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Andrew [12]
3 years ago
5

Crane Corp., a company whose stock is publicly traded, provides a noncontributory defined-benefit pension plan for its employees

. The company's actuary has provided the following information for the year ended December 31, 2021: Projected benefit obligation $ 622000 Accumulated benefit obligation 449000 Fair value of plan assets 740000 Service cost 180000 Interest on projected benefit obligation 12000 Amortization of prior service cost 36000 Expected and actual return on plan assets 46500 The market-related asset value equals the fair value of plan assets. No contributions have been made for 2021 pension cost. In its December 31, 2021 balance sheet, Crane should report a pension asset / liability of
Business
1 answer:
stiv31 [10]3 years ago
7 0

Answer:

$118,000

Explanation:

Calculation to determine what Crane should report a pension asset / liability

Fair value of plan assets $740,000

Less Projected benefit obligation ($ 622,000)

Pension asset / liability $118,000

($740,000-$622,000)

Therefore Crane should report a pension asset / liability of $118,000

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the cost of land improvements are capitalized separately from land because land improvements tend to have a useful life.
lisabon 2012 [21]

Land improvements are capitalized separately from Land because land improvements have only a limited useful life.

Land is a special fixed asset which means that:

  • It is purchased for long term use
  • It is not depreciated because it lasts forever

Land improvements on the other hand, will not last forever. They will eventually wear out and need to be replaced. They are therefore capitalized separately from land so that they can be depreciated if need be.

In conclusion, land improvements are capitalized separately from land because they have a limited useful life.

<em>Find out more at brainly.com/question/14436052.</em>

4 0
3 years ago
The four underlying assumptions of generally accepted accounting principles are economic entity, monetary unit, periodicity, and
DerKrebs [107]

Answer:

1. Going concern

2. Economic entity

3. Monetary unit

4. Periodicitys

Explanation:

1. Since Jumbo's Restaurant is planning to close, the assumption of continuity (going concern) is no more applicable. This should be disclosed. Instead asset was still recorded at historical price which is misleading.

2. Gorloks Tax Services is an economic entity, and the property and assets of owners are not considered to be for the business. In this case the boat Sam bought was wrongly reported as an asset of the company.

3. Claim Jumpers when reporting the 5 trucks purchased must include a monetary value for them. The assumption of monetary unit states that all items reported on the balance sheet must be expressed in monetary terms.

4. Cobbler's Etc violated the assumption of periodicity which states the financial position of the business must be declared in a particular accounting period. Accounting period can monthly, quarterly, biannually, and yearly. The business should choose and accounting period and ensure financial position is reported for each of them. In this case financial reporting is not consistent with reporting happening after 14 months and before that 18 months.

6 0
3 years ago
The income statement of Sheridan Company for the month of July shows net income of $3,480 based on Service Revenue $7,890, Salar
ANEK [815]

Answer:

what do u want from me monq I told you bye so bye mean bye

8 0
3 years ago
the hire purchase price of a table And chairs is shilling 16800 with 25% paid as a deposit .the rest is spread over 12 equal mon
ZanzabumX [31]

Answer:

shillings . 4,200

Explanation:

The hire purchase price Shs. 16,800

The deposit is 25% of 16,800

= 25/100 x 16,800

=0.25 x 16,800

=Shs. 4,200

4 0
2 years ago
What must be shown to prove negligence that is not needed to prove strict
Readme [11.4K]

Answer:

A. Injury

Explanation:

Given that for strict liability, the defendant is only liable to accidents he or she causes, that is to prove strict liability, the plaintiff must show

cause and damages. Whereas on negligence, it is required of a plaintiff to show duty, breach, cause, and injuries.

Hence, what must be shown to prove negligence that is not needed to prove strict is "Injury" as it covers a lot of factors including both cause and damages of strict liability.

5 0
3 years ago
Read 2 more answers
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