Presented below is the preclosing trial balance for the Retiree Health Benefit Trust of the Alger County School District. Trial Balance—December 31, 2024 Debits Credits Accrued Interest Receivable $17,000 Cash 10,200
Q: Conner and Matsuko paid $1,000 and $2,000, in qualifying expenses for their two sons, Jason and…
A: The American Opportunity Tax Credit (AOTC) is a credit for qualified education expenses paid by an…
Q: On the first day of the fiscal year, a company issues a $3,400,000, 7%, 10-year bond that pays…
A: Journal entries are made to record the transactions as the first process in the books of accounts…
Q: Devereaux Cycles makes three models of scooter: Commuter, Sport, and X-treme. The scooters are…
A: Product cost is the amount of cost incurred by the entity on the making of the goods. It includes…
Q: applying factory overhead should be direct labor hours, which are estimated to be 96,900 hours.…
A: a. To compute the foreordained production line overhead rate, separate the assessed plant overhead…
Q: The single-step income statement for a merchandiser shows O other expenses and losses in a separate…
A: A single-step income statement is a format of income statement which does not classify revenues…
Q: The controller of Pharoah Industries has collected the following monthly cost data for use in…
A: Variable cost is the cost that changes with change in the activity of cost driver used. The variable…
Q: On January 1, 2024, a company adopted the dollar-value LIFO method. The inventory value for its one…
A: The inventory can be valued using various methods as LIFO, FIFO and average method. Using LIFO…
Q: INA TOLOWING ASTIMATAS that are relate to the operation menanments is as Thin Required information…
A: The objective of the question is to calculate the total amount of machine maintenance cost that will…
Q: Escobar and Rose are both age 36 and file a joint return. Neither is covered under an employer plan.…
A: The question is asking for the maximum combined deductible Individual Retirement Account (IRA)…
Q: Under what circumstance should a German company prepare its financial statements under German GAAP…
A: Answer:- Financial statements meaning:- A financial statement provides a brief overview of the…
Q: The Greensboro Performing Arts Center (GPAC) has a total capacity of 9,000 seats: 2,600 center…
A: Sales mix refers to the mix of sales of different products that a company sells in respect to the…
Q: rofit or loss contract m
A: Contract price402000Cost incurred in 2020252000Estimated additional cost to complete162405Total cost…
Q: he journal entry to close Fees Earned, $138, and Rent Revenue, $25, during the year-end closing…
A: The objective of this question is to understand the correct journal entry to close the revenue…
Q: Question Content Area An invoice received included the following information: merchandise price,…
A: Amount of cash that should be paid by the buyer = $4,024c. $4,024 is the correct…
Q: Required information Exercise 12-17 (Algo) Equity investments; fair value through net income…
A: At the end of an accounting period, adjusting entries are recorded to ensure the accuracy and…
Q: Question Content Area Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on…
A: The question is asking for the amount of sales discount allowable for a merchandise sold on account…
Q: A C corporation has a fiscal year-end of November 30. It does not request an extension of time to…
A: The question is asking for the deadline for a C corporation to file its income tax return if it has…
Q: Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has…
A: A cash budget is a forecast of expected cash revenues and disbursements over the course of a given…
Q: Samantha, who is single and has MAGI of $42,300, was recently employed by an accounting firm. During…
A: Answer:- Reimbursement is the process of paying someone back for charges they have borne or incurred…
Q: Greer Utsey earned $49,100 in 2022 for a company in Kentucky. Greer is single with one dependent…
A: Payroll tax: A payroll tax is a tax withheld from an employee's salary by an employer who remits it…
Q: Required: 1. What adjusting entry for each item (a) through (g) should Jay record at December 31? 2.…
A: The income statement is one of the financial statements that is prepared by the companies at the end…
Q: The Foundational 15 (Algo) [LO7-1, L07-2, LO7-3, LO7-4, L07-5] [The following information applies to…
A: The difference between the sales and variable Costs is reported as contribution Margin. The…
Q: Taylor Fishing Charters has collected the following data for the December 31 adjusting entries: View…
A: Adjusting entries is important for organizations to follow the accrual principle. These entries help…
Q: Dakota is an unmarried taxpayer with one dependent child, age 18, living in Dakota's home. Dakota…
A: Ms. Dakota qualifies as a head of household as she is unmarried and have a independent child.AGI =…
Q: Required Information Exercise 12-17 (Algo) Equity investments; fair value through net income…
A: The company entities document the business transactions in the journal to keep track of them.…
Q: From the postings in the accounts, indicate how the information is reported by preparing a partial…
A: Cash flows from operating activities indicate the cash generated by the operation's income is used…
Q: repare a 2024 balance sheet for Willis Corporation based on the following information: Cash =…
A: Balance sheet is a financial statement that shows a list of the final ending balance of assets,…
