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 |
In: Accounting
In: Accounting
Accounts receivable transactions are provided below
for J Crane Co.
Dec. 31, 2020
The company estimated that 3% of its accounts receivable would become uncollectible. The balances in the Accounts Receivable account and Allowance for Doubtful Accounts were $684,000 and $3,000 (debit), respectively.
Mar. 5, 2021
The company determined that R. Mirza’s $3,100 account and D. Wight’s $6,900 account were uncollectible. The company’s accounts receivable were $719,000 before the accounts were written off.
June 6, 2021
Wight paid the amount that had been written off on March 5. The company’s accounts receivable were $674,000prior to recording the cash receipt for Wight.
(a)
Correct answer iconYour answer is correct.
Prepare the journal entries on December 31, 2020,
March 5, 2021, and June 6, 2021. (Credit account titles are
automatically indented when the amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Record journal entries
in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
[Dec. 31, 2020 \/]
[Bad Debts Expense \/]
[ ]
[ ]
[Bad Debts Expense \/]
[ ]
[ ]
(To record estimate of uncollectible accounts.)
[Dec. 31, 2020 \/]
[Bad Debts Expense \/]
[ ]
[ ]
[Allowance for Doubtful Accounts \/]
[ ]
[ ]
(To record write off of accounts receivable.)
[Dec. 31, 2020 \/]
[Cash \/]
[ ]
[ ]
[No Entry \/]
[ ]
[ ]
(To record write off of accounts receivable.)
[Dec. 31, 2020 \/]
[Allowance for Doubtful Accounts \/]
[ ]
[ ]
[No Entry \/]
[ ]
[ ]
(To reverse write off.)
[Dec. 31, 2020 \/]
[Accounts Receivable - Mirza \/]
[ ]
[ ]
[Accounts Receivable - Wight \/]
[ ]
[ ]
(Collection of account that was previously written off.)
eTextbook and Media
List of Accounts
Attempts: 3 of 5 used
(b)
Your Answer
Correct Answer
Correct answer iconYour answer is correct.
Post the journal entries to Allowance for Doubtful
Accounts and calculate the new balance after each
entry.
Allowance for Doubtful Accounts
Date
Explanation
Ref.
Debit
Credit
Balance
Dec. 31, 2020
Balance unadjusted Debit
[ ]
Dec. 31, 2020
AJE
[ ]
[ ]
[ ]
Mar. 5, 2021
Write off Mirza
[ ]
[ ]
[ ]
Mar. 5, 2021
Write off Wight
[ ]
[ ]
[ ]
June 6, 2021
Reverse write off
[ ]
[ ]
[ ]
eTextbook and Media
List of Accounts
Attempts: 5 of 5 used
(c)
Incorrect answer iconYour answer is incorrect.
Calculate the carrying amount of the accounts
receivable both before and after recording the cash receipt from
Wight on June 6, 2021.
Carrying amount before recovery
$ [ ]
Carrying amount after recovery
$ [ ]
In: Accounting
On December 31, 2020, Jen & Mink Clothing (J&M)
performed the inventory count and determined the year-end ending
inventory value to be $75,500. It is now January 8, 2021, and you
have been asked to double-check the year-end inventory listing.
J&M uses a perpetual inventory system. Note: Only relevant
items are shown on the inventory listing.
| Jen & Mink Clothing | |||||||||||
| Inventory Listing | |||||||||||
| December 31, 2020 | |||||||||||
| # | Inventory Number | Inventory Description | Quantity (units) | Unit Cost ($) | Total Value ($) | ||||||
| 1 | 7649 | Blue jackets | 100 | 20 | 2,000 | ||||||
| 2 | 10824 | Black pants | 300 | 16.67 | 5,000 | ||||||
| ... | ... | ||||||||||
| Total Inventory | $ | 75,500 | |||||||||
The following situations have been brought to your
attention:
Required:
1. In situations (a) to (e) determine whether inventory
should be included or excluded in inventory at December 31, 2020.
