ABC prepares statements on the cash basis. The balance sheet as of December 31, 2021 and income statement for the year ended December 31, 2021are as follows: Cash Furniture and Equipment Total Assets Notes Payable Capital, January 1 Net Income, 2021 Withdrawals Total Liabilities and Owner's Equity P 1,800,000.00 Professional Fees December 31, 2021 December 31, 2020 2,200,000.00 Rent Expense P 4,000,000.00 1,600,000.00 P 1,000,000.00 Net Income 2,250,000.00 850,000.00 Supplies Expense P 4,000,000.00 Other Operating Expenses P 750,000 P 500,000 P 5,000,000.00 Unused office supplies balances are as follows -1,200,000.00 800,000.00 You also gathered the following information: • The furniture and fixture were acquired on July 1, 2020. The estimated life is 10 years. • The 12% notes payable is dated April 1, 2021 and matures in one year. Interest is payable on the date of maturity. Accrued rent expense on December 31, 2021 amounts to P 100,000. • Accounts Receivable balances are as follows: 750,000.00 P 2,250,000.00

ABC prepares statements on the cash basis. The balance sheet as of December 31, 2021 and income statement for the year ended December 31, 2021are as follows: Cash Furniture and Equipment Total Assets Notes Payable Capital, January 1 Net Income, 2021 Withdrawals Total Liabilities and Owner's Equity P 1,800,000.00 Professional Fees December 31, 2021 December 31, 2020 2,200,000.00 Rent Expense P 4,000,000.00 1,600,000.00 P 1,000,000.00 Net Income 2,250,000.00 850,000.00 Supplies Expense P 4,000,000.00 Other Operating Expenses P 750,000 P 500,000 P 5,000,000.00 Unused office supplies balances are as follows -1,200,000.00 800,000.00 You also gathered the following information: • The furniture and fixture were acquired on July 1, 2020. The estimated life is 10 years. • The 12% notes payable is dated April 1, 2021 and matures in one year. Interest is payable on the date of maturity. Accrued rent expense on December 31, 2021 amounts to P 100,000. • Accounts Receivable balances are as follows: 750,000.00 P 2,250,000.00

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 4MC

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Asks to fill out this table: Year Compensation expense for the year Liability as of 12/31 2021 2022 2023 0
Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2024. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2024 and 2025. A consulting firm, engaged as actuary, recommends 6% as the appropriate discount rate. The service cost is $150,000 for 2024 and $200,000 for 2025. Year-end funding is $160,000 for 2024 and $170,000 for 2025, No assumptions or estimates were revised during 2024. "We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since the estimate didn't change, that also was the actual rate in 2025. Required: Calculate each of the following amounts as of both December 31, 2024, and December 31, 2025; Note: Enter your answers in thousands (i.e., 200,000 should be entered as 200). Enter a liability as a negative amount.
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