U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes at December 31, 2020.
Plan assets $580,000
Projected benefit obligation 500,000
U.S.M.’s actuary determined that 2021 service cost is $78,000. Both the expected and actual rate of return on plan assets are 10%. The interest (discount) rate is 5%. U.S.M. contributed $138,000 to the pension fund at the end of 2021, and retirees were paid $62,000 from plan assets. (Enter your answers in thousands (i.e., 10,000 should be entered as 10).)
Required:
What is the pension expense at the end of 2021?
What is the projected benefit obligation at the end of 2021?
What is the plan assets balance at the end of 2021?
What is the net pension asset or net pension liability at the end of 2021?
Prepare journal entries to record the (a) pension expense, (b) funding of plan assets, and (c) retiree benefit payments.
Answers
Plan assets = $580,000;Projected benefit obligation = $500,000;Service cost = $78,000;Expected rate of return on plan assets = 10%;Actual rate of return on plan assets = 10%;Interest rate = 5%;Contribution by U.S.M. = $138,000;Retirees paid from plan assets = $62,000.
(a) The Pension Expense at the end of 2021 The pension expense at the end of 2021 can be calculated as follows:-
Service Cost 78,000 Interest Cost ((500,000 × 5%) − (480,000 × 5%))24,000 Expected return on plan assets(580,000 × 10%)58,000 Amortization of unrecognized prior service cost 10000 Amortization of unrecognized loss(500,000 − 480,000)÷10−2,000 Total Pension Expense 188,000 Therefore, the pension expense at the end of 2021 is $188,000.
(b) The Projected Benefit Obligation at the end of 2021. The projected benefit obligation at the end of 2021 can be calculated as follows:-
Projected Benefit Obligation at the Beginning 500,000 Service Cost 78,000 Interest Cost((500,000 × 5%) + 500,000)25,000 Benefits Paid(62,000) Projected Benefit Obligation at the End of the Year 541,000 Therefore, the projected benefit obligation at the end of 2021 is $541,000.
(c) The Plan Assets Balance at the end of 2021 The Plan Assets Balance at the end of 2021 can be calculated as follows:-
Plan Assets at the Beginning 580,000 Actual Return on Plan Assets(580,000 × 10%)58,000 Contributions by the Employer 138,000 Benefits Paid(62,000) Plan Assets Balance at the End of the Year 714,000 Therefore, the plan assets balance at the end of 2021 is $714,000.
(d) The Net Pension Asset or Net Pension Liability at the end of 2021 The Net Pension Asset or Net Pension Liability at the end of 2021 can be calculated as follows:-
Fair value of Plan Assets 714,000 Projected Benefit Obligation 541,000 Net Pension Asset 173,000 Therefore, the net pension asset at the end of 2021 is $173,000.
(e) Journal Entries to Record
(i) Pension Expense Account Service Cost 78,000 Interest Cost 24,000 Expected Return on Plan Assets 58,000 Amortization of Unrecognized Prior Service Cost 10,000 Amortization of Unrecognized Loss 2,000 Pension Expense Account 188,000
(ii) Funding of Plan Assets Account
Cash 138,000 Funding of Plan Assets Account 138,000
(iii) Retiree Benefit Payments Account
Pension Liability Account 62,000 Cash 62,000
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Related Questions
What has Ms. Blakley and her team at USC discovered about social media?
Answers
Social media apps will aid in the eradication of various societal gender stereotypes. The media defines us by repeating tired tropes. That will alter, fortunately.
How do social media sites affect gender?Social media use was solely linked to internalising symptoms for girls, according to the conditional nature of the influence on gender. Only conversing and self-presentation (posting information about oneself) on social media were positively correlated with internalising symptoms.
How does gender appear on social media?With commercials and photographs, the media promote gender roles and behavioural tendencies where women's tasks range from caring for children to working, showing women's reliance, while males are depicted as more independent and less reliant.
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what general principles can you come up with for foreign direct investors using interests, rights, and power to protect their investments in developing countries? g
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Foreign direct investment refers to any investment made into a nation by a person or business that is based abroad. FDI generally refers to the establishment of enterprises or the acquisition of ownership or a controlling interest in the stock of a company by a foreign entity.