If the inventory should be included, determine the correct
inventory cost. (Do not leave any empty spaces; input a 0
wherever it is required.)
2. Determine the correct ending inventory value at
December 31, 2020. Starting with the unadjusted inventory value of
$75,500, add or subtract any errors based on your analysis in Part
1. Assume all items that are not shown in the inventory listing are
recorded correctly.
Next
In: Accounting
Compare the method used by the United Nations to measure of global poverty, to the method used to measure U.S poverty rate
In: Economics
How was the merger between United and Continental structured? Which is the survivor? Who holds what stock after the merger?
In: Accounting
Why do Saudi Arabia and the United Arab Emirates rank higher on the economic than on the human welfare dimension?
In: Economics
In: Operations Management
Consider the following article below.
A)According to the article, is Australian economic growth increasing or decreasing compared to previous years? Provide some evidence from the article supporting your view. 6 marks
b)
what kind of fiscal and monetary policy should government authorities implement? Explain why and give specific examples of each policy that might be implemented. What effect would these policies have on aggregate demand (AD)?(6marks)
c) The last paragraph of the article states that economic growth in the future is expected to decrease unemployment and increase wages. Explain the effect these changes in unemployment and wages would have on the AD and SAS curves, and on the short run macroeconomic equilibrium.(6 marks)
Country facing a lost decade of growth, ANZ warns
By Shane Wright (Sydney Morning Herald, 21 January 2020)
Australia is facing a lost decade of economic growth, ANZ has warned, that will see living standards slip and wages grow modestly while putting pressure on the Morrison government's plan for a string of budget surpluses.
…
ANZ head of Australian economics David Plank said growth through the current decade would average 2.6 per cent, with that tipped to fall to between 2 and 2.5 per cent across the 2020s. He said that level of growth, lower than both estimated by the Reserve Bank and the federal Treasury, would be driven by tepid non-mining business investment, weak productivity and household consumption held back by high debt and modest wage increases.
…
Australian households, despite record levels of wealth due to high house prices, were carrying record levels of debt that would crimp their spending plans.
…
In its December budget update, Treasury forecast economic growth to lift to 2.75 per cent through 2020-21 and then climb to 3 per cent for the next two years. That level of growth is expected to help drive down unemployment and push up wages.
In: Economics
Mrs. C, is a 79-year-old woman is newly admitted to the geriatric rehabilitation unit on 11/06/2020 after having a hip replacement two days ago (11/4/2020).
Her medical history includes high blood pressure, type II diabetes and osteoporosis and mild dementia. She is complaining of 8/10 pain, poor appetite and states she is very nervous about physical therapy “breaking her new hip.” She is refusing her morning bath and ADL’s stating “my daughter will help me when she gets here”. Mrs. C. was noted to be dizzy when out of bed with physical therapy and nursing assistance yesterday (11/05/20). Upon examination you note the following: blood pressure is within normal limits, pulse 108 BPM. Respiratory rate is 22. It is 11:00am and she has not voided, she took only a few sips of water, refusing breakfast. She has had no visitors since her admission.
I. What additional information related to Mrs. C.’s condition & concerns should be included in your initial nursing history and assessment? (1 point)
II. Formulate three nursing diagnosis for Mrs. C. (1 point)
1. Physiological
2. Psychosocial
3. Safety
4. Patient education
III. Develop an ISBAR report addressing one of the patient concerns identified within the scenario as a communication report to a selected health care team member. (1 point)
IV. Identify members of the multidisciplinary team that you would want to include in caring for Mrs. C. (Provide rationale). (1 point)
Sample (I)SBAR Format (Refer to pages 474-477)
Identity/Introduction: Communicate who you are, where you are, and why you are communicating.
Situation or Problem: Communicate is going on with the patient. Brief summary
In: Nursing