Answer:
Pension liability at December 31, 2017 is ($229,700)
Explanation:
Projected benefit obligation $561,600
Less: Plan assets $331,900
Pension liability at December 31, 2017 -$229,700
Answer:
An contract is an understanding agreement that can be implemented in court it is a shaped by two or more gatherings who consent to perform or to cease from playing out some demonstration now or later on . The target hypothesis of agreements not by the individual or subjective aim or conviction of a gathering .The hypothesis is that gathering's expectation to go into an agreement is judged by outward destinations truths as deciphered by a sensible individual ,as opposed to by the gathering's mystery subjective aims . the essential components of a substantial contract and the path in which an agreement is made. The agreements that fall under this circumstance would be the agreement of arrangement contract of development ,contract of execution and the agreement of enforceability. The main contract would be the agreement of arrangement .They are contracts that are grouped in light of how when an agreement of development .
In the event that Ed had constantly paid for all the earlier pieces of candy, there gives off an impression of being suggested in actuality contract taking into account the earlier course of dealings amongst Ed and Fran.
Waving the sweet treat at Fran can be seen as an affirmation that Ed was not surreptitiously taking the piece of candy, but rather was demonstrating that he would get her the cash for that one later. His questionable signal in light of the gatherings earlier course of managing could sensibly be translated by Fran as a nonverbal IOU at the cost of that 1 piece of candy.There can likewise be an inferred in law contract taking into account the same certainties since to not force a suggested in law guarantee to pay results in the uncalled for improvement of Ed at the expense of Fran.Either sort of inferred contract is enforceable in Court.
The situation between Ed and Fran and the brownie forms an implied-in-fact contract, based on their established habitual behaviors. It's an executed and enforceable contract assuming there are no factors that may render the contract unenforceable.
In the scenario presented, a contract indeed exists between Ed and Fran. This is an implied-in-fact contract because it was formed by the conduct of the parties involved rather than a formal agreement. Ed's habitual behavior of picking up items and paying for them establishes a pattern of conduct and an unspoken agreement.
In terms of performance, this is an executed contract, because Ed picked up a brownie and walked out. Presumably, from past behavior, he is expected to pay later.
As for enforceability, assuming there are no elements that may render the contract unenforceable (such as fraud or mistake), it is enforceable. Fran could presumably sue for breach of contract if Ed failed to pay for the brownie.
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Answer: A and B
Explanation: The above projects is likely to have higher asset beta other things being equal because people or workers are motivated by Money which would aid them to perform and give hundred percent on any project.
Abraham Maslow gives us a good explanation around Motivation-Starting from the premise that each human being is motivated by needs that are inborn, presumably as a result of tens of thousands of years of evolution, the Maslow theory of motivation suggests a hierarchy of needs:
Physiological needs
These are the very basic needs such as air, water, food, sleep, sex, etc. When these are not satisfied we may feel sickness, irritation, pain, discomfort, etc. These feelings motivate us to alleviate them as soon as possible to establish homeostasis. Once they are alleviated, we may think about other things.
Safety needs
These have to do with establishing stability and consistency in a chaotic world. These needs are mostly psychological in nature. We need the security of a home and family. However, if a family is dysfunction, i.e., an abused child - cannot move to the next level as she is continuously fearful for her safety. Love and a sense of belonging are postponed until she feel safe.
Love and needs of belonging
Humans have [in varying degrees of intensity] a strong desire to affiliate by joining groups such as societies, clubs, professional associations, churches and religious groups etc. There is a universal need to feel love and acceptance by others.
Self-Esteem needs
There are essentially two types of esteem needs:self-esteem resulting from competence or mastery of a task; and the esteem and good opinion of other people.
The need for self-actualisation
Maslow theory of motivation proposes that people who have all their "lower order" needs met progress towards the fulfilment their potential. Typically this can include the pursuit of knowledge, peace, esthetic experiences, self-fulfillment, oneness with God, nirvana, enlightenment etc. So ultimately this is all to do with the desire for self transcendence.
