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The pension plan was amended last year, creating a prior service cost of $20 million. Service cost and interest cost for the year were $20 million and $6 million, respectively. At the end of the year, there was a negligible balance in the net gain-pensions account. The actual return on plan assets was $1 million although it was expected to be $6 million. On average, employees' remaining service life with the company is 18 years.
What was the pension expense for the year? (Enter your answer in millions rounded to 2 decimal places. Omit the "tiny_mce_markerquot; sign in your response.)
What's the relationship between the acquisition and payment cycle and the inventory and warehousing cycle in the audit of a manufacturing company?
In your own words, explain what is meant by "inductive reasoning" and "deductive reasoning." State the differences between the two and provide examples to illustrate.
Under absorption costing a company had the following per unit costs when 10,000 units were produced. Compute the company's total production cost per unit if 25,000 units had been produced.
In the perfectly competitive industry, the market price is $25. A firm is currently producing 10,000 units of output, its average total cost is $28, its marginal cost is $20, and its average variable cost is $20.
Why must preferred stock dividends be subtracted from net income in computing earnings per share? Why is common stock usually not issued at a price that is less than par value?
Candlestick Corporation purchased raw material used for manufacturing candles from a supplier on June 1. The total amount of the purchase was $10,500 of which $3,000 was paid on the day of purchase. The remaining amount owed is due to the suppler ..
What financial instruments (financial assets and financial liabilities) are not eligible for an entity to use the fair value option of accounting?
The following data are accumulated by Eco-Labs, Inc. in evaluating two competing capital investment proposals:
At the end of the sixth year, the account balance was transferred to a bank paying 10%, and annual deposits of $80,000 were made at the end of each year from the seventh through the tenth years. what was the account balance at the end of the tenth..
Sun estimates the fair value of the recourse liability at $100,000. What would be recorded as a gain (loss) on the transfer of receivables?
What are the purposes of accounting codes? How are they used? What are some examples of codes used by manufacturing firms, accounting firms, and merchandising firms?
Using the above data, fill in the following blanks with the variance amounts. Use F for favorable or U for unfavorable for each variance. Total Overhead Variable Fixed, 1. Spending variance , 2. Efficiency variance ?, 3. Production-volume variance ?,..
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