The accounting staff of Usher Inc. has prepared the following pension worksheet (amounts in $). Unfortunately, several
Question:
Instructions
a. Determine the missing amounts in the 2019 pension worksheet, indicating whether the amounts are debits or credits.
b. Prepare the journal entry to record 2019 pension expense for Usher Inc.
Pension Worksheet-Usher Inc. Home Insert Page Layout Formulas Data Review View PI8 A в General Journal Entries Memo Record Annual Pension Defined Pension OCI- Benefit Liability Obligation Plan Assets 2,800 Asset/ Cash Items Expense Gain/Loss 6 Balance, Jan. 1, 2019 7 Service cost 8 Interest expense 9 Interest revenue 1,100 Cr. 1,700 (1) 500 (2) 280 (3) 170 10 Contributions 800 800 11 Benefits 12 Asset gain 13 Liability loss 200 200 (4) 50 (5) (8) 365 14 Journal entry (6) (7) (9) 15 Accumulated OCI, Dec. 31, 2018 16 Balance, Dec. 31, 2019 17 315 1,225 3,745 2,520 18
Step by Step Answer:
a Below is the completed worksheet indicating debit and credit entr...View the full answer
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Related Video
The owner of Blue Ridge Hot Tubs, Howie Jones, has asked for your assistance in analyzing how the feasible region and solution to his production problem might change in response to changes in various parameters in the LP model. He is hoping that this might further his understanding of LP and how the constraints, objective function, and optimal solution interrelate. To assist in this process, he asked a consulting firm to develop the spreadsheet shown earlier in Figure (and the file Fig. on your data disk) that dynamically updates the feasible region and optimal solution and the various parameters in the model change. Unfortunately, Howie has not had much time to play around with this spreadsheet, so he has left it in your hands and asked you to use it to answer the following questions
Students also viewed these Managerial Accounting questions
-
(Pension Worksheet - Missing Amounts) Kramer Co. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your...
-
Kramer Co. has prepared the following pension worksheet (amounts in $). Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the...
-
The accounting staff of Wyoming Outfitters, Inc., has assembled the following information for the year ended December 31, 2011: Cash and cash equivalents, Jan. 1 . . . . . . . . . . . . . . . . . . ....
-
For Example, 10.3 with = 0, verify that the stresses from equation (10.5.18) reduce to those previously given in Eq. (8.4.69). Data from example 10.3 Equation 10.5.18 Equation 8.4.69 Consider next...
-
Derive an expression for the magnitude of the couple M required to maintain the equilibrium of the linkage shown. of B. 1.57 151
-
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: The following is a summary of the transactions for the year:1. January 24 Provide plumbing services...
-
Automobile Injury Insurance Claims. Refer to the description in Exercise 1.5 .We consider \(n=1,340\) bodily injury liability claims from a single state using a 2002 survey conducted by the Insurance...
-
Which type of unemployment would be affected with the following changes? Would it go up or down? a. Increased employment benefits b. Heavy snowfall in Minnesota c. Online job search becomes more...
-
Statement 2: If Anton invested in a project that has a net present value of $1,000,000 at 12% cost of capital, the internal rate of return must be higher than 12%. Assume that the project has...
-
For a converging lens of focal length f, where would you place the object to obtain an image as far away from the lens as possible? How large would the image be?
-
Latoya Company provides the following selected information related to its defined benefit pension plan for 2019. Pension asset/liability (January 1)...............................................$...
-
Kreter Concepts provides the following information about its postretirement benefit plan for the year 2019. Service cost........................................................Russian Rubble 45,000...
-
A tired worker pushes with a horizontal force of 500 N on a 100-kg crate resting on a thick pile carpet. The coefficients of static and kinetic friction are 0.6 and 0.4, respectively. Find the...
-
A customer want to buy five items. He has only 220.0 OMR with him. The price of the products are listed: S.NO. Item Price (OMR) 1 Table 25.00 Chair 15.25 w Cupboard 32.50 Computer 25.25 Table Shoe...
-
Which is an element of applying the GAO's conceptual framework (framework)? O Apply the framework when unable to comply with the rule. O Evaluate the least restrictive rules to apply to a potential...
-
You are conducting a study testing whether a childs age is a good predictor of his or her height. You have collected the following data from a random sample of seven children: Age (months) Height...
-
Compliance strategy is one of the three strategies of - business regulation, which means setting standards for suppliers and consumers and means of assigncompliance: True or False
-
Write the output of the below given program import array as arr y=arr.array("i", y.append(25) [20,60, 70,10]) y.pop(3) y.insert (3,15) print(y[-1],y[1]) Answer:
-
Paula has sales that qualify to 1x? reported on the installment basis. In year 2, installment sales were $40,000 with a cost of $30,000. In year 3, installment sales were $50,000 with a cost of...
-
In the current year, the City of Omaha donates land worth $500,000 to Ace Corporation to induce it to locate in Omaha and create an estimated 2,000 jobs for its citizens. a. How much income, if any,...
-
Snow Spray Corp. (SSC) recently filed for bankruptcy protection. The company manufactures downhill skis and reports under ASPE. With the increased popularity of such alternative winter sports as...
-
Locate the audited annual financial statements (including the accompanying notes) of Maple Leaf Foods Inc. (Maple Leaf) for its year ended REAL WORLDDecember 31, 2014 (www.sedar.com). Instructions...
-
Obtain the 2014 annual report for the Royal Bank of Canada from the company's website or from SEDAR (www.sedar.com). Note that financial reporting for Canadian banks is also constrained by the Bank...
-
QUESTION #2 : The age of the internet as well as the ensuing rise of social networking in the form of FaceBook, Instagram, Twitter and TikTok has significantly changed the way individuals process and...
-
Question 5 In 50 words or more, explain how advertising is implemented through each type of media listed below. Advertising Media Types How Advertising is Implemented Through Each Type of Media i....
-
1. Research and outline the Lean Method and how it applies to marketing a products. Explain in one fifty words. 2. Outline your understanding of market research and what is should include: Be...
Study smarter with the SolutionInn App