Use the following information to answer the next 3 questions. ABC has beginning-of-year balances of: PBO,...

Use the following information to answer the next 3 questions.
		ABC has beginning-of-year balances of: PBO, $330,000; Plan Assets, $310,000; and Net Loss – AOCI, $55,000. During the year, ABC recorded a loss on Plan Assets of $8,820 and a gain on the PBO of $11,000. Net income for the year is $77,000. Assume no amortization of the net gain/loss in AOCI is needed.
14.		Other comprehensive income is ____.
15.		Comprehensive income is ____.
16.		The end-of-year balance in Net Loss – AOCI is ____.

Expert Solution

	Loss on Plan Assets	(8,820)
	Gain on the PBO	11,000
Answer 14	Other comprehensive income	2,180

	Net income	77,000
	Other comprehensive income	2,180
Answer 15	Comprehensive income	79,180

	Beginning Net Loss – AOCI	55,000
	Add: Loss on Plan Assets	8,820
	Less: Gain on the PBO	(11,000)
Answer 16	End-of-year balance in Net Loss – AOCI	52,820

ekkarill92 answered 1 year ago

Use the information below to answer the next 3 questions: At the beginning of the year,...

Use the information below to answer the next 3 questions: At the beginning of the year, JJB Inc. estimated that overhead would be $880,000 and direct labor hours would be 220,000 hours. At the end of the year actual overhead was $920,600 and there were actual direct labor hours of 230,000. Year ended unadjusted COGS is $2,000,000. What is the Rredetermined Overhead Rate? $2.63 $4 $4.18 None of the above QUESTION 8 What is the overhead variance? $200 overapplied $400...

Use the following information to answer the next 5 questions The following balances were taken from...

Use the following information to answer the next 5 questions The following balances were taken from the adjusted trial balance of Pear Corp. for the fiscal year ending December 31, 2012. Cash $ 22,500 Accounts Receivable 12,000 Depreciation Expense -- Equipment 3,500 Equipment 54,000 Accumulated Depreciation – Equipment 5,500 Accounts Payable 6,000 Interest Payable 1,000 Unearned Service Revenue 2,000 Common Stock 40,000 Dividends 1,000 Notes Payable, Due 5/1/2013 22,500 Rent Expense 3,000 Interest Expense 1,000 Wages Expense 24,500 Retained Earnings,...

Use the following information to answer the next 3 questions. Pappy’s Potato has come up with...

Use the following information to answer the next 3 questions. Pappy’s Potato has come up with a new product, the Potato Pet (they are freeze-dried to last longer). It is expected that Potato Pet will generate sales of $575,000 per year. The fixed costs associated with this will be $179,000 per year, and variable costs will amount to 20 percent of sales. The equipment necessary for production of the Potato Pet will cost $920,000 and will be depreciated to zero...

Use the following information to answer the next six questions: All balances are as of 12/31/2017...

Use the following information to answer the next six questions: All balances are as of 12/31/2017 unless specified otherwise. Loss on the Sale of Equipment 62,250 Income Tax Expense 48,750 Short Term Investments 1,500 Inventory 97,500 Retained Earnings, 1/1/17 281,000 Gain on Sale of Equipment 27,500 Goodwill 50,000 Cost of Goods Sold 204,000 Common Stock ??? Notes Payable 5/1/18 12,500 Cash 70,000 Sales Revenue 447,500 Accumulated Depreciation 50,000 Dividends 10,000 Notes Payable, due 12/31/19 104,500 Prepaid Expenses 2,500 Furniture 83,000...

Use the following information to answer the next six questions: All balances are as of 12/31/2019...

Use the following information to answer the next six questions: All balances are as of 12/31/2019 unless specified otherwise. Loss on the Sale of Equipment 62,250 Income Tax Expense 48,750 Short Term Investments 1,500 Inventory 97,500 Retained Earnings, 1/1/19 281,000 Gain on Sale of Equipment 27,500 Goodwill 50,000 Cost of Goods Sold 204,000 Common Stock ??? Notes Payable 5/1/20 12,500 Cash 70,000 Sales Revenue 447,500 Accumulated Depreciation 50,000 Dividends 10,000 Notes Payable, due 12/31/21 104,500 Prepaid Expenses 2,500 Furniture 83,000...

Answer questions 5-8 from the following information. Beginning PBO: $3,800,00 Contributions: $290,000 Beginning Plan Assets: $3,100,000...

Answer questions 5-8 from the following information. Beginning PBO: $3,800,00 Contributions: $290,000 Beginning Plan Assets: $3,100,000 Benefits Paid: $410,000 Amendment-January 1: $450,000 Actual Return: $170,000 Service Cost: $180,000 Amortization PSC: $? Discount Rate: 6% Expected Rate of Return: 8% Beginning PSC: $540,000 Actuarial Loss: $4,400 Beginning Net Gain: $470,000 Average Work Years: 18 5. Compute the ending balance of the projected benefit obligation (PBO). 6. Compute the ending balance of the plan assets. 7. Compute the ending balance of the...

Answer questions 1-4 from the following information. Beginning PBO: $800,000 Contributions: $64,000 Beginning Plan Assets: $700,000...

Answer questions 1-4 from the following information. Beginning PBO: $800,000 Contributions: $64,000 Beginning Plan Assets: $700,000 Benefits Paid: $42,000 Amendment-January 1: $150,000 Actual Return: $9,000 Service Cost: $35,000 Amortization PSC: $11,000 Discount Rate: 4% Expected Rate of Return: 5% 1. Compute interest costs. 2. Compute the expected return. 3. Compute the ending balance of the plan assets. 4. Compute the ending balance of the unrecognized net gain or loss in AOCI.

Answer questions 1-4 from the following information. Beginning PBO: $600,000 Contributions: $47,000 Beginning Plan Assets: $550,000...

Answer questions 1-4 from the following information. Beginning PBO: $600,000 Contributions: $47,000 Beginning Plan Assets: $550,000 Benefits Paid: $33,000 Amendment-January 1: $170,000 Actual Return: $29,000 Service Cost: $52,000 Average Work Life: 17 years Discount Rate: 3% Expected Rate of Return: 6% Compute the ending balance of the projected benefit obligation (PBO). Compute the ending balance of the prior service cost in AOCI. Compute the ending balance of the plan assets. Compute the ending balance of the unrecognized net gain or...

Use the following information to answer the next 3 questions. Parents of children with developmental disorders...

Use the following information to answer the next 3 questions. Parents of children with developmental disorders can apply for federal funding, to help pay for psychosocial rehabilitation. A sociologist working for the annual Current Population Survey wants to know the percentage of applicants for this funding who are in poverty. She needs a sample of applicants from across the U.S., so she groups all of the applications by state and randomly selects applicants from each state. She calculates the percentage...

Use the following information to answer the next three questions. Consider the following cash flows: Year...

Use the following information to answer the next three questions. Consider the following cash flows: Year Cash Flow 0 -$2,110,000 1 1,000,000 2 450,000 3 790,000 4 890,000 Assume a discount rate of 17.5 percent. What is the payback period? Round your answer to two decimal places. What is the net present value (NPV) rounded to the nearest dollar? What is the internal rate of return? please show work.

Question