Requlred Information[The following information applies to the questions displayed below.]A company makes the payment of a one-year Insurance premlum of $4,248 on March 1, 2019.c. Calculate the amount of prepald Insurance that should be reported on the December 31, 2019, balance sheet with respect to thispolicy.Prepaid insurance

Compute the insurance expense for one month:

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Paid the premium on a 1-year isurance policy 4800
Defined Benefit Pension Plan Skywalker Inc. is a publicly traded company that follows IFRS. On November 30, 2019, Skywalker's accounting records included the following information: Defined benefit obligation $ 1,408,599 Pension plan assets $ 1,531,086 Skywalker's actuary provided the following information about its defined benefit pension plan for the year ended November 30, 2020: Current year service cost $ 84,516 Prior service cost, granted December 1, 2019 $ 169,032 Employer contributions for the year $ 91,865 Benefits paid to retirees $ 28,172 Expected return on assets 6% Actual return on assets 7% Discount rate 6% Defined benefit obligation at November 30, 2020 $ 1,725,036 Required: a) Prepare a pension worksheet for Skywalker's pension plan for the year ended November 30, 2020. b) Prepare the journal…
Sunland Toothpaste Company initiates a defined benefit pension plan for its 50 employees on January 1, 2020. The insurance company which administers the pension plan provided the following selected information for the years 2020, 2021, and 2022. For Year Ended December 31, 2020 2021 2022 Plan assets (fair value) $50,000 $85,000 $180,200 Accumulated benefit obligation 44,700 165,300 289,100 Projected benefit obligation 60,000 200,400 326,100 Net (gain) loss (for purposes of corridor calculation) 78,800 83,971 Employer's funding contribution (made at end of year) 50,000 60,000 105,100 There were no balances as of January 1, 2020, when the plan was initiated. The actual and expected return on plan assets was 10% over the 3-year period, but the settlement rate used to discount the company's pension obligation was 13% in 2020, 11% in 2021, and 8% in 2022. The service cost component of net periodic pension expense amounted to the following: 2020, $60,000; 2021, $85,000; and 2022, $118,000.…
HANDOUT PROBLEM for CURRENT LIABILITIES I. Prepare journal entries for the following chronological transactions and a. You sold merchandise on account for $250,000 on account. The products cost $110,000. Your company uses a perpetual inventory system. Your sales included a two-year warranty on the product. spent $1,400 to repair products in part "a." which were under warranty. b. You с. On December 31, 2021, you estimated that there would be an additional $8,000 of repairs on products in part "a." You estimated that $5.000 of the repairs would occur in 2022. In 2022, you performed $4,800 of repairs on products from part "a." and $1,920 of repairs on products sold in 2022. On December 31, 2022, you estimated that repairs on products sold in 2021 d. e. would be an additional $3,500 and for products sold in 2022 would be an additional $9,000. You believe that $5,400 of the $9,000 of repairs would occur in 2023. II. Based upon the transaction above, determine the amount of current…
Based upon this information, how would I make the following journal entries? Record annual pension expense. Record the change in plan assets. Record the change in the PBO. Record the cash contribution to plan assets. Record the retiree benefits paid.
On 1/4/2021, Europa Insurance Limited entered into an insurance contract with a customer who paid the annual premium of $300,000 on that date. State, to the nearest whole dollar, the amount Europa Insurance Ltd would report as a liability at 30 June 2021.

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