What is the investment?Investment is the ceremonial of money to purchase an asset to attain an increase in value over a time period of time. Investment requires a sacrifice of some present quality, such as time, medium of exchange, or effort. In finance, the purpose of investing is to generate a return from the invested asset.
As an investment, what experts alter is figuring out your goals and risk permissiveness – either on your own or with the help of a financial professional. There is no warranty that you'll make money from your investment funds. Before you begin an investment fund.
Therefore, experts alter figuring out your goals and risk permissiveness investments.
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by which distribution system is more than 90 percent of u.s. coal shipped? railroads trucks waterways pipelines none of these
Answers
Railroads distribution system is more than 90 percent of u.s. coal shipped.
Rail transport is a means of transport that transfers passengers and goods on wheeled vehicles running on rails, which are incorporated in tracks. In contrast to road transport, where the vehicles run on a prepared flat surface, rail vehicles are directionally guided by the tracks on which they run.
Where is coal shipped from in the US?Exports from Norfolk, which ships more coal abroad than any other U.S. port, increased 5.8% year over year and jumped 6.4% compared to the first quarter. The ports in Buffalo, N.Y., and Cleveland booked significant increases quarter over quarter, soaring 254.6% and 419.3%, respectively.
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Assume that a security is fairly priced and has an expected rate of return of 0.17. The market expected rate of return is 0.11 and the risk-free rate is 0.04. The beta of the stock is Round your answer to two decimal points
Answers
The beta of the stock is approximately 1.86. This indicates that the stock is expected to be more volatile than the overall market.
A beta greater than 1 suggests that the stock's price is likely to move more significantly compared to the market. In this case, the expected rate of return for the stock is higher than the risk-free rate and the market expected rate of return, indicating that it offers a potential return premium. However, it also comes with higher risk and potential fluctuations in price. Investors should consider this beta when making investment decisions and assessing the stock's risk-return profile.
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COMMON MEASURE OF WHAT SOMETHING IS WORTH OR WHAT SOMETHING COSTS
Answers
Answer:
price. is the answere I am almost certain
1. I started this business after dropping out of college and my buddy and I wanted to start this company. We had very little money or business knowledge but lots of drive. We now have the largest company in the world. Who am I?
Answers
The correct answer to this open question the following.
Although these situations could be related to some "tech" geniuses, we can say that we are talking about Steve Jobs.
It is true that Steve Jobs started his business after dropping out of college, and his buddy and Jobs wanted to start this company. They had very little money or business knowledge but lots of drive.
And Steve Jobs created the world empire called Apple. Indeed, he revolutionized the world of communications with his creations.
Steve Jobs dropped out of Reed College.
Another famous and billionaire in the tech industry that dropped college was Bill Gates, the founder of Microsoft. He left Harvard University in 1975 to form his own company.
Which of the following is assigned to goods that were either purchased or manufactured for resale? A. Opportunity cost. B. Period cost. C. Product cost.
Answers
The answer is C. Product cost. Product cost is assigned to goods that were either purchased or manufactured for resale and includes direct materials, direct labor, and manufacturing overhead.
These costs are assigned to products and recorded as inventory until the products are sold, at which point they are recognized as cost of goods sold on the income statement. Opportunity cost is the value of the next best alternative that is forgone as a result of choosing a certain course of action. Period costs, on the other hand, are not directly related to the production process and are expensed in the period incurred, such as selling and administrative expenses.
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Tanger Company had the following data: Service Revenue = $10,000 Rent Expense = $2,000 Salaries Expense = $1,200 Utilities Expense = $800 What is Net Income for Tanger Company?
Answers
The Net Income for Tanger Company will be $6,000.
Net IncomeNet Income means the the cost of sales, less cost of goods sold, general expenses, taxes, interest etc
Particulars Amount
Service Revenue $10,000
Expenses
Rent Expense $2,000
Salaries Expense $1,200
Utilities Expense $800 $4,000
Net Income $6,000
In conclusion, the Net Income for Tanger Company will be $6,000.
