Entries by Grace Wahito

EZ, Inc., reports pretax accounting income of $427,000, but due to a single temporary difference,

February 11, 2020 in /by

EZ, Inc., reports pretax accounting income of $427,000, but due to a single temporary difference, taxable income is $530,000. At the beginning of the year, no temporary differences existed. EZ is subject to a tax rate of 35%. Required: Prepare the appropriate journal entry to record EZ’s income taxes. (If no entry is required for […]

 

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Pension data for Fahy Transportation Inc

February 11, 2020 in /by

Pension data for Fahy Transportation Inc. include the following:    ($ in millions) Discount rate, 6%       Expected return on plan assets, 9%       Actual return on plan assets, 10%       Projected benefit obligation, January 1 $ 880   Plan assets (fair value), January 1   850   Plan […]

 

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Clark Industries has a defined benefit pension plan that specifies annual retirement benefits equal to:

February 11, 2020 in /by

Clark Industries has a defined benefit pension plan that specifies annual retirement benefits equal to: /> 1.4% × Service years × Final year’s salary Stanley Mills was hired by Clark at the beginning of 1999. Mills is expected to retire at the end of 2043 after 45 years of service. His retirement is expected to […]

 

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Sachs Brands’ defined benefit pension plan specifies annual retirement benefits equal to: 1.4% × service years ×

February 11, 2020 in /by

Sachs Brands’ defined benefit pension plan specifies annual retirement benefits equal to: 1.4% × service years × final year’s salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2004 and is expected to retire at the end of 2038 after 35 years’ service. Her retirement is […]

 

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