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Molodets [167]
3 years ago
12

Harrison Forklift's pension expense includes a service cost of $27 million. Harrison began the year with a pension liability of

$47 million (underfunded pension plan).
1. Interest cost, $8; expected return on assets, $21; amortization of net loss, $6.
2. Interest cost, $23; expected return on assets, $17; amortization of net gain, $6.
3. Interest cost, $23; expected return on assets, $17; amortization of net loss, $6; amortization of prior service cost, $7 million.

Business
1 answer:
Gnoma [55]3 years ago
6 0

Answer:

Explanation: see attachment below

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The House Subcommittee on Oversight and Investigations made its recommendations after looking into failures at each of the follo
zubka84 [21]

Answer:

The correct answer is ENRON.

Explanation:

Going back to December 2, 2001, is going back to one of the biggest scandals in economic history. That day, the energy company Enron declared bankruptcy. First global energy distributor, invoiced 100,000 million dollars annually.

Jeffrey Skilling, the mind behind accounting, did his last master move badly. Before the bankruptcy they were seen coming, he resigned his position alleging family reasons and sold the shares he had in the company. Four months later came bankruptcy. Supposedly, he didn't know anything about the critical situation of the company. He did not strain.

In 2004 he was charged with about thirty charges, including operating with confidential information, by selling about 60 million dollars in Enron shares before bankruptcy, deceiving the auditor or conspiracy.

7 0
3 years ago
In your own words define the term accounting and its usage.
Drupady [299]

Answer:

<h3>Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position and cash flows. </h3><h3 />
3 0
3 years ago
Which of the following statement is not true about derivative contracts?
8090 [49]

Answer:

a. A long position is a bet that the number is going to fall while a short position is a bet that the number will rise in the future.

Explanation:

The derivative contract is a contract in which the contract is to be done between two or more parties regarding the value i.e. depend upon the financial asset i.e. underlying. It involves the bonds, commodities, etc

So according to the given options, the option a is correct as long position is a bet in which the number is to be decline while on the other hand in the short position the number would increase

4 0
3 years ago
The following facts apply to the pension plan of Culver Inc. for the year 2017. Plan assets, January 1, 2017 $495,100 Projected
tiny-mole [99]

Answer and Explanation:

The preparation of pension worksheet is shown below:-

                      General Journal entries

Particulars             Annual pension    Cash    Pension Assets/

                                   expenses                         Liabilities

Service cost             $43,700 Dr.

Interest cost              $39,608 Dr.

                              (495,100 × 8%)

Actual return             $52,100 Cr.

Contributions                                       $26,600 Cr.

Journal Entry 31 Dec  $31,208 Dr.      $26,600 Cr.   $4,608 Cr.

Balance 31 Dec 217                                                      $4,608 Cr.

                                       Memo record

                                 Projected benefit obligation        Plant assets

Balance Jan 1 2017     $495,100 Cr.                                 $495,100 Dr.

Service cost                 $43,700 Cr.

Interest cost              $39,608 Cr.

                              (495,100 × 8%)

Actual return                                                                    $52,100 Dr.

Contributions                                                                  $26,600 Dr.

Benefits                    $36,500 Dr.                                   $36,500 Cr.

Balance 31 Dec 217    $541,908 Cr.                                 $537,300 Dr.

4 0
3 years ago
According to the U.S. Department of Labor Statistics, _____ is the industry earning the highest average annual wage in 2009.
Alchen [17]

Answer:

B. federal government

4 0
3 years ago
Read 2 more answers
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