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the role of an auditor is to: multiple choice question. record daily financial transactions
Answers
This statement is False. An auditor is responsible for independently examining and verifying the accuracy and completeness of a company's financial records and transactions.
Auditors use their expertise in accounting and finance to ensure that a company's financial statements and financial disclosures are accurate, complete, and in accordance with applicable laws and regulations. This includes examining a company's financial records, analyzing its internal controls, and assessing its compliance with applicable laws and regulations. Auditors also provide reasonable assurance that a company is adhering to accepted accounting principles and issuing financial statements that are free from material misstatements.
Auditors typically review a company's financial statements, including the balance sheet, income statement, and cash flow statement, in order to verify that the financial statements and accompanying notes reflect the company's true financial position. They may also review a company's accounting records and other documents in order to assess its compliance with applicable laws and regulations.
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Please help with economics for 100 points and brainliest
Answers
Answer: Okay, I’ll try.
Explanation:
the answer to your question is A
Suppose that the weekly profit, in dollars, of producing and selling x cars is P (x) = negative 0.007 x cubed - 0.2 x ^2 + 1000 x - 1100,and currently 60 cars are produced and sold weekly. Use P (60) and the marginal profit to estimate the weekly profit of producing and selling 62 cars. Round to the nearest dollar.
Answers
Answer:
The weekly profit "P" of producing and selling "x" cars, is given by the expression \(P(x)= -0.007x^3-0.2x^2+1000x-1100\).If the amount of cars produced and sold are x=60, then the profit linked to those 60 cars will be given by \(P(60)= -0.007(60)^3-0.2(60)^2+1,000(60)-1,100\), where the amount of cars "x" has been replaced by 60. This equals \(P(60)=56,668\). Marginal profit is defined as the change in profits when the amount of cars produced and sold change in a unit. Matematically, it equals the derivative of P(x) in terms of x: \(\frac{\partial P(x)}{\partial x}= -0.021x^2-0.4x+1,000\) . If the amount of cars produced and sold change in two units, then the marginal profit (or additional profit) obtained by producing and selling these two additional cars is \(-0.021(2)^2-0.4(2)+1,000\) ≈ \(1,000\).Then, producing and selling 62 cars would produce a benefit of \(\$56,668+\$1,000= \$57,668\).I want a monthly income of $7,000 during my retirement. I will retire at 67 and "plan" to live until 97 (30 years after retirement). I am 42 right now. If I have $200,000 in retirement account right now, how much should I save each quarter until retirement to meet my income requirement during retirement.
Assume: 6% annual rate of return until retirement, compounded quarterly.
Assume: 0.25% monthly rate of return compounded monthly, after retirement.
This problem has multiple steps.
Please show all equations and steps.
Answers
To determine the quarterly savings to meet the income requirement during retirement, we need to calculate the future value of the 200,000 retirement account when the person retires. Then, we can use an annuity formula to determine the quarterly savings required to reach a future value that can generate 7,000 per month of retirement income.
Let's start with calculating the future value of the retirement account when the person retires. Here are the steps:Step 1: Determine the number of quarters between now and retirement.In 25 years (from age 42 to 67), there are 100 quarters (25 x 4 quarters per year).Step 2: Calculate the future value of the retirement account when the person retires using the compound interest formula.
\(FV = PV x (1 + r/n)^(n*t)\),
Where FV is the future value, PV is the present value, r is the annual interest rate, n is the number of times compounded per year, and t is the number of years.
\(FV = 200,000 x (1 + 0.06/4)^(4*100) = 1,496,932.54\)
Step 3: Use an annuity formula to determine the quarterly savings required to reach the future value that can generate 7,000 per month of retirement income. Annuity formula:
\(P = (r x PV) / (1 - (1 + r)^(-n)),\)
Where P is the periodic payment, r is the interest rate per period, PV is the present value, and n is the total number of periods.
