Pharoah Co. had the following amounts related to its pension plan in 2017. Actuarial liability loss for 2017 Unexpected asset gain for 2017 $30,800 17,000 7,700 Cr Accumulated other comprehensive income (G/L) (beginning balance) Determine for 2017: (a) Pharoah's other comprehensive income (loss), and (b) comprehensive income. Net income for 2017 is $26,900; no amortization of gain or loss is necessary in 2017.

Pharoah Co. had the following amounts related to its pension plan in 2017. Actuarial liability loss for 2017 Unexpected asset gain for 2017 $30,800 17,000 7,700 Cr Accumulated other comprehensive income (G/L) (beginning balance) Determine for 2017: (a) Pharoah's other comprehensive income (loss), and (b) comprehensive income. Net income for 2017 is $26,900; no amortization of gain or loss is necessary in 2017.

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter9: Operating Activities

Section: Chapter Questions

Problem 13QE

See similar textbooks

Similar questions

Please help me this question
Lee's pension trust reported the following events on its statement of changes in net assets for the year ended December 31, 2016: please solve these general accounting question
What is the actual return on pension assets? General accounting
Sheffield Co. had the following amounts related to its pension plan in 2020. $26,800 17,300 6,300 Cr. Actuarial liability loss for 2020 Unexpected asset gain for 2020 Accumulated other comprehensive income (G/L) (beginning balance) Determine for 2020 (a) Sheffield's other comprehensive income (loss) and (b) comprehensive income. Net income for 2020 is $23,900; no amortization of gain or loss is necessary in 2020. (Enter loss using either a negative sign preceding the numbere.g. -45 or parentheses e.g. (45).) (a) Other comprehensive income (loss) (b) Comprehensive income (loss)
Please provide answer the general accounting question
(Computation of Actual Return, Gains and Losses, Corridor Test, and Pension Expense) Erickson Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about the plan. Check the below image for the information. Instructions(a) Compute the actual return on the plan assets in 2017.(b) Compute the amount of the other comprehensive income (G/L) as of December 31, 2017. (Assume the January 1, 2017, balance was zero.)(c) Compute the amount of net gain or loss amortization for 2017 (corridor approach).(d) Compute pension expense for 2017.
The pretax financial income (or Loss) figures for Limerick co. are as follows: 2017 83,000 2018 (53,000) 2019 (36,000) 2020 115,000 2021 104,000 Pretax financial income( or loss) and taxable income(loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years. Prepare the journal entires for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforward. All income and losses relate to normal operations (in recording the benefits of a loss carryforward assume that no valuation account is deemed necessary.
Provide correct answer financial Accounting question
Please given correct answer financial accounting
The pretax financial income (or loss) figures for Shamrock Company are as follows. 2017 81,000 2018 (51,000 ) 2019 (35,000 ) 2020 111,000 2021 95,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years.Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit 2017 enter an account title to record carryback enter a debit amount enter a…
The pretax financial income (or loss) figures for Marin Company are as follows. 2017 76,000 2018 (48,000 ) 2019 (43,000 ) 2020 116,000 2021 104,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years.Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary. Account Titles and Explanation Debit Credit 2017 enter an account title to record carryback enter a debit amount enter a credit amount enter an account title to record carryback enter a debit amount enter a credit amount 2018 enter an account title to record carryforward enter a debit amount enter a…
The pretax financial income (or loss) figures for Teal Mountain Company are as follows. 2017 76,000 2018 (48,000 ) 2019 (38,000 ) 2020 111,000 2021 105,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years. Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.)