Q: Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department…
A: The cost per equivalent unit of production (EUP) under FIFO method is computed by dividing the total…
Q: No Prepare Journal entries to record the following transactions for Allied assuming It uses a…
A: Journal entries are made to record the transactions as the first process in the books of accounts…
Q: ndraw from the partnership, le nt, when a partner withdraws ndent appraiser. The withdraw ng an…
A: General JournalAccounts & ExplanationDebit ($)Credit ($)Building110,000Matteson's…
Q: Weller Company's budgeted unit sales for next year are provided below: 1st Quarter 2nd Quarter 3rd…
A: Budget is the statement prepared by the entity for the purpose of estimating the costs for a…
Q: The following information appears on the balance sheet of Hamilto Accounts receivable $210,000…
A: Lets understand the basics.Retained earnings is a all amount retained at the end in the business. It…
Q: Audit Procedures for Special Purpose Financial Statements: Special purpose financial statements are…
A: Limited customization refers to the fact that audit procedures for special purpose financial…
Q: Requirements 1 and 2. Post the journal entries (including dates) to the T-accounts. Compute the July…
A: T-Accounts are the T-shaped ledger prepared to record all the Journal entries of a specific account.…
Q: Which of the following statements regarding a Coverdell Education Savings Account (CESA) is correct?…
A: The objective of the question is to identify the correct statement about a Coverdell Education…
Q: Webster Company produces 25,000 units of product A, 15,000 units of product B, and 17,500 units of…
A: Inventory includes all the items, merchandise, and raw materials that are used by the business…
Q: Please Answer with step by step-by-step explanation
A: Assets means all type of rights and resources being held in business. There can be short term assets…
Q: Belmain Co. expects to maintain the same inventories at the end of 20Y7 as at the beginning of the…
A: Number of Unit Estimated to be Sold = 10,200Selling Price per unit = $200Total Sales = 10,200 * $200…
Q: 22. Using the following accounts and their balances, prepare the unadjusted trial balance for Carter…
A: Common stock is taken by those people who want to invest in the stock market or public exchange and…
Q: The balance in the prepaid rent account before adjustment at the end of the year is $12,864, which…
A: The objective of the question is to determine the correct adjusting entry for the prepaid rent…
Q: 1. Determine ending inventory and cost of goods sold at the end of the year. 2. Assuming that…
A: Computation of ending inventory:- Particulars Amount…
Q: You are requested to provide Almora with the amount of each of the 25 rental payments that will…
A: A lease is an agreement between the owner of the property or asset and another party who wants to…
Q: Colby Limited is a manufacturing company whose total factory overhead costs fluctuate somewhat from…
A: The costs incurred for the production are classified as fixed and variable costs. The high low…
Q: Indicate where each item would appear on a statement of cash flows using the indirect method by…
A: Cash flow statement : It is one of the financial statements that shows change in cash and cash…
Q: The City of South River budget for the fiscal year ended June 30, 2024, included an appropriation…
A: Budgets means estimates or forecasts made for future. This means quantitative expression for future…
Q: Pension data for the Jones Company include the following for the current calendar year: Discount…
A: Answer:- Pension expense is the amount that a company charges to expense in relation to its…
Q: The balance sheet of Logan Company reports total assets of $750,000 and $800,000 at the beginning…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Lavage Rapide owns and operates a large automatic car wash facility near Montreal. The following…
A: Revenue and spending variance is computed as Actual results less flexible budget amounts.Activity…
Q: Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department…
A: The cost per equivalent unit of production (EUP) under FIFO method is computed by dividing the total…
Q: if a company incurs legal obligations associated with the retirement of a tangible long-lived asset…
A: Property, plant, and equipment refers to those assets which are long-term in nature and are used by…
Presented below is the preclosing
| Trial Balance—December 31, 2024 | Debits | Credits |
|---|---|---|
| Accrued Interest Receivable | $17,000 | |
| Cash | 10,200 | |
| Accounts Payable | $4,500 | |
| Contributions—Employee | 355,000 | |
| Contributions—Employer | 637,000 | |
| Deductions: Benefit Payments | 610,000 | |
| Deductions: Administrative Expense | 32,000 | |
| Increase in Fair Value of Investments | 270,000 | |
| Investment Income—Dividends | 65,000 | |
| Investment Income—Interest Income | 150,300 | |
| Investments—Corporate Bonds | 1,222,000 | |
| Investments—Corporate Stocks | 2,272,000 | |
| Investments—U.S. Treasury Securities | 650,000 | |
| Fiduciary Net Position Restricted—for other post-employment benefits | 3,543,700 | |
| Receivables—Employee | 22,300 | |
| Receivables—Employer | 190,000 | |
| $5,025,500 | $5,025,500 |
Required:
Prepare (1) the year-end closing entries, (2) a Statement of Changes in Fiduciary Net Position, and (3) a Statement of Fiduciary Net Position for the year ended December 31, 2024.