\(P = (7,000 x 12) / (0.0025 x (1 + 0.0025)^(30 x 12) - 1) = 1,132.35\)
The quarterly savings required to meet the income requirement during retirement is:
P/4 = 1,132.35 / 4 = 283.09 Therefore, the person needs to save 283.09 each quarter until retirement to meet the income requirement during retirement.
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appreciative inquiry engages individuals, teams, or the entire organization in creating change by:
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Appreciative Inquiry is a process that engages individuals, teams, or the entire organization in creating positive change by focusing on strengths, successes, and possibilities rather than weaknesses and failures.
The process begins by identifying what is working well in the organization and what people value most about it. From there, individuals or teams are encouraged to explore what they can do to enhance and build upon those positive elements. Appreciative Inquiry involves asking open-ended, positive questions that promote self-reflection, creativity, and collaboration. It encourages people to share stories of success and identify common themes and patterns that can be leveraged to create meaningful change.
Appreciative Inquiry is not about fixing problems or finding faults. Rather, it is about harnessing the energy and creativity of individuals and teams to create a shared vision of a positive future and develop concrete actions to achieve that vision. By focusing on what is working well and what people want more of, Appreciative Inquiry can help organizations build a culture of positivity, innovation, and continuous improvement.
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The degree to which education level and income are so closely tied to voter participating in the united states is _____ when compared to european countries.
Answers
The complete statement is "The degree to which education level and income are so closely tied to voter participating in the united states is unusual when compared to European countries."
What are education level and income?Generally, According to the findings of various pieces of research, the level of education has a significant bearing on both income and wealth.
There is a correlation between higher levels of education and higher levels of liquid assets held by households.
These households are better able to weather financial storms, diversify their savings (investments), and keep their debt-to-asset ratios low.
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Juan has borrowed heavily to get through college and expects to be able to pay back his large student loans after he marries and begins a family. What is a problem with juan's plan?
Answers
The problem with the plan is that many families have difficulty repaying loans after marriage.
Many families have trouble repaying loans after marriage and their own family due to the fact they have got the extra price of children at the side of a drop in earnings (or an increase in child care charges) if a figure quits work to be home with the kids.
A family is a group of or extra individuals related by birth, marriage, or adoption who live together; all such associated men and women are considered contributors to one own family.
These bonds are critical due to the fact family enables us to get through the most disastrous times and the exceptional times. A circle of relatives is crucial due to the fact they could provide aid and safety coupled with unconditional love; they may always look to look and bring out the best in you even in case you cannot see it for yourself.
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Which of these does research indicate is NOT a construct in the 4C model of mental toughness? Control Commitment Consistency Challenge Confidence.
Answers
Research on the 4C model of mental toughness has identified all of the constructs mentioned as important components of mental toughness except for Control.
Control has been found to be a separate construct from mental toughness, and is instead related to concepts such as locus of control and self-efficacy. Challenge, Confidence, Commitment, and Consistency are all important components of mental toughness, as they relate to an individual's ability to handle stress, overcome obstacles, and maintain a positive mindset in difficult situations. In order to develop mental toughness, it is important to focus on building these traits through practice, training, and experience. By challenging oneself, building confidence, committing to goals, and maintaining consistency, individuals can develop the mental toughness needed to succeed in a variety of contexts. In summary, research indicates that Control is not a construct in the 4C model of mental toughness, while Challenge, Confidence, Commitment, and Consistency are all important components.
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1. Define business organisation 2. write short notes on the following a. sole proprietorship b. Population - census
Answers
Answer:
A business organization is an entity or firm that is formed to carry out commercial activities
A sole proprietorship is a business organization or entity owned by an individual only.
Population census is the official counting of a particular number of people living in a particular territory, region or country at a particular time for socio-economic, demographic, political purposes.
Which aspect can help employees experience job satisfaction and self-esteem? Through good _____ , employees can experience increased job satisfaction levels, better self-esteem, and improved communication skills.
Answers
Answer: Communication skills
Explanation:
Communication is vital in working in any organization. Good communication would help anyone who is employed to easily adapt to the working environment and begin to create impact immediately, while when there is no good communication it would limit how well an individual works in an organization. Good communication would also help him interact and express his skills better, same as opinions and suggestion, which could move the organization to greater heights.
