(Pension Expense, Journal Entries, Statement Presentation) Henning Company sponsors a de- fined

(Pension Expense, Journal Entries, Statement Presentation) Henning Company sponsors a de- fined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2014 in which no benefits were paid.

1. The actuarial present value of future benefits earned by employees for services rendered in 2014 amounted to $56,000.

2. The company’s funding policy requires a contribution to the pension trustee amounting to $145,000 for 2014.

3. As of January 1, 2014, the company had a projected benefit obligation of $900,000, an accumulated benefit obligation of $800,000, and a debit balance of $400,000 in accumulated OCI (PSC). The fair value of pension plan assets amounted to $600,000 at the beginning of the year. The actual and ex- pected return on plan assets was $54,000. The settlement rate was 9%. No gains or losses occurred in 2014 and no benefits were paid.

4. Amortization of prior service cost was $50,000 in 2014. Amortization of net gain or loss was not required in 2014.

Instructions

(a) Determine the amounts of the components of pension expense that should be recognized by the company in 2014.

(b) Prepare the journal entry or entries to record pension expense and the employer ’s contribution to the pension trustee in 2014.

(c) Indicate the amounts that would be reported on the income statement and the balance sheet for the year 2014.

 

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An accountant is trying to determine whether the school system of the City of Abraham is fiscally… 1 answer below »

An accountant is trying to determine whether the school system of the City of Abraham is fiscally independent. Which of the following is not a requirement for being deemed fiscally independent?

a. Holding property in its own name.

b. Issuing bonded debt without outside approval.

c. Passing its own budget without outside approval.

d. Setting taxes or rates without outside approval.

 

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H I K L M N O Q R S T U V W A B C F G 8 Instructions 9 Answers are entered in the cells with gray ba

H I K L M N O Q R S T U V W A B C F G 8 Instructions 9 Answers are entered in the cells with gray backgrounds. 10 Cells with non-gray backgrounds are protected and cannot be edited. 11 An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded 12 Enter a zero in cells you would otherwise leave blank 14 August Mercury Shoes Inc. Cash Budget For the Three Months Ending August 31 June Estimated cash receipts from: Cash sales Collections from accounts receivable Total cash receipts Estimated cash payments for: Manufacturing costs Selling and administrative expenses Capital expenditures Other purposes: Income tax Dividends Total cash payments Cash increase (decrease) Cash balance at beginning of month Cash balance at end of month Minimum cash balance Excess (deficiency) Supporting calculations: Collections of accounts receivable: Sales on Account July August April sales May sales: Collected in June Pr. 217)-4B + Caps Lock Ready C – + A F G H I J K L M N O Q R S T U V W B C D Cash balance at end of month Minimum cash balance Excess (deficiency) Supporting calculations: Collections of accounts receivable: Sales on Account Percentage June July August April sales May sales: Collected in June Collected in July June sales: Collected in July Collected in August July sales Payments for manufacturing costs: Costs on Account Percentage Payments Paid in June: Incurred in May Incurred in June Total Paid in July Incurred in June Incurred in July Total Paid in August: Incurred in July Incurred in August Total Pr. 217)-48 + Chapter 21: Budgeting Chapter Contents DE AAA ? PR 21-4B Cash budget Obj. 5 The controller of Mercury Shoes Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: SHOW ME HOW EXCEL TEMPLATE August + Sales …… Manufacturing costs………. Selling and administrative expenses Capital expenditures … June $160,000 66,000 40,000 July $185,000 82,000 46,000 $200,000 105,000 51,000 120,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 60% are expected to be collected in the month following the sale and the remainder the following month (second month after sale). Depreciation, insurance, and property tax expense represent $12,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in February, and the annual property taxes are paid in November. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. Current assets as of June 1 include cash of $42,000, marketable securities of $25,000, and Chapter 21: Budgeting Chapter Contents BE A AA ? 60% are expected to be collected in the month following the sale and the remainder the following month (second month after sale). Depreciation, insurance, and property tax expense represent $12,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in February, and the annual property taxes are paid in November. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. Current assets as of June 1 include cash of $42,000, marketable securities of $25,000, and accounts receivable of $198,000 ($150,000 from May sales and $48,000 from April sales). Sales on account in April and May were $120,000 and $150,000, respectively. Current liabilities as of June 1 include $13,000 of accounts payable incurred in May for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of $24,000 will be made in July. Mercury Shoes' regular quarterly dividend of $15,000 is expected to be declared in July and paid in August. Management desires to maintain a minimum cash balance of $40,000. Instructions 1. Prepare a monthly cash budget and supporting schedules for June, July, and August. Answer + Check Figure: August deficiency, $9,000 2. On the basis of the cash budget prepared in part (1), what recommendation should be made to the controller?

 

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Which of the following statements is NOT true:

Which of the following statements is NOT true:

a. A preliminary investigation of a current system is conducted by the steering committee

b. Implementation, follow-up, and maintenance of IT includes acquiring resources for the new system

c. In designing an AIS, the design team will begin with outputs

d. The more work done during planning and analysis, the less likely the new system will fail

 

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(Journal entries for a not-for-profit museum) Londonderry Fine Arts Center (LFAC) is a museum…

(Journal entries for a not-for-profit museum) Londonderry Fine Arts Center (LFAC) is a museum dedicated to collecting and displaying works of Vermont artists. It acquires works of art primarily from direct donations and from income provided by permanent endowments. It does not, however, capitalize its art collection and does not recognize revenue when art works are contributed to the collection. LFAC protects and cares for its art works and has a policy of using the proceeds from the sale of collection items solely to acquire new works of art. LFAC charges all expenses to four programs: curatorial and exhibition, art acquisition, education and public service, and administration. Make journal entries to record the following transactions and events.

