Which of the following calculations is used to determine the amount of the liability reported on the balance sheet for underfunding?
a. Plan assets less projected benefit obligation.
b. Projected benefit obligation less plan assets.
c. Plan assets less accumulated benefit obligation.
d. Accumulated benefit obligation less plan assets.
D
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Jacks Corporation purchases $200,000 bonds plus accrued interest for 2 months of $2,000 from Kennedy Company on March 1 . The bonds have an annual interest rate of 6% payable on June 30 and December 31 . The entry to record the purchase of the bonds would include a
a. debit to Interest Receivable for $2,000 b. debit to Investment in Bonds for $202,000 c. debit to Cash for $200,000 d. credit to Interest Revenue for $2,000
Why does the data warehouse need to be separate from the operational databases?
Answer the following statements true (T) or false (F)
1. Assets are either financed through liabilities or equity. 2. The accrual accounting method registers revenues billed when the actual cash is received; and registers expenses as incurred (accrued) but not necessarily as they are paid. 3. The balance sheet allows venture owners to assess how healthy the business is at a point in time. 4. Assets are defined as the tangible property that the venture owns and has accounting value. 5. Current assets represent the most liquid assets of a venture, meaning they can more easily be turned into cash.
Mike's organization manages the logistics for a petroleum company. Last month, one of its tankers spilled about one hundred tons of oil in the ocean while transporting it
Mike meets with a lawyer to understand his organization's liability in the accident, and he is relieved to hear that all the damages have to be paid by the petroleum company. Which of the following statements best describes the conclusion in this scenario? A) Mike's firm is liable for the damages and must pay the company. B) Mike's firm is partially responsible for the damages. C) Mike's firm is not responsible for the damages. D) Mike's firm is solely responsible for the damages.