Step by step
Solved in 5 steps with 3 images
- Below is the information off the preclosing trial balance for the Retiree Health Benefit Plan of the Alger County School District. Debits: Accrued Interest Receivable $15,500; Cash $10,200; Deductions: Benifits Payments $590,000; Deductions: Administrative Expense $28,000; Investments: - Corporate Bonds $1,222,000; Investments - Corporate Stocks $2,272,000; Investments - u.S. Treasury Securities $650,000; Receivables - Employee $22,300; Receviables - Employer $190,000; Total $5,000,000 Credits: Accounta Payables $4,500; Contributions - Employee $355,000; Contributions - Employer $637,000; Increase in Fair Value of Invesrtment $359,000 ; Investment Income - Dividends $77,000; Investment Income - Interest Income $150,300; Fiduciary Net Positon Restricted - for Other Postemployment Benifits $3,417,200; Total $5,000,000 Required: Statement of Fiduciary Net PositionBelow is the information off the preclosing trial balance for the Retiree Health Benefit Plan of the Alger County School District. Debits: Accrued Interest Receivable $15,500; Cash $10,200; Deductions: Benifits Payments $590,000; Deductions: Administrative Expense $28,000; Investments: - Corporate Bonds $1,222,000; Investments - Corporate Stocks $2,272,000; Investments - u.S. Treasury Securities $650,000; Receivables - Employee $22,300; Receviables - Employer $190,000; Total $5,000,000 Credits: Accounta Payables $4,500; Contributions - Employee $355,000; Contributions - Employer $637,000; Increase in Fair Value of Invesrtment $359,000 ; Investment Income - Dividends $77,000; Investment Income - Interest Income $150,300; Fiduciary Net Positon Restricted - for Other Postemployment Benifits $3,417,200; Total $5,000,000 Required: Prepare (1) the year - end closing entries. (2) a Statement of Changes in Fiduciary Net Position for the year ended December 31, 2020.The following data are for Guava Company's retiree health care plan for the current calendar year. Number of employees covered Years employed as of January 1 Attribution period EPBO, January 1 EPBO, December 31 Interest rate Funding and plan assets None What is the service cost to be included in the current year's postretirement benefit expense? O $3,200. $4,000. 5 4(each) 20years O $3,180. O $3,000. $ 60,000 $ 63,600 6%
- The following data are for Guava Company's retiree health care plan for the current calendar year. Number of employees covered Years employed as of January 1 Attribution period EPBO, January 1 EPBO, December 31 Interest rate Funding and plan assets Multiple Choice O O What is the service cost to be included in the current year's postretirement benefit expense? (Round your answer to the nearest whole dollar.) $3,200. $3,456. $3,900. 5 4 (each) 20years $3,306. $ 64,000 $69,120 8% NoneHelp Save & Exit Submit The following information is related to the defined benefit penslon plan of Dreamworld Company for the year: Service cost Contributions to pension plan Benefits paid to retirees Plan assets (fair value), January 1 Plan assets (fair value), December 31 Actual return on plan assets $ 60,000 110,000 150,000 640,000 750,000 150,000 900,000 960,000 PBO, January 1 PBO, December 31 Discount rate 10% Long-term expected return on plan assets 9% Assuming no other relevant data exist, what is the pension expense for the year? Multiple Choice $60,000. $170,000. Next > Prev 12 of 39 SI Question no...pages pdf Question no....pages MacBook AirThe statement of fiduciary net position for a school district's defined benefit pension plan shows the following (in condensed form and in thousands) Assets Cash and short-term investments $ 66,129 Receivables 49,946 Investments at fair value 3,565,931 Total assets $3,682,006 Liabilities Benefits payable to current employees and retirees $ 4,212 Net position $3,677,794 A. The plan has been in operation for over 20 years and covers all school district employees. What is the most reasonable explanation of why the benefits payable to current employees and retirees is so small relative to plan assets? B. Suppose that in the current year the school district’s annual required contribution was $6,300,000. In the past, the district has always paid the annual required contribution in full. However, in the current year the district budgeted and paid into the pension trust fund only $5,000,000. 1. Prepare the journal entry that the district (not the plan) should make to record the year's pension…
