U.S. Metallurgical Incorporated reported the following balances in its financial statements and disclosure notes at December 31, 2023. Plan assets $ 400,000 320,000 Projected benefit obligation U.S.M's actuary determined that 2024 service cost is $60,000. Both the expected and actual rate of return on plan assets are 9%. The interest (discount) rate is 5%. U.S.M. contributed $120,000 to the pension fund at the end of 2024, and retirees were paid $44,000 from plan assets. Required: 1. What is the pension expense at the end of 2024? 2. What is the projected benefit obligation at the end of 2024? 3. What is the plan assets balance at the end of 2024? 4. What is the net pension asset or net pension liability at the end of 2024? 5. Prepare journal entries to record the (a) pension expense. (b) funding of plan assets, and (c) retiree benefit payments. Complete this question by entering your answers in the tabs below. Ben 1 to

Suppose a company spends $100,000 on research and development in 2021. As a result of the products developed, additional revenue is generated over the next five years totaling $600,000. When is the cost of the research and development in 2021 recognized as an expense?   Multiple Choice   Evenly over the period 2022-2026.   Full amount in 2026.   Evenly over the period 2021-2025.   Full amount in 2021.

1: Jay Monroe (single; 2 federal withholding allowances) earned weekly gross pay of $1,085. For each period, he makes a 401(k) retirement plan contribution of 11% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 2.5% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 1.75% of an employee's taxable pay on nonresidents.Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $ 17.13 2: Gus Damon (married; 9 federal withholding allowances) earned weekly gross pay of $1,240. He contributes $140 to a flexible spending account during the period. The city in which he lives and works levies a tax of 2.8% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 0.30% of an employee's taxable pay on nonresidents.Federal income tax withholding = $ State income tax withholding = $ Local income tax withholding = $…

Subject : Accounting

U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes at December 31, 2020.        Plan assets $ 400,000 Projected benefit obligation   320,000    U.S.M.'s actuary determined that 2021 service cost is $60,000. Both the expected and actual rate of return on plan assets are 9%. The interest (discount) rate is 5%. U.S.M. contributed $120,000 to the pension fund at the end of 2021, and retirees were paid $44,000 from plan assets. (Enter your answers in thousands (i.e., 10,000 should be entered as 10).) Required: What is the pension expense at the end of 2021? What is the projected benefit obligation at the end of 2021? What is the plan assets balance at the end of 2021? What is the net pension asset or net pension liability at the end of 2021? Prepare journal entries to record the (a) pension expense, (b) funding of plan assets, and (c) retiree benefit payments.

On January 1, 2021, the company obtained a $3 million loan with a 10% interest rate. The building was completed on September 30, 2022. Expenditures on the project were as follows: January 1, 2021 March 1, 2021 June 30, 2021 October 1, 2021 January 31, 2022 April 30, 2022 August 31, 2022 On January 1, 2021, the company obtained a $3 million construction loan with a 10% interest rate. Assume the $3 million loan is not specifically tied to construction of the building. The loan was outstanding all of 2021 and 2022. The company's other interest-bearing debt included two long-term notes of $4,400,000 and $6,400,000 with interest rates of 8% and 10%, respectively. Both notes were outstanding during all of 2021 and 2022. Interest is paid annually on all debt. The company's fiscal year-end is December 31. $1,300,000 720,000 340,000 640,000 450,000 765,000 1,260,000 Required: 1. Calculate the amount of interest that Mason should capitalize in 2021 and 2022 using the weighted-average method. 2.…

In 2024, KP Building Incorporated began work on a four-year construction project (called Cincy One). The contract price is $460 million. KP recognizes revenue on this contract over time according to percentage of completion. At the end of 2024, the following financial statement information indicates the results to date for Cincy One: INCOME STATEMENT:         Gross profit (before-taxes) recognized in 2024     $ 43 million BALANCE SHEET:         Accounts receivable from construction billings     $ 30 million Construction in progress $ 86 million     Less: Billings on construction $ (96 million)     Net billings in excess of construction in progress     $ 10 million Required: Compute the following, placing your answer in the spaces provided and showing supporting computations below. Note: Round your percentage answer to the nearest whole number. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).

In 2020, Grouper Construction Corp. began construction work under a 3-year contract. The contract price was $1,060,000. Grouper uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of cost incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2020, are shown below. Balance Sheet Accounts receivable       $17,700 Construction in process   $68,300     Less: Billings   61,300     Costs and recognized profit in excess of billings       7,000 Income Statement Income (before tax) on the contract recognized in 2020   $16,392 (a) How much cash was collected in 2020 on this contract? Portion of contract billings collected   $enter a dollar amount   (b) What was the initial estimated total income before tax on this contract? Income before tax on this contract   $enter a…

U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes at December 31, 2015. Plan assets $ 400,000 Projected benefit obligation 320,000 U.S.M.’s actuary determined that 2016 service cost is $60,000. Both the expected and actual rate of return on plan assets are 9%. The interest (discount) rate is 5%. U.S.M. contributed $120,000 to the pension fund at the end of 2016, and retirees were paid $44,000 from plan assets. Required: Determine the following amounts at the end of 2016. 1. Pension expense 2. Projected benefit obligation 3. Plan assets 4. Net pension asset or net pension liability 5. Prepare journal entries to record the pension expense, funding of plan assets, and retiree benefit payments.