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2 years ago

3. Why accrue an expense?

1 answer:

8 0

Because accrued expenses represent a company's obligation to make future cash payments, they are shown on a company's balance sheet as current liabilities.

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(Pension Expense, Journal Entries, Amortization of Loss) Gottschalk Company sponsors a defined benefit plan for its 100 employee

Alika [10]

Answer: See attachment and explanation.

Explanation:

a. Determine the components of pension expense that the company would recognize in 2017.

Service cost = $52,000

Add: Interest on projected benefit obligation = $380,000 × 10% = $38,000

Less: Actual return on plan asset = ($11000)

Less: Unexpected loss = 200,000 × 10% - 11,000 = ($9000)

Ammortization of prior service cost = $15000

Pension expense = $85,000

b. The journal entry to record the pension expense and the company’s funding of the pension plan in 2017 has been attached.

c. The amount of the 2017 increase/decrease in gains or losses and the amount to be amortized in 2017 and 2018 has been attached.

d. The pension amounts reported in the financial statement as of December 31, 2017 will be $85,000.

7 0

3 years ago

Jordan has the following assets and liabilities: Two cars $10,000 House $200,000 Mortgage $100,000 Cash $1,000 Car loans $3,000

kirill [66]

Answer: B. increase to $209,000;increase to $209,000

Explanation:

If he uses that money to pay off his mortgage, his wealth would increase to $209,000 if he puts that money in his checking account, his wealth would increase to $209,000.

A person's wealth is calculated by deducting their liabilities from assets. In this case Jordan's wealth is;

= 10,000 + 200,000 + 1,000 + 2,000 - 100,000 - 3,000 - 1,000

= $109,000

If he pays off the Mortgage his debt will reduce by $100,000 which will increase his wealth to $209,000.

If he puts the money in his checking account, his assets will increase by $100,000 which will bring his wealth to $209,000 as well.

7 0

3 years ago

which of the following is a benefit of a college education? A. You collect social security benefits at an earlier age than a hig

slega [8]

Answer:

The correct option is;

B. You have an increased chance of financial stability

Explanation:

The advantages of going to college includes;

1) College graduates make more salary on average

2) Holding a college degree improves career stability

3) Improved job satisfaction

4) Improved financial know how on savings and investment

5) Stable marital life

6) College graduate are able to be better citizens, by their willingness and ability to contribute meaningfully whenever a volunteer requirement

5 0

3 years ago

Identify the steps to conducting a simulation in the correct order. (1 point) state the problem or question, state the assumptio

NeTakaya

Simulation is an imitation of a situation or a chance behavior that accurately reflects the situation under consideration.

Steps in conducting a simulation in the correct order (first choice)

• State the problem or question

• State the assumptions,

• Assign digits to represent outcomes,
• Simulate many repetitions
• State your conclusions

6 0

3 years ago

True or false: (a) maxwell's equations apply only to fields that are constant over time.

ehidna [41]

False,
Hope this helps

3 0

3 years ago