- (Post-Retirement Benefit Expense Calculation and Entries, IFRS, ASPE) Opsco Corp. provides the following information about its post-retirement health-care benefit plan for the year 2023: Current service cost $ 202,500 Contribution to the plan 47,250 Actual return on plan assets 141,750 Benefits paid 90,000 Plan assets at January 1, 2023 1,597,500 Defined post-retirement benefit obligation at January 1, 2023 1,822,500 Discount rate 9% Instructions Assuming Opsco follows IFRS, calculate the post-retirement benefit expense for 2023, and prepare all required journal entries related to the post-retirement benefit plan that were made by the company in 2023. Assuming Opsco follows ASPE, calculate the post-retirement benefit expense for 2023, and prepare all required journal entries related to the post-retirement benefit plan that were made by the company in 2023.Integrity Company provides retirement benefits to employees through defined benefit plan. The trustee administering the plan and your analysis of the plan provided the following information for the year ended December 31, 2021: *Plan assets at fair value, January 1-P1,250,000 *Benefit obligation, January 1-P1,350,000 *Contribution to the fund P2,360,000 *Service cost-P2,000,000 *Discount rate-9% *Actuarial loss on defined benefit obligation - P50,000 *Actuarial loss on plan assets - P2,000 *Past service cost because of plan amendment - P300,000 *Benefits paid - P120,000 How much is the retirement benefit cost that is taken to other comprehensive income for the year 2021? A. 52,000 B. 50,000 C. 2,000 D. 0The information below pertains to the retiree health care plan of Thompson Technologies: Accumulated postretirement benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI ($ in thousands) 2024 Beginning 2024 Ending Balances Balances $ 450 $475 0 1. Service cost 2. Postretirement benefit expense 3. Net benefit liability (450) 125 (51) Thompson began funding the plan in 2024 with a contribution of $128,000 to the benefit fund at the end of the year. Retirees were paid $53,000. The actuary's discount rate is 6%. There were no changes in actuarial estimates and assumptions. (S in thousands) 75 (400) 112 (50) Required: 1. Determine the service cost for 2024. 2. Determine the postretirement benefit expense for 2024. 3. Determine the net benefit liability for 2024. Note: For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200).
- The following information pertains to Havana Corporation's defined benefit pension plan: ($ in thousands) 2021 2022 Beginning Beginning balances balances Projected benefit $ (6,000 ) 2$ (6,504 ) obligation Plan assets 5,760 6,336 Prior service cost-AOCI 600 552 Net loss-AOCI 720 _786 In 2021, Havana contributed $696 thousand to the pension fund and benefit payments of $624 thousand were made to retirees. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions regarding the PBO. What is Havana's 2021 service cost? O 276K 528K O 648K O Cannot be determined from the given information.The following information pertains to Havana Corporation's defıned benefit pension plan: ($ in thousands) 2021 2022 Beginning Beginning balances balances Projected benefit $ (6,000 ) (6,504 ) obligation Plan assets 5,760 6,336 Prior service cost-AOCI 600 552 Net loss-AOCI _720 786 In 2021, Havana contributed $696 thousand to the pension fund and benefit payments of $624 thousand were made to retirees. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions regarding the PBO. What is Havana's 2021 actual return on plan assets? O 504,000 O 618,000 O 1,128,000 O 576,000The following information relates to the defined benefit pension plan for the Citywide Company for the year ending December 31, 2018: Present value of benefit obligation, January 1 P6,900,000 Present value of benefit obligation, December 31 7,793,500 Fair value of plan assets, January 1 7,552,500 Fair value of plan assets, December 31 8,347,500 Employer contribution 637,500 Benefits paid to retirees 585,000 Settlement rate 10% Ceiling -- January 1 300,000 How much would be the net pension cost for the year 2018?