Question
In: Accounting
On December 31, 2016, Robey Company accumulated the following information for 2016 in regard to its...
On December 31, 2016, Robey Company accumulated the following information for 2016 in regard to its defined benefit pension plan: Service cost $95,020 Interest cost on projected benefit obligation 11,110 Expected return on plan assets 10,770 Amortization of prior service cost 2,120 On its December 31, 2015, balance sheet, Robey had reported an accrued/prepaid pension cost liability of $13,850. Required: 1. Compute the amount of Robey’s pension expense for 2016. 2. Prepare all the journal entries related to Robey’s pension plan for 2016 if it funds the pension plan in the amount of (a) $97,480, (b) $96,580, and (c) $101,210. 3. Next Level Assuming Robey’s beginning 2016 Accumulated Other Comprehensive Income: Prior Service Cost balance was $65,150 what would be its ending balance? 4. Next Level How much would Robey need to fund its pension plan for 2016 in order to report an accrued/ prepaid pension cost asset of $5,020 at the end of 2016?
Solutions
ekkarill92 answered 1 year agoRelated Solutions
On December 31, 2019, Robey Company accumulated the following information for 2019 in regard to its...
On December 31, 2019, Robey Company accumulated the following
information for 2019 in regard to its defined benefit pension
plan:
Service cost
$102,220
Interest cost on projected benefit obligation
12,240
Expected return on plan assets
11,120
Amortization of prior service cost
1,920
On its December 31, 2018, balance sheet, Robey had reported an
accrued/prepaid pension cost liability of $13,940.
Required:
1.
Compute the amount of Robey’s pension expense for 2019.
2.
Prepare all the journal entries related to Robey’s pension...
On December 31, 2019, Robey Company accumulated the following information for 2019 in regard to its...
On December 31, 2019, Robey Company accumulated the following
information for 2019 in regard to its defined benefit pension
plan:
Service cost
$110,830
Interest cost on projected benefit obligation
11,470
Expected return on plan assets
10,390
Amortization of prior service cost
2,140
On its December 31, 2018, balance sheet, Robey had reported an
accrued/prepaid pension cost liability of $13,000.
Required:
1.
Compute the amount of Robey’s pension expense for 2019.
2.
Prepare all the journal entries related to Robey’s pension...
Pension Expense and Liability On December 31, 2016, Robey Company accumulated the following information for 2016...
Pension Expense and Liability
On December 31, 2016, Robey Company accumulated the following
information for 2016 in regard to its defined benefit pension
plan:
Service cost
$113,390
Interest cost on projected benefit obligation
11,810
Expected return on plan assets
11,250
Amortization of prior service cost
2,130
On its December 31, 2015, balance sheet, Robey had reported an
accrued/prepaid pension cost liability of $14,100.
Required:
1.
Compute the amount of Robey’s pension expense for 2016.
2.
Prepare all the journal entries...
Diablo Company reported the following information for 2016 and 2017: Prepaid insurance, 31 December 2016 $15...
Diablo Company reported the following information for 2016 and
2017:
Prepaid insurance, 31 December 2016 $15 000
Prepaid insurance, 31 December 2017 10 500
Insurance expense—2017 $31 000
How much cash was paid for insurance during 2017?
$32 600
$26 500
$23 700
$36 700
You are given the following information for Company ABC as of December 31, 2016: Capital Stock,...
You are given the following information for Company ABC as of
December 31, 2016:
Capital Stock, $1,000,000 ($1 par)
Paid-In Capital in Excess of Par Value—Common, $4,000,000
Retained Earnings Balance on January 1, 2016, $400,000
Retained Earnings Balance on December 31, 2016, $300,000
Dividends declared and paid in 2016: $1,100,000
What was the company's net income for 2016?
Select one:
a. $1,200,000
b. $100,000
c. $0
d. None of the above
How many shares of stock are issued and outstanding?...
The following information is available for Shanika Company for 2016: Inventories January 1 December 31 Materials...
The following information is available for Shanika Company for
2016:
Inventories
January 1
December 31
Materials
$ 77,350
$ 95,550
Work in process
109,200
96,200
Finished goods
113,750
100,100
December 31
Advertising expense
$ 68,250
Depreciation expense-office equipment
22,750
Depreciation expense-factory equipment
14,560
Direct labor
186,550
Heat, light, and power-factory
5,850
Indirect labor
23,660
Materials purchased
123,500
Office salaries expense
77,350
Property taxes-factory
4,095
Property taxes-headquarters building
13,650
Rent expense-factory
6,825
Sales
864,500
Sales salaries expense
136,500
Supplies-factory
3,250
Miscellaneous...
At December 31, 2016, House Co. reported the following information on its balance sheet. Accounts receivable...
At December 31, 2016, House Co. reported the following
information on its balance sheet.
Accounts receivable
$950,100
Less: Allowance for doubtful accounts
78,300
During 2017, the company had the following transactions related to
receivables.
1.
Sales on account
$3,729,700
2.
Sales returns and allowances
50,300
3.
Collections of accounts receivable
2,811,600
4.
Write-offs of accounts receivable deemed uncollectible
88,100
5.
Recovery of bad debts previously written off as
uncollectible
(b)
Enter the January 1, 2017, balances in Accounts Receivable and...
Comprehensive: EPS Frost Company has accumulated the following information relevant to its 2016 earnings per share....
Comprehensive: EPS
Frost Company has accumulated the following information relevant
to its 2016 earnings per share.
Net income for 2016: $150,500.
Bonds payable: On January 1, 2016, the company had issued 10%,
$200,000 bonds at 110. The premium is being amortized in the amount
of $1,000 per year. Each $1,000 bond is currently convertible into
22 shares of common stock. To date, no bonds have been
converted.
Bonds payable: On December 31, 2014, the company had issued
$540,000 of 5.8%...
Headland Company reported the following amounts in the stockholders’ equity section of its December 31, 2016,...
Headland Company reported the following amounts in the
stockholders’ equity section of its December 31, 2016, balance
sheet. Preferred stock, 9%, $100 par (10,000 shares authorized,
1,800 shares issued) $180,000 Common stock, $5 par (101,500 shares
authorized, 20,300 shares issued) 101,500 Additional paid-in
capital 130,000 Retained earnings 486,000 Total $897,500 During
2017, Headland took part in the following transactions concerning
stockholders’ equity. 1. Paid the annual 2016 $9 per share dividend
on preferred stock and a $2 per share dividend...
Teal Company reported the following amounts in the stockholders’ equity section of its December 31, 2016,...
Teal Company reported the following amounts in the stockholders’
equity section of its December 31, 2016, balance sheet.
Preferred stock, 9%, $100 par (10,000 shares authorized, 2,100
shares issued) $210,000
Common stock, $5 par (99,000 shares authorized, 19,800 shares
issued) 99,000
Additional paid-in capital 137,000
Retained earnings 410,000
Total $856,000
During 2017, Teal took part in the following transactions
concerning stockholders’ equity.
1. Paid the annual 2016 $9 per share dividend on preferred stock
and a $2 per share dividend...
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