

Answer:

Amortized to pension expense $21,600

Explanation:

Compututation of Indigo’s minimum amortization of the actuarial loss

Amortization

Projected benefit obligation($3,386,000)

Plan assets $3,617,000

Corridor percentage10%

Corridor amount $361,700

Accumulated loss $528,020

Excess loss subject to amortization $166,320

($361,700- $528,020)

Average remaining service 7.70

Amortized to pension expense $21,600

($166,320÷7.70)

Therefore the Minimum amortization of the actuarial loss will be $21,600

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At the beginning of the semester, the humanities instructor explains that there will be ten surprise quizzes over the semester,
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At the beginning of 2017, Miyazaki Company's Accounts Receivable balance was $105,000, and the balance in Allowance for Doubtful
madam [21]

Answer:

Miyazaki Company

a. Analysis of transactions:

Sales in 2017 = $787,500

Credit Sales = $630,000 (80% of $787,500)

Total collections on account = $502,500

Uncollectibles written off =   $3,000

Unpaid balance for the year = $229,500 ($105,000 + $124,500)

b. a) Bad Debt Expense = $18,900

   b) Bad Debt Expense = $14,820

c. Net Realizable Value of Accounts Receivable on December 31:

                                                             a)                      b)

Unpaid balance for the year       $229,500      $229,500

Allowance for doubtful accounts    (18,900)          (14,820)

Net Realizable Value =                $210,600        $214,680

d. The recognition of bad debts expense does not have any direct effect on the net realizable value.  It is the Allowance for doubtful accounts that has a negative effect on the net realizable value.

The write-off of accounts reduces the net realizable value by $3,000.

Explanation:

a) Data and Calculations:

Beginning balances:

Accounts receivable = $105,000

Allowance for Doubtful Accounts = $1,950

Sales in 2017 = $787,500

Credit Sales = $630,000 (80% of $787,500)

Total collections on account = $502,500

Uncollectibles written off =   $3,000

Unpaid balance for the year = $229,500 ($105,000 + $124,500)

Bad Debts Expense = $18,900 ($630,000 * 3%)

Allowance for Uncollectibles = $13,770 ($229,500 * 6%)

a) Allowance for Doubtful Accounts:

Account Titles               Debit        Credit

Beginning balance                        $1,950

Accounts receivable  $3,000

Bad Debts Expense                      18,900

Balance                       17,850

b) Allowance for Doubtful Accounts:

Account Titles               Debit        Credit

Beginning balance                        $1,950

Accounts receivable  $3,000

Bad Debts Expense                      14,820

Balance                       13,770

6 0
2 years ago
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