Entries by mary WAMBUGU

On January 1, year 1, Frick, Inc. purchased equipment having an estimated salvage value equal to 20% of its originalcost at the end of a ten-year life.

September 6, 2019 in /by

On January 1, year 1, Frick, Inc. purchased equipment having an estimated salvage value equal to 20% of its originalcost at the end of a ten-year life. The equipment was sold December 31, year 5, for 50% of its original cost. If theequipment’s disposition resulted in a reported loss, which of the following depreciation methods […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

The San Francisco Sailors has 200 employees who are expected to receive benefits under the company’s defined-benefit pension plan. The total number of service-years of these employees is 2,000.

September 6, 2019 in /by

The San Francisco Sailors has 200 employees who are expected to receive benefits under the company’s defined-benefit pension plan. The total number of service-years of these employees is 2,000. The actuary for the company’s pension plan calculated the following net gains and losses: For the year ended December 31st:                         Gain/(Loss) 2014                                                                                      $640,000 2015                                                                                      ($554,000) 2016                                                                                      $990,000 Prior to 2014, there […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

Panther Company adopted a noncontributory defined benefit pension plan on January 1, 2007. Panther Company uses the benefit/years-of-service method, which results in the following information:

September 6, 2019 in /by

Panther Company adopted a noncontributory defined benefit pension plan on January 1, 2007. Panther Company uses the benefit/years-of-service method, which results in the following information: Numbers presented below for the amount funded represent end of the year balances.                                       2007                2008 Service cost                         $300,000        $450,000 Amount funded                    $240,000        $390,000 Discount rate                        10%                10% Expected rate of return        10%                10% What is the pension […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

During the current year, Mike sells a tract of land for $800,000 that he had received from Ida on March 10, 1995, when the land had a FMV of $310,000.

September 6, 2019 in /by

During the current year, Mike sells a tract of land for $800,000 that he had received from Ida on March 10, 1995, when the land had a FMV of $310,000. The taxable gift was $300,000 because the annual exclusion was $10,000 in 1995. Ida purchased the land on April 12, 1980, for $110,000. On the […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"