Project A and Project C are likely to have higher asset betas due to their specific characteristics.
The asset beta of a project depends on various factors, including the risk profile of the project. In the given scenarios, the project with a higher asset beta would be:
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Answer:
POAR= 170% of the direct material cost.
Explanation:
Explanation:
The predetermined overhead absorption rate (POAR: The overhead absorption is a rate which is used to charge overheads to production units. Note that this rate is computed using estimated figures
The rate is computed as follows:
Predetermined overhead absorption rate
POAR
= (Budgeted overhead for the period/Budgeted direct material cost)× 100
= $680,000/400,00 × 100
= 170% of the direct material cost.
b. Journalize the adjusting entry on December 31 for the amortization of the patent rights.
c. Journalize the adjusting entry on December 31 for the impaired goodwill.
Answer:
April 1
Debit : Patent $1,500,000
Credit : Cash $1,500,000
December 31
Debit : Amortization $125,000
Credit : Accumulated Amortization $125,000
December 31
Debit : Impairment loss $6,000,000
Credit : Accumulated Impairment loss $6,000,000
Explanation:
Both the Amortization and Impairment loss reduce the value of assets. They are therefore expenses accounted in Income Statement.
Amortization : is the loss of value of an asset due to passage of time.
Amortization Expense = (Cost - Residual Amount) ÷ Useful Life
= ( $1,500,000 - $ 0) ÷ 12
= $125,000
Impairment loss : is the excess of the Carrying Amount of an Asset over its Recoverable Amount( Higher of Value in Use and Fair Value less Cost to Sell)
The student’s questions are regarding three transactions under business accounting: the acquisition of a patent, amortization of the patent rights, and impairing goodwill. Each requires different treatments in journalizing and adjusting entries.
The subject pertains to accounting and how to journalize transactions in business. Thus, it falls under the Business category and the complexity suggests it's at the College level.
To record the acquisition of the patent worth $1,500,000, you would first debit (increase) the Patents account and then credit (decrease) the Cash or Payables account. This aligns with the concept accounting for patents.
To journalize the adjusting entry for the amortization of the patent rights on December 31, divide the $1,500,000 over its 12 years useful life, which calculates to $125,000 each year. On December 31, debit (increase) the Amortization Expense account for $125,000 and credit (decrease) the Patents account for $(125,000).
To journalize the adjusting entry on December 31 for the impaired goodwill of $6,000,000, you would debit (increase) the Impairment Loss account for $6,000,000, and then credit (decrease) the Goodwill account for $6,000,000. This represents impaired goodwill recording.
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Explanation:
Following things will not work:
c. Outstanding checks at August 31 totaled $1,870.
d. Interest credited to the account during August but not recorded on the company's books amounted to $115.
e. A bank charge of $37 for checks was made to the account during August. Although the company was expecting a charge, the amount was not known until the bank statement arrived.
f. In the process of reviewing the canceled checks, it was determined that a check issued to a supplier in payment of accounts payable of $625 had been recorded as a disbursement of $367.
g. The August 31 balance in the general ledger Cash account, before reconciliation, is $9,356.
Required:
Prepare the adjusting journal entry that should be prepared to reflect the reconciling items.
Answer:
Part a.
No entry
Part b.
Debit : Deposits in Transit $1,247
Credit : Bank Reconciliation Statement $1,247
Increase the Bank Statement Balance
Part c.
Debit : Bank Reconciliation Statement $1,247
Credit : Out Standing Checks $1,870
Decrease theBank Statement Balance
Part d.
Debit : Cash $115
Credit : Interest received $115
Interest credited in Bank Statement not recorded
Part e.
Debit : Bank Charges $37
Credit : Cash $37
Recording of Bank Charges in the Books
Part f.
Debit : Accounts Payable $258
Credit : Cash $258
Payment to Supplier understated by $258
Part d.
No entry
Explanation:
Corrections and Adjustments may be either to correct the Cash Book or the Bank Statement Balance as above.