Question
In: Accounting
For 2020, prepare a pension worksheet for Brownie Company that shows the journal entry for pension...
For 2020, prepare a pension worksheet for Brownie Company that
shows the journal entry for pension expense and the year-end
balances in the related pension accounts.
|
Projected benefit obligation,1/1/20 (before) |
$580,000 |
|
|
Plan assets, 1/1/20 |
565,600 |
|
|
Pension liability |
14,400 |
|
|
On January 1, 2020, Crane Corp., through plan |
93,000 |
|
|
Settlement rate |
9% |
|
|
Service cost |
54,000 |
|
|
Contributions (funding) |
71,000 |
|
|
Actual (expected) return on plan assets |
54,600 |
|
|
Benefits paid to retirees |
40,000 |
|
|
Prior service cost amortization for 2020 |
19,200 |
Solutions
ekkarill92 answered 11 months agoRelated Solutions
On the designated worksheet, prepare in journal entry form all adjusting and correcting journal entries based...
On the designated worksheet, prepare in journal entry form all
adjusting and correcting journal entries based on the following
information (round all numbers to the nearest dollar). Letter
entries to correspond to the below information and present them in
alphabetical order. Add any new accounts as needed to the trial
balance. Each entry must be entirely correct to receive allocated
points. Before preparing entries, finish the story by filling in
the blanks.
Accounting Creations was authorized to issue 3,000,000
shares...
On the designated worksheet, prepare in journal entry form all adjusting and correcting journal entries based...
On the designated worksheet, prepare in journal entry form all
adjusting and correcting journal entries based on the following
information (round all numbers to the nearest dollar). Letter
entries to correspond to the below information and present them in
alphabetical order. Add any new accounts as needed to the trial
balance. Each entry must be entirely correct to receive allocated
points. Before preparing entries, finish the story by filling in
the blanks.
Accounting Creations was authorized to issue 3,000,000 shares...
Use the following set of information to prepare a pension worksheet. Also, make the appropriate journal...
Use the following set of information to prepare a pension
worksheet. Also, make the appropriate journal entry to record
pension expense for 2018. Hayworth Inc. has the following
information related to its defined-benefit pension plan :
Projected Benefit Obligation, 1/1/2018 (before amendment)
$675,000
Accumulated Benefit Obligation, 1/1/2018 (before amendment)
475,000
Vested Benefit Obligation, 1/1/2018 (before amendment)
375,000
Pension Assets, 1/1/2018 525,000
Service Cost 90,000
Settlement rate 6%
Expected rate of return on plan assets 10%
Actual return on plan assets...
. Prepare the necessary journal entry on September 30, 2020 to account for: CAD$3,045 on hand...
. Prepare the necessary journal entry on September 30, 2020 to
account for:
CAD$3,045 on hand from tips up to March 31, 2020, its pre-COVID
operations when the exchange rate was CAD$1 = $2.01 XCD. On
September 30, 2020, the exchange rate was CAD$1 = $1.95 XCD
Prepare the adjusting journal entries from the following items on the Pedersen Company worksheet
Prepare the adjusting journal entries from the following items on the Pedersen Company worksheet
Prepare an amortization schedule and prepare journal entry (thru year 2020-2024) E7.13 (LO 4) (Note Transactions...
Prepare an amortization schedule and prepare journal
entry (thru year 2020-2024)
E7.13 (LO 4) (Note Transactions at Unrealistic Interest Rates) On
July 1, 2020, Agincourt Inc. made two sales.
1. It sold land having a fair value
of $700,000 in exchange for a 4-year zero-interest-bearing
promissory note in the face amount of $1,101,460. The land is
carried on Agincourt’s books at a cost of $590,000.
2. It rendered services in exchange
for a 3%, 8-year promissory note having a face value of...
Journal Entry Worksheet a) On April 2, the company prepaid $9,000 cash for twelve months' rent...
Journal Entry Worksheet
a) On April 2, the company prepaid $9,000 cash for twelve
months' rent for office space.
b) The balance in Prepaid insurance represents the premium paid
for a 12-month insurance policy the policy's coverage began on
April 1.
c) Office supplies on hand as of April 30 total $1,200.
d) Straight-line depreciation of office equipment, based on a
5-year life and a $4,000 salvage value, is $500 per month.
e) The company has completed work for a...
prepare the journal entry to record payment of the note at maturity
Question: On November 7, 2017, Mura Company borrows $160,000 cash by signing a 90-day, 8% note payable with a face value of $160,000. (1) Compute the accrued interest payable on December 31, 2017, (2) prepare the journal entry to record the accrued interest expense at December 31, 2017, and (3) prepare the journal entry to record payment of the note at maturity
A. Prepare the journal entry required to record the preferred stock issue. B. Prepare the journal entries required...
A. Prepare the journal entry required to
record the preferred stock issue.
B. Prepare the journal entries required to
record the declaration and payment of the cash
dividends.
C. Prepare the stockholders' equity section
of the balance sheet at the end of the year.
Tough Side Roofing and Siding Inc. reported the following
shareholders' equity section as of the beginning of the current
year.
Stockholders' Equity
Contributed Capital:
Common Stock, $4 par value, 2,360,000 authorized and 785,000
shares issued, and 727,500 shares outstanding...
Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or...
Determine the missing amounts in the 2020 pension worksheet,
indicating whether the amounts are debits or credits.
(Enter all amounts as
positive.)
Pension Worksheet—Sunland
Inc.
General Journal Entries
Memo Record
Annual Pension
Expense
Cash
OCI—Prior
Service Cost
OCI—Gain/
Loss
Pension Asset/
Liability
Projected Benefit
Obligation
Plan
Assets
Balance, Jan. 1, 2020
$1,408
Cr.
$3,584
Dr.Cr.
$2,176...
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