“Because a company never knows how much it will have to pay for pensions, no pension liability is recognized. Pension obligations are simply explained in a footnote to the financial statements.” Do you agree? Explain.
Answer to relevant Questions“Differences in tax and GAAP rules lead to more depreciation being charged on tax statements than on financial reports to the public.” Do you agree? Explain.Alcoa had sales of $24,951 million in 2011 and generated income from continuing operations before income taxes of $1,063 million. In its 10-K for 2011, Alcoa provided information about taxes in footnote T:The provision ...“A capital (or finance) lease and operating lease are recorded differently on the balance sheet, but their effect on the income statement is the same.” Do you agree? Explain.During 20X0, the Ashley Appliance Company had cash sales of $800,000. The company estimates that the cost of servicing products under warranty will average 3% of sales. 1. Prepare journal entries for sales revenue and the ...Then answer the following questions: 1. You deposit $10,000. How much will you have in 4 years at (a) 8% compounded annually, and (b) At 12% compounded annually? 2. A savings and loan association offers depositors a $10,000 ...
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