Answer:
Through good attitude,
Explanation:
I'm working on the Personal Qualities and Interpersonal Skills: Mastery Test on edmentum/plato and got a 5/5 with this answer
Technology allows firms to listen to customers' wants, track their purchases, provide them with better service, and give them more access to information.
Answers
Answer:
This is true
Explanation:
With the recent development in modern communication technologies, communication with customers is is now very easy and yet very sophisticated. The advent of modern day communication in business like the internet and online shopping had now made it possible for a customer to communicate their wants easily to the seller and also make purchase, track their purchase and easily access more information about their seller and their purchase all from the comfort of their homes.
List the sourcesvof obtaining inform related to foriegn employment ..
Answers
Answer:
not having any idea.........
Explanation:
⚘ Correction :List the sources of obtaining information related to foreign employment.⚘ Answer :Different sources of information are available for foreign employment. The institutions and individuals involved in foreign employment - related work and their web sites and training institutions and their publications provide information on foreign employment. Some of the sources of obtaining information related to foreign employment are mentioned below with description :
✎ Noticeboards : Manpower companies put vacancy announcement notice on the noticeboards as demanded by foreign employers. The following details are included in the demand paper and the same are stated in the notice.
Name of a countryName of companyNumber of vacancyMinimum qualificationMonthly salaryContract periodFacilitiesRequired skills✎ Booklets : Information can be obtained from booklets published by concerned authorities and institutions. Required skills , qualification , training , ability , post etc. are published in the booklets.
✎ Institutions or individuals involved in foreign employment : Foreign employment may directly contact the government offices to demand required workers. Therefore , we can contact such offices to obtain information.
✎ Publication of training institutions : Publications of training institutions , which provide employment - oriented training can be reliable sources of information for foreign employment.
✎ Web sites : Web sites of employers are reliable sources of information for foreign employment. Interested candidates can apply for the job through the Internet or web sites. Physical contact is not necessary for selection procedures.
✎ Newspapers and magazines : Newspapers are very popular means of communication. They are published daily , weekly , fortnightly and monthly basis. Notices on foreign employment are published in such newspapers and magazines. Clear details are included in the notices .
✎ Radio , F.M and Television : Radio , F.M and television disseminate information immediately to public. These are very popular and important means of communication. They broadcast different entertaining programmes , news , information etc. They also broadcast information on foreign employment.
✎ Public relation : Public relation is another source of information on foreign employment. We can obtain information through individuals , symposiums , meetings , interaction programmes etc.
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You are an American, working for a US hospital. The hospital sells services to a French hospital. Given a depreciation of the Euro, your French subsidiary (the one that receives the revenues from the French Hospital) received a lesser income last year, although a clause in your contract stipulates adjustment payment in US dollars. Therefore, your subsidiary has a balance sheet loss, although your consolidated global result is positive. This type of foreign exchange risk is known as:
Answers
Answer:
translation exposure
Explanation:
Translation exposure is also known as translation risk. In this type of risk, the value of a company's assets, equities, income, or liabilities change due to changes in the exchange rate,
French subsidiary received a lesser income last year, although payment will be adjusted in US dollars as per the contract.
Due to this, the subsidiary has a balance sheet loss, although the consolidated global result is positive.
This type of foreign exchange risk is known as translation exposure.
when combined with data such as occupation and income, which demographic gives marketers a pretty accurate prediction of purchase behavior?
Answers
Demographic analysis, which can be applied to entire societies or particular groups depending on criteria like education.
The nationality, religion, and ethnicity, examines and measures the dimensions and dynamics of populations. Even though there are several independent departments of demography, educational institutions[2] often treat demography as a branch of sociology. [3] Although these methods were originally developed to examine human populations, they are now applied to a variety of different fields where researchers are interested in how populations of social actors may change over time as a result of events like birth, death, and migration. To get an unbiased population estimate in the context of human biological populations, demographic analysis examines administrative records. Demographic analysis estimates are commonly viewed as a
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In your opinion, will social media platforms such as Twitter ever replace newspapers or television news? Why or why not?
