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
marishachu [46]
2 years ago
7

Pension data for David Emerson Enterprises include the following:_______.

Business
1 answer:
MrMuchimi2 years ago
8 0

Answer:

$151 million

Explanation:

Calculation to determine the service cost component of pension expense for the year ended December 31.

Projected benefit obligation, December 31 $485 million

Add Benefit payments to retirees, December 31 $58 million

Less Interest cost ($42 million)

(350*12%)

Less Projected benefit obligation, January 1 ($350 million)

Service cost $151 million

Therefore the service cost component of pension expense for the year ended December 31 will be $151 million

You might be interested in
At the beginning of the current period, Griffey Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubt
Wewaii [24]

Answer:

  • (a) Prepare the entries to record sales and collections during the period.

Dr Accounts Receivable  $ 800,000  

Cr Sales  $ 800,000

Dr Cash   $ 763,000  

Cr Accounts Receivable   $ 763,000

  • (b) Prepare the entry to record the write-off of uncollectible accounts during the period

Dr Allowance for Uncollectible Accounts $ 7,300  

Cr Accounts Receivable   $ 7,300

  • (c) Prepare the entries to record the recovery of the uncollectible account during the period.

Dr Accounts Receivable  $ 3,100  

Cr Allowance for Uncollectible Accounts  $ 3,100

Dr Cash $ 3,100  

Cr Accounts Receivable   $ 3,100

  • (d) Prepare the entry to record bad debt expense for the period.

Dr Bad Debt Expense $ 20,200  

Cr Allowance for Uncollectible Accounts  $ 20,200

Explanation:

  • Initial Balance  

Dr Accounts Receivable   $ 200.000

Cr Allowance for Uncollectible Accounts  $ 9.000

  • During the period, it had net credit sales of $800,000  

Dr Accounts Receivable  $ 800.000  

Cr Sales  $ 800.000

  • Collections of $763,000  

Dr Cash $ 763.000  

Cr Accounts Receivable   $ 763.000

  • It wrote off as uncollectible accounts  

Dr Allowance for Uncollectible Accounts $ 7.300  

Cr Accounts Receivable   $ 7.300

  • A $3,100 account previously written off as uncollectible was recovered  

Dr Accounts Receivable  $ 3.100  

Cr Allowance for Uncollectible Accounts  $ 3.100

Dr Cash $ 3.100  

Cr Accounts Receivable   $ 3.100

  • Assuming 5% of accounts receivable, the journal entry:  

Dr Bad Debt Expense $ 20.200  

Cr Allowance for Uncollectible Accounts  $ 20.200

  • FINAL Balance  

Dr Accounts Receivable  $ 229.700  

Cr Allowance for Uncollectible Accounts  $ 25.000

Bad accounts are those credits granted by the company and there is no possibility of being charged.

When customers buy products on credits but the company cannot collect the debt, then it's necessar to cancel the unpaid invoice as uncollectible.

One way is to directly cancel bad debts at the time it was decided that the credit is bad, the total amount reported as bad debt expenses negatively affect the income statement and the accounts receivable are reduced by the same amount, less assets

The other way is to determine a percentage of the total amount of accounts receivable as bad debts, there are many ways to analyze accounts receivable and calculate the value of bad debts.

When the company has the percentage of uncollectible accounts, the required journal entry is Bad Expenses (debit) with Reserve for Bad Accounts (credit)

At the time of cancellation, since the expenses were recognized before, we only use the Allowance for Uncollectible Accounts (Debit)  with accounts receivable (credit), with this we are recognizing the bad credit of the company.

8 0
3 years ago
Being a meetings and events planner was named the _____ most stressful job in 2012? fifth sixteenth seventh sixth
Irina-Kira [14]
According to a 2012 Forbes article, CareerCast released a list of the most stressful jobs. "Event coordinator" was listed as the 6th most stressful job.

The answer is sixth. 
7 0
3 years ago
Which of the following statements about annuities are true?
viktelen [127]

Answer:

A)The first cash flow of an annuity due is made on the first day of the agreement.

D)The last cash flow of an ordinary annuity is made on the last day covered by the agreement.

Explanation:

An annuity can be regarded as a series of payments which is made at an stable intervals. It can be classified based on the payment frequency. These could be monthly home mortgage payments,

It should be noted that in annuities,

✓The first cash flow of an annuity due is made on the first day of the agreement.

✓The last cash flow of an ordinary annuity is made on the last day covered by the agreement.

6 0
2 years ago
On January 1, 2021, Consolidated Company purchased 100% of the common stock Avergy Industries for $720,000. On that date, Avergy
Dahasolnce [82]

Answer:

b. $ 50,000

Explanation:

Investment cost                    

720000

Book value of net asset

100000

420000

--------------

520000

Excess

200000

Allocated as follows

Land and equipment                              50000

overvaluation of bonds payable            40000

Undervaluation of inventory                    60000

Total                                                          150000

Un allocated amount    

Goodwill                                                    50000

Total                                                        200000

4 0
3 years ago
On January 2013, Pennington Bancorp acquired $100,000 of marketable securities and classified them as Available for Sale. On Mar
saveliy_v [14]

Answer:

b. Net Income

e. Cash from Investing Activities

Explanation:

Calculation to determine Which of the following items would be increased by the sale of the marketable securities

Using this formula

Gain from investment = Selling price of the security - Value of the security

Let plug in the formula

Gain from investment= $93,000 - $85,000

Gain from investment= $8,000

Based on the above calculation The sell of marketable security will INCREASE CASH which means that CASH FROM INVESTING ACTIVITIES will increase and NET INCOME will increase.

Therefore the items that would be increased by the sale of the marketable securities are :

b. Net Income

e. Cash from Investing Activities

4 0
2 years ago
Other questions:
  • Goodman Corporation has sales volumes of 3,000 units at $80 per unit. Variable costs are 35% of the sales price. If total fixed
    10·1 answer
  • Bradley, an executive chef in a large hotel, recently attended a training conference sponsored by several top professionals in h
    6·1 answer
  • When a times-interest-earned ratio is 8.5, this means that the firm:?
    10·1 answer
  • The balance sheet of Hidden Valley Farms reports total assets of $450,000 and $550,000 at the beginning and end of the year, res
    11·1 answer
  • Duke is a particularly highly skilled negotiator. the law firm that hires duke is able to collect twice as much revenue per hour
    8·1 answer
  • Cory issued a note to his creditor in exchange for an account. Cory records the transaction by debiting
    11·2 answers
  • Can this setup be used to electroplate a layer of silver on a pair of wooden chopsticks??​
    7·1 answer
  • Jonah and Elias are participants in a research study. One task involves reading an ambiguous story, which participants can inter
    13·1 answer
  • Name the market structure in which agriculture farming operate​
    6·1 answer
  • Conduct a basic SWOT analysis of an organization or a department you belong to using this SWOT Analysis Worksheet. Once complete
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!