1. Donor A contributed several works by N. Rockwell, which had an estimated fair value of $30,000 and were accepted by LFAC for its permanent collection.

2. Donor B contributed a painting not done by a Vermont artist. The donor agreed that LFAC would hold it for sale (it had an estimated fair value of $2,000) and use the proceeds to enhance its art collection.

3. LFAC sold the non-Vermont artist painting, referred to in the previous transaction, for $2,100. It used the proceeds, together with $1,900 of its unrestricted resources, to acquire several serigraphs by H. Shokler.

4. One of LFAC’s permanent endowments provided investment income of $6,000. When she made the gift to LFAC, the donor had stipulated that all investment income be used solely for a special program to train local residents in the art of print making.

5. LFAC spent $6,000 on the training program described in transaction 4.

6. Local residents donated 1,000 hours of time collecting museum admissions fees; LFAC estimated these services had a value of $10,000. Also, a retired skilled craftsman donated 80 hours cleaning and preserving works of art recently acquired by the museum; LFAC estimated these services had a value of $4,000.

7. Admissions fees to the museum totaled $30,000.

8. As a result of a weakened stock market, the fair value of the permanent endowments held by the museum declined by $60,000. 9. LFAC paid curatorial and exhibition expenses of $80,000.

 

 

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gnment/takeAssignmentMain.do?invokers assignments&takeAssignmentSessionLocatoreassignment 1…

gnment/takeAssignmentMain.do?invokers assignments&takeAssignmentSessionLocatoreassignment 1 Online te.. Search… C eBook Show Me How Calculator Print Item Entries and balance sheet for partnership Instructions Chart of Accounts Journal Labels and Amount Descriptions Balance Sheet Instructions On March 1, 20Y8, Eric Keene and Renee Wallace form a partnership. Keene agrees to invest $20,890 in cash and merchandise inventory valued at $56,320 Wallace invests certain business assets at valuations agreed upon, transters business liabilities, and contributes sufficient cash to bring her total capital to $59,510 Details regarding the book values of the business assets and iabilities, and the agreed valuations, follow Wallace's Ledger Agreed-Upon Balance Valuation $18,230 Accounts Receivable $19,150 1,500 1,140 Allowance for Doubtful Accounts 55,190 83,410 Equipment 29,490 Accumulated Depreciation 14,740 14,740 Accounts Payable 35,850 35,850 Notes Payable (current)

 

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Harris is the owner of a business that sells and installs home theatre systems. He just completed a

Harris

is the owner of a business that sells and installs home theatre systems. He just completed a job for a builder consisting of the installation of

10 home theatre systems in a new condominium complex. The installations required materials totalling $ 18 comma 700 and 74 hours of direct labour hours at a wage rate of ​$38 per hour. Overhead is allocated to jobs using a predetermined overhead rate of ​$4 per direct labour hour.

1. What is the total cost of the​ job?

2.What is the average unit cost​ (per theatre system​ installed)?

3.  If Peter charges a price to the builder that is 160% of the total job​ cost, what price will he charge for the​ job?

1. What is the total cost of the​ job?

Total job cost

Save Homework: Chapter 5 Score: 0 of 1 pt 4 of 14 (3 complete) HW Score: 14.79%, 2.07 of 14 pts S5-7 (similar to) Question Help Peter Harris is the owner of a business that sells and installs home theatre systems. He just completed a job for a builder consisting of the installation of 10 home theatre systems in a new condominium complex. The installations required materials totalling $18,700 and 74 hours of direct labour hours at a wage rate of $38 per hour. Overhead is allocated to jobs using a predetermined overhead rate of $4 per direct labour hour. 1. What is the total cost of the job? 2. What is the average unit cost (per theatre system installed)? 3. If Peter charges a price to the builder that is 160% of the total job cost, what price will he charge for the job? 1. What is the total cost of the job? Total job cost Choose from any list or enter any number in the input fields and then click Check Answer. parts 2 remaining Clear All Check Answer Type here to search BEI e e 9 M A BONN 20% ~ (») 2 ENG 10:31 AM 10/15/201918

 

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Joining the Conversation: Critical Thinking and Writing 1. What is the point of Miss Moore’s les

Joining the Conversation: Critical Thinking and Writing 1. What is the point of Miss Moore's lesson? Why does Sylvia resist it? 2. Describe the relationship between Sugar and Sylvia. What is Sugar's function in the story?

 

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1. Governmental accounting does not permit depreciation to be charged on the operating statements of

1. Governmental
accounting does not permit depreciation to be charged on the operating
statements of the governmental funds.
Present arguments FOR reporting depreciation and present arguments
AGAINST reporting depreciation.

2. What is
â€deferred maintenance?†What is its
possible role in governmental financial reporting?

3. Recently,
governmental investment policies have been sharply criticized because of some
significant losses incurred by certain governments. What is the nature of the problem that is
being criticized? What should be the
role of accounting in determining and reporting investment strategies?

4. What are
the differences between credit risk, concentrations of credit risk, market
risk, and interest rate risk? Describe
how each of these risks could affect a government’s investment in a 20-year
Treasury note.

5. GASB
Statement 34 allows a major exception for reporting depreciation expense on
certain capital assets. What is this
exception? What is the notion behind the
exception?

 

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What is the underlying reason a governmental unit uses separate funds to account for its…

What is the underlying reason a governmental unit uses separate funds to account for its transactions?

a. Governmental units are so large that it would be unduly cumbersome to account for all transactions as a single unit.

b. Because of the diverse nature of the services offered and legal provisions regarding activities of a governmental unit, it is necessary to segregate activities by functional nature.

c. Generally accepted accounting principles require that not-for-profit entities report on a funds basis.

d. Many activities carried on by governmental units are short lived, and their inclusion in a general set of accounts could cause undue probability of error and omission.

 

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