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
Whitepunk [10]
2 years ago
13

Harvey Hotels has provided a defined benefit pension plan for its employees for several years. At the end of the most recent yea

r, the following information was available with regard to the plan: service cost: $6.2 million, expected return on plan assets: $1.2 million, actual return on plan assets: $1 million, interest cost: $1.4 million, payments to retired employees: $2 million, and amortization of prior service cost (created when the pension plan was amended causing a drop in the projected benefit obligation): $1.1 million. What amount should Harvey Hotels report as pension expense in its income statement for the year?
Business
1 answer:
svp [43]2 years ago
8 0

Answer:

Answer ; Pension Expenses : $7.5million

Explanation:

Calculation of amount that Harvey Hotels report as pension expense in its income statement for the year -

Particulars                                                       Explanation      Amount

Service cost                                            Given in the question     $6.2 million

Add: Interest cost                                    Given in the question     $1.4 million

Less: Expected return on plan assets    Given in the question     $1.2 million

Add: Amortization of prior service cost  Given in the question     $1.1 million

Pension Expense                              ($6.2+$1.4-$1.2+$1.1)million     $7.5 million

Hence, option - (B) is Correct.

You might be interested in
Prist Co. had not provided a warranty on its products, but competitive pressures forced management to add this feature at the be
Naddika [18.5K]

Answer:

Event 1:

Debit Warranty expense for $8.416.

Credit Warranty liability $8,416.

Event 2:

Debit Warranty liability for $8,416.

Debit Warranty expenses for $11,484.

Credit Cash for $19,900.

Explanation:

Estimated warranty liability = $4,208,000 * 0.2% = $8,416.

Excess of actual and over extimated warranty liability = $19,900 - $8,416 = $11,484

The journal entries will look as follows:

<u>Details                                         Dr ($)                  Cr ($) </u>

Warranty expense                      8.416

Warranty liability                                                   8,416

<em><u>(To record the estimated warranty liability).                      </u></em>

Warranty liability                         8,416

Warranty expenses                   11,484

Cash                                                                   19,900

<em><u>(To record actual warranty cost).                                        </u></em>

8 0
3 years ago
then impact of risky behaviour on one's well-being by referring to social,emotional,physical and spiritual ​
maria [59]
Spiritually, risky behavior can truly take a toll. If you are religious, your actions won’t be in line with your beliefs (most likely). There is a trickle down effect from there. Lots of times, risky behavior makes a person feel paranoid because a person is doing things s/he feels is wrong. All of that takes a toll on a person physically. When you compromise yourself, you will tend to be on an emotional roller coaster. Not a great way to live
6 0
2 years ago
Fred and Torrie Jones are a retired couple looking for income. They are currently rebalancing their portfolio of stocks to inclu
sergey [27]

Answer: E

Dividend yield

Explanation:

Dividend yield is a company's total annual dividend payments divided by its number of shares. Since Fred and Torrie are more interested in how much dividends their investment will yield, one metric that will prove useful is the dividend yield per share. Contribution margin and current ratio are about how well the company is being run and does not directly reflect divided. Dividend payout ratio has no relationship between invested funds and dividend, it only compares dividend against reported profit.

4 0
3 years ago
Read 2 more answers
By examining the spreadsheet below, what part of the financial plan might be missing? A 2-column spreadsheet showing Cash Inflow
gogolik [260]

The correct statement is that in the <u>spreadsheet </u>below, a <u>financial plan</u> for<u> </u><u>protecting assets </u>is missing. So, the correct option is C.

A financial plan for protection of assets seems to be missing, as there is no payment of premium of insurances in cash outflow columns.

<h3>Financial Plan </h3>

A financial plan refers to as the estimation and strategy making of the cash flows that an individual or an organization is to manage.

In the example above, it can be seen that there are a lot of cash outflows, but not a single dollar is spent on protecting the assets by way of payment of insurance premium.

So, a financial plan for protecting assets is advised to be created, as the individual will require protection against any unwanted and unprecedented losses or damages.

Hence, the correct option is C that in the spreadsheet below, a financial plan for protecting assets is missing as there is no payment towards insurance premiums in the cash outflows.

Learn more about Financial Plan here:

brainly.com/question/1323646

3 0
2 years ago
Read 2 more answers
Which is not an example of transfer income.
Viktor [21]

Answer:

A - dividen

Explanation:

A is the answet

4 0
2 years ago
Other questions:
  • Simko Company issued $750,000, 8-year, 6 percent bonds on January 1, 2018. The bonds were issued for $710,000. Interest is payab
    13·1 answer
  • According to "The US Economy: Private and Public Sectors", goods provided by government that fit the definition of a public good
    5·1 answer
  • Which of the following assertions is true?
    15·1 answer
  • A firm's marginal cost curve Group of answer choices always has a positive slope. always intersects its average cost curve at it
    5·1 answer
  • Ace Deliveries, a courier service provider, built a strong reputation over a short period of six months. Inundated with customer
    11·1 answer
  • Treasury bonds paying an 8% coupon rate with semiannual payments currently sell at par value. What coupon rate would they have t
    5·1 answer
  • According to the growth accounting studies, if you lived in a country where illiteracy was high and 40% of the children left sch
    5·1 answer
  • Please help this is for economics
    11·1 answer
  • What management function is to ensure that all factors of production are available to departments
    13·1 answer
  • Which investment is best for someone who is likely to need cash soon? mutual fund CD 401(k) savings account
    11·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!