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The accrued interest on the PBO during the current year. PBObeg x interest rate (called the settlement rate) Plan assets, January 1, 2000, are $200,000 Projected benefit obligation , January 1, 2000, is $200,000 Annual service cost, $18,000 Settlement (discount) rate = 10% Annual return on plan assets is $20,000, same as expected return. Provide Harvards 2000 pension expense journal entry? What does the account Prepaid / Accrued cost represent? Is it a liability or asset? Is the plan under-funded or over-funded?
Brass Works, Inc. produces brass lamps and gift products. Engineers at Brass Works have established the following direct labor standards to produce a brass candelabra:
During December 2008, Fashion Vixen Publishing sold 2,500 12-month annual magazine subscriptions at a rate of $30 each. The first issues were mailed in February 2009. Prepare the journal entries on Fashion Vixen's books 1) to record the sale of th..
Vandross Company has recorded bad debt expense in the past at a rate of 1.5% of net sales. In 2012, Vandross decides to increase its estimate to 2%.
Calculate the amount of the final price adjustment because of defective pricing based on the Contractor unintentionally overpriced their material costs by $75,000 and under-priced their direct manufacturing labor costs by $50,000. Overhead rates u..
Define basic accounting concepts, terminology and transactions. Illustrate the accounting cycle. Describe the four types of financial statements. Explain the importance of ethics in accounting and financial decision making.
Wilton, Inc. had net sales in 2012 of $1,400,000. At December 31, 2012, before adjusting entries, the balances in selected accounts were: Accounts Receivable $250,000 debit, and Allowance for Doubtful Accounts $2,400 credit. Wilton estimates that ..
Why does an auditor examine travel and entertainment expenses? What would poor controls regarding executive reimbursements say about the "tone at the top" for purposes of evaluating and reporting on internal controls?
ABC Corp. owns a piece of land and building a few miles from its headquarters. The land originally cost ABC $500,000 to purchase.
A bond issued with a face value of 200000 and a carrying amount of 195500 is paid off at 98 1/2 and retired. The gain or loss on this transaction is:
While testing the inventory counts, the auditors noticed that several high dollar items had counts on the inventory listing which were materially higher than the actual counts. The difference between the actual and recorded inventory value was $66..
Louie Company has a defined benefit pension plan. On December 31 (the end of the fiscal year), the company received the PBO report from the actuary.
Prepare the journal entry for these transactions under the cost method of accounting for treasury stock.
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