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Using the data above, compute pension expense for Teal Corp. for the year 2020 by preparing a pension worksheet. (Enter all amounts as positive.)
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In: Accounting
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Using the data above, compute pension expense for Teal Corp. for the year 2020 by preparing a pension worksheet. (Enter all amounts as positive.)
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In: Accounting
Question 12
The following facts pertain to a non-cancelable lease agreement between Shamrock Leasing Company and Pharoah Company, a lessee.
| Commencement date | May 1, 2020 | ||
| Annual lease payment due at the beginning of | |||
| each year, beginning with May 1, 2020 | $17,865.02 | ||
| Bargain purchase option price at end of lease term | $7,000 | ||
| Lease term | 5 | years | |
| Economic life of leased equipment | 10 | years | |
| Lessor’s cost | $65,000 | ||
| Fair value of asset at May 1, 2020 | $85,000 | ||
| Lessor’s implicit rate | 6 | % | |
| Lessee’s incremental borrowing rate | 6 | % |
1. Compute the amount of the lease receivable at commencement of the lease. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round answer to 2 decimal places, e.g. 5,275.15.)
2. Suppose the collectibility of the lease payments was not probable for Shamrock. Prepare all necessary journal entries for the company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 5,275.15.)
In: Accounting
Show all computation’s Bob and Brenda Horton, a married couple filing a joint return for 2020. Bob is 61 and Brenda is 60. They have fully supported their son, Charles age 31 (a US citizen) who lived with Bob and Brenda all of 2020. Bob and Brenda fully supported Charles for all of 2020. Charles only source of income was $3,990 from unemployment. The following information relates to Bob and Brenda for 2020: Salary – Bob $80,000 Salary – Brenda 120,000 Interest income (from bank account) 150 Interest Income from State of NY bonds 4,000 Capital Loss on the sale of ZeZ, Inc stock (7,220) Property taxes paid 4,000 State income taxes paid 5,000 Home mortgage interest paid 6,000 Charitable contributions paid 3,000 Federal Withholding 39,000
a. What is the amount of their gross income?
b. What is the amount of their adjusted gross income?
c. What is the amount of their taxable income?
d. What is the amount of their tax liability?
e. What is the amount of their tax due or (refund)?
In: Accounting
Assume that on January 1, 2020, Kroger Corp. signs a 6-year, non-cancelable lease agreement to lease a storage building from Trancoso Company. The following information pertains to this lease agreement:
1. The agreement requires equal rental payments of $35,000 beginning on December 31, 2020.
2. The fair value of the building on January 1, 2020, is $195,000.
3. The building has an estimated economic life of 12 years, an unguaranteed residual value of $5,000, and an expected residual value of $1,000. Kroger depreciates similar buildings on the straight-line method.
4. The lease is nonrenewable. At the termination of the lease, the building reverts to the lessor.
5. The lessor's implicit rate is 6%, which is known by Kroger.
questions: (1) Determine whether this is a finance or operating lease. Clearly document your rationale and show all necessary calculations. (2) Prepare the journal entries on the lessee's books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease for the years 2020, 2021, and 2022. Kroger's fiscal year-end is December 31.
In: Accounting
During 2020, Riverbed Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. T
he following information is available. 2020 2021 2022
Costs incurred to date $383,800 $905,280 $1,063,000
Estimated costs to complete 626,200 198,720 –0–
Billings to date 302,000 896,000 1,610,000
Collections to date 271,000 817,000 1,419,000
Compute the amount of gross profit to be recognized each year,
assuming the percentage-of-completion method is used.
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Gross profit recognized in 2020 |
$ |
|
|---|---|---|
|
Gross profit recognized in 2021 |
$ |
|
|
Gross profit recognized in 2022 |
$ |
Prepare all necessary journal entries for 2021. (Credit account titles are automatically indented when 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. For costs incurred use account Materials, Cash, Payables.)
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(To record cost of construction.) |
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(To record progress billings.) |
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(To record collections.) |
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(To recognize revenue.) |
Compute the amount of gross profit to be recognized each year,
assuming the completed-contract method is used.
Gross profit 2020? 2021? 2022?
