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Carter Components is computing the components of its pension expense for the year ended December 31. Carter has calculated that its service costs are $60,000 and has computed interest cost as $42,000. The average remaining service life of employees is 8 years. The return on $500,000 in plan assets was anticipated to be 8 percent but was actually 8.5 percent. The pension benefit obligation at the beginning of the year was $560,000 and, at the end of the year, $602,000. The company has an unrecognized gain of $60,000. To what extent will the unrecognized gain reduce current-year pension expense?
a) $25
b) $500
c) $750
d) $1,250
The lower-of-cost-or-market concept is used in the valuation of inventory. Describe this concept. How does this concept affect your company's profitability, or the profitability of a company with which you are familiar?
The following data are accumulated by Eco-Labs, Inc. in evaluating two competing capital investment proposals:
Robert Huft retires in 6 years. He would have to purchase equipment costing $590,000 to equip the outlet. Other outlets in the fast food chain have an annual net cash inflow of about $140,000. Mr. Anders would close the outlet in 6 years. He estim..
Prepare an inventory purchase budget using the sales manager's estimate. Prepare an inventory purchases budget using the marketing consultants estimate.
What do following risk categories mean - planned detection risk, inherent risk, control risk, acceptable audit risk? Examples? How do we as auditors deal with them?
Lewis Production is planning to sell 220 boxes of bricks and produce 200 boxes of bricks during May. Each box of bricks requires 20 pounds of brick mix and a half hour of direct labor.
The program itself, which is accounted for in a special revenue fund, is funded by both direct contributions and the income from the permanent fund. At the start of the year, the special revenue fund had assets (all invested) of $26,000.
A Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2009, for 100,000 pesos each. It pays for both items on June 1, 2009
Metro Express has 5 sales employees, each of whom earns $4,000 per month and is paid on the last working day, of the month. Each employee, wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages.
Indicate the account names, amounts, and classifications of the items related to the premium plan that would appear on the BC Candy Company balance sheet and income statement at the end of 2010 and 2011.
How might the senior audit manager or partner on a particular engagement determine how much cost is acceptable to incur in order to test a particular area? Can you think of any lower cost alternatives?
If Charming Confections Company charges each division 12% for capital employed, compute residual income for the Peanut and Plain divisions. Compute the ROI for each division.
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