Answers
Answer: No
Explanation: Because Twitter is a social media and much of the information from it is from actual news sources that are linked or just paraphrased. News tweets you'll see from Twitter and other platforms like Reddit are always from a different source and the people who use these social medias are not always reputable enough for news to actually come from them.
What is the main idea of this text?
Mari Copeny takes action to save her city
Readwork
For more information ask
Answers
Answer:
Mari's activism helped people around the country to learn more about the problems in her town.
A simple machine has efficiency 90%.What does it mean?No machine has 100%efficiency,Why?
Answers
Answer with explanation:
1) it means tht the machine can do it's work in a 90% in a good way
2) no machine is free from the effects of gravity, and even with wonderful lubrication the energy a machine produces is always less than the work put into it that's why 100% efficency isnt possible in machines.
Best of luck!!!
Thomas and stephani are married with four qualifying children. Their earned income is 28500. Calculate the eic using the eic formula
Answers
Answer:
$6,557.
Explanation:
Following the eic formula, The eic of Thomas and Stephani filling as jointly married with over 3 children and an income < $55952 is = $6,557.
using the eic formula
= $6557
according to mr. cochran you may resort to civil disobedience if your cause is just, it affects most people, you have tried to work through the system, you are willing to pay the fine and/or go to jail, and you remain non-violent. Trrue or false?
Answers
According to Mr. Cochran, It is true that you may resort to civil disobedience if your cause is just, it affects most people, you have tried to work through the system, you are willing to pay the fine and/or go to jail, and you remain non-violent. The correct option is True.
What is civil disobedienceCivil disobedience is the active, professed refusal of a citizen to obey certain laws, demands, orders or commands of a government. By some definitions, civil disobedience has to be nonviolent to be called "civil". Hence, civil disobedience is sometimes equated with peaceful protests or nonviolent resistance. The main purpose of civil disobedience is bringing about a change in laws or government policies. Also, a refusal to cooperate with unjust laws, policies, or government demands.
Civil disobedience can be active or passive, direct or indirect.
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Fill in the blank. Those who borrow money are on the______________________ the financial market.
A. Price side
B. Supply side
C. Control side
D. Demand side
Answers
Answer:
Demand side
Explanation:
an insurance company is sued for breach of contract. at the end of the trial, the trial judge issues a judgement n.o.v. (notwithstanding the verdict). what does that mean
Answers
The specific legal procedures and standards for granting a judgment n.o.v. may vary depending on the jurisdiction and the applicable laws.
When a trial judge issues a judgment n.o.v. (notwithstanding the verdict), it means that the judge is overturning the jury's verdict and entering a judgment in favor of the opposite party in the lawsuit. In other words, the judge is disregarding the jury's decision and making their own determination on the outcome of the case.
The judgment n.o.v. is typically granted when the judge believes that the jury's verdict was unreasonable or not supported by the evidence presented during the trial. It is a way for the judge to correct what they perceive as a mistake in the jury's decision.
In the context of an insurance company being sued for breach of contract, if the trial judge issues a judgment n.o.v., it means that the judge is ruling in favor of the party suing the insurance company and overturning the jury's verdict, potentially awarding damages or other remedies to the plaintiff.
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In the open-economy macroeconomic model, if for some reason foreign citizens want to purchase more U.S. goods and services at each exchange rate, then a. the demand for dollars in the market for foreign-currency exchange shifts right. b. the demand for dollars in the market for foreign-currency exchange shifts left. c. the supply of dollars in the market for foreign-currency exchange shifts right. d. the supply of dollars in the market for foreign-currency exchange shifts left.
Answers
Answer: a. the demand for dollars in the market for foreign-currency exchange shifts right.
Explanation:
If foreigners wanted to buy more U.S. goods and services, they would demand more dollars to do so as U.S. goods and services are denominated in dollars. This would shift the demand curve for U.S. dollars to the right to reflect the increase.
With the demand curve having shifted right, it will intersect with the supply curve at a higher rate. This new equilibrium point would mean a higher exchange rate which means the U.S. dollar would get stronger.