In: Accounting
Tabor Company had the following account balances on January 1, 2020: Raw Materials Inventory $ 42,000 Work in Process Inventory $ 87,000 Finished Goods Inventory $ 93,000 During 2020, the following transactions took place: 1. Raw materials costing $75,000 were purchased on account. 2. Raw materials costing $96,000 were issued to the factory, of which $70,000 is considered to be direct material cost. 3. Total factor labor costs for the period were $150,000 of which $120,000 is considered to be direct labor cost. 4. The following other factory overhead costs were incurred: Factory utilities (paid in cash) $32,000; factory depreciation $64,000; and miscellaneous factory costs (incurred on account) $53,000. 5. Units costing a total of $250,000 were completed. 6. Units costing $240,000 were sold on account for $500,000.
INSTRUCTIONS: A. Complete a cost flow diagram (T-accounts attached) for 2020.
B. Prepare the journal entries to record ALL of the 2020 transactions listed above.
C. Prepare a manufacturing statement and a partial income statement.
In: Accounting
P20.8 (LO2,4,5) (Comprehensive 2-Year Worksheet) Lemke SA sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2019 and 2020.
| 2019 | 2020 | |
| Defined benefit obligation, Jan1 | 600,000 | |
| Plan Assets(fair value), Jan 1 | 410,000 | |
| Pension asset/liability, Jan 1 | 190,000 | |
| Service Cost | 40,000 | 59,000 |
| Discount(interest)rate | 10% | 10% |
| Actual return on plan assets | 36,000 | 61,000 |
| Annual Contributions | 97,000 | 81,000 |
| Benefits paid retires | 31,500 | 54,000 |
| Increase in defined benefit obligation due to changes in actuarial assumptions | 87,000 | 0 |
| Accumulated benefit obligation at Dec 31 | 721,800 | 789,000 |
| Vested benefit obligation at Dec 31 | 464,000 |
Instructions
a. Prepare a pension worksheet presenting both years 2019 and 2020.
b. Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year.
C. For 2020, indicate the pension amounts reported in the financial statements.
In: Accounting
Question text
The Chancellor of the California State University System has recently indicated that classes in the Fall of 2020 will continue to be virtual to be able to cope with the Corona Virus. Assume that all CSULB business students take a student satisfaction survey each semester. A researcher wants to compare compare two random groups of students from Fall 2019 to Fall 2020 in their satisfaction scores. The Chancellor has indicated that student satisfaction will improve with virtual classes. The groups are called FSS2019 for Student Satisfaction scores for Fall, 2020 and FSS202- for Student Satisfaction Scores for Fall, 2020. The study will calculate the difference using a confidence level of 95%. The population standard deviation is known.
The researcher wants to make sure even though they take random samples, they get a group from each of the local community colleges and plans to use Anova to analyze the data. What type of design could ensure this?
Select one:
a. Randomized Block Design
b. Completely Randomized Design
c. Matched Samples
d. Random but Related Sampling
In: Statistics and Probability
Problem 20-09 (Part Level Submission)
Sunland Co. has the following defined benefit pension plan
balances on January 1, 2020.
| Projected benefit obligation | $4,558,000 | |
| Fair value of plan assets | 4,558,000 |
The interest (settlement) rate applicable to the plan is 10%. On
January 1, 2021, the company amends its pension agreement so that
prior service costs of $595,000 are created. Other data related to
the pension plan are:
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2020 |
2021 |
|||||
| Service cost | $151,000 | $172,000 | ||||
| Prior service cost amortization | 0 | 90,000 | ||||
| Contributions (funding) to the plan | 201,000 | 185,000 | ||||
| Benefits paid | 219,000 | 280,000 | ||||
| Actual return on plan assets | 251,000 | 348,000 | ||||
| Expected rate of return on assets | 6 | % | 8 | % | ||
a. prepare pension worksheet for the pension plan in 2020
| b. prepare any JE related to the pension plan that would be needed at december 31 2020 |
c. Prepare a pension worksheet for 2021 and any JE related to the pension plan as of December 31, 2021
d. indicate the pension-related amounts reported in the 2021 financial statements
In: Accounting