Fountain Limited sponsors a defined-benefit pension plan for its employees. On January 1,2020 the following balances related to this plan Plan Assets at fair value Defined Benefit Obligation 450,000 600,000 As a result of the operations of the plan during 2020, the actuary provided the following additional data at December 31,2020. Service Cost for 2020 Actual return on plan assets in 2020 Past service cost, effective Jan 01 2020 Contributions in 2020 Benefits paid to retirees in 2020 Discount Rate Average remaining service life of active 35 years employees 75,000 45,000 120,000 115,000 70,000 8 % Required: a. Compute pension expense for Howard Corp. for the year 2020 by preparing a pension worksheet. b. Prepare the journal entries relating to pension for the year 2020.

Q: What is the advantages and disadvantages of turnkey systems?

A: Introduction; A turnkey system is when the company develops, builds, and tests a manufacturing…

Q: What are the advantages and disadvantages of  FIFO?

A: First-in-First-Out:  In First-in-First-Out method, the costs of the initially purchased items are…

Q: What exactly are ESOPs? What are some of its benefits and drawbacks?

A: Introduction: ESOP: Employee stock ownership plan is retirement plans for employees of the company…

Q: What is FASB and where does it get its power?

A: FASB:  FASB is also called a Financial accounting standards board setup to provide standards and…

Q: What is the purpose of physical contols

A: Physical controls are basically to safeguard the assets of the entity which are highly valuable. It…

Q: What are the objectives of application controls?

A: An application control consists of compactness and validity checks, identification, authentication,…

Q: What is the purpose of a Limit Test?

A: Definition:   Limit test: It checks the data by evaluating it with the predetermined upper and…

Q: What is Mark-up chain?

A: Introduction: Markup is generally shown as a percentage of the cost or the sale price. The term…

Q: What are the different techniques of computing interest?

A: The different techniques of computing interest of explanation:

Q: What are ESOPs? What are some of their advantages anddisadvantages?

A: ESOP: Employee stock ownership plan is retirement plans for employees of the company wherein the…

Q: What are the categories of processing controls?

A: Internal Control:   It is a process of assuring the effectiveness and efficiency of the objectives…

Q: What are the benefits and drawbacks of turnkey systems?

A: Here is the Answer

Q: What is counterbalancing?

A: Errors: The comparability and consistency of the financial statements decreases when a company…

Q: What is sensitive analysis?

A: Sensitive analysis is a method for predicting the outcome of a decision if a situation turns…

Q: What are the types of external user?

A: Entity needs to prepare a financial statement for the use of internal and external decisions making.…

Q: what is Reference control ?

A: I assumed as a question, as what is meant by the reference  to cost control?

Q: What is internal control?

A: Internal controls are policies incorporated by the Management to safeguard the assets of the…

Portfolio Management

Portfolio management is the process by which an investor decides that how the person will invest in a variety of assets in order to get a desired return in the future. A portfolio means a pool of assets that includes securities, bonds, and other investment instruments which helps in risk minimization of the money that has been invested. In other words, it can be said that a portfolio means a combination of assets in which an investor decides to invest their money in order to get a lump sum return in the future or even a series of cash flow that the person is expecting at the end of their job life.