The premium on a four-year insurance policy expiring on december 31, 2034 was paid in total on January 1, 2021. If the original payment was recorded as a prepaid asset, the balance in prepaid asset on December 31, 2022 would be a. lower than the balance on december 31, 2021 b. lower than the balance on december 31, 2023 c. the same as the balance on december 31, 2023 d. the same as the original payment DISCUSS

Q: On January 1, 2020, Crane Company sold 12% bonds having a maturity value of $450,000 for $484,117,…

A: Date Account Titles and Explanation Debit Credit  January 1, 2020 Cash $484,117…

Q: Prepaid Insurance amounting to P35,000 was recorded by FDNACCT Co. on April 1, 2021 for a year of…

A: Prepaid insurance is the amount of insurance that is paid by an entity in advance. In other words,…

Q: On January 1, 2021, Sandhill Co. has the following balances: Projected benefit obligation Fair value…

A: The projected benefit obligation is referred to as the measurement of the present amount that a…

Q: Service cost $1,000,000 Actual return on plan assets Annual contribution to the plan Amortization of…

A: Pension plan:- A pension plan is defined as the retirement plan that requires an employer of…

Q: Oriole Co. had the following selected balances at December 31, 2026: Projected benefit obligation…

A: Pension Liability:It is difference between the  amount due to employees who is retired and the…

Q: Crane Syrups Company provides the following pension plan information: Fair value of pension plan…

A: Lets understand the basics.Plan assets are the assets/investments held by a long-term employee…

Q: The actuary for the pension plan of Sheridan Inc. calculated the following net gains and losses.…

A: Step 1: Computation of the minimum amount of accumulated OCI (G/L) amortized as a component of net…

Q: On December 31, 2019, Robey Company accumulated the following information for 2019 in regard to its…

A: 1. Calculate the pension expense for Robey for the year 2019.

Q: lowing facts apply Plan assets, January 1, 2025 Projected benefit obligation, January 1, 2025…

A: A benefit plan is a program or collection of perks that a business offers to workers in addition to…

Q: A RO 40000 Interest-bearing note payable is signed on December 26 2020. If the note is a 120-day…

A: Maturity date = (5 days of Dec + 31 days of Jan + 28 days of Feb + 31 days of Mar, 25 days of April)…

Q: On January 1, 2021, Umbrella Insurance Company has collected $24,000 for multiple two-year insurance…

A: Insurance premium for a month = Total premium collected / Period of insurance = $24,000 / 24 months…

Q: Refer to the following list of liability balances at December 31, 2019. Accounts Payable $20,000 850…

A: The current liabilities part of a balance statement indicates the debts owed by a corporation that…

Q: Refer to the following list of liability balances at December 31, 2025. Accounts Payable Employee…

A: A company's long-term liabilities are its debts that won't be paid off for a year or longer. The…

Q: The following information is available for the pension plan of Wildhorse Company for the year 2025.…

A: PBO focuses on the future rewards that workers will be eligible for as a result of their work for…

Q: Pocotalk Electronics issued a $1,000,000, 5%, 10-ycar mortgage note on December 31, 2018. The…

A: 1. Date Cash Paid Interest Expense Principal Installment Balance of payable 31 Dec 18…

Q: Paid 1/1/20 Coverage period 1/1/20—12/31/20 $3,500 Fire, storm, and other casualty insurance:…

A: Accounting refers to the process of documenting all the financial transactions of a company in its…

Q: On January 1 2025 strott company had a projected benefit obligation of 3,000,000. the company…

A: ExplanationThe journal entry records the interest expense on the Projected Benefit Obligation…

Q: Hawkies Inc. has an October 31 fiscal year. On August 1, 2020 Hawkies Inc. paid $ 72000 for…

A: Prepaid insurance on October 31, 2020 = $54,000Explanation:Given information, Fiscal year end =…

Q: On December 31, 2019, Johnson Company accumulated the following information for 2019 in regard to…

A: Answer 1:   Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: Check i ectronic Distribution has a defined benefit pension plan. Characteristics of the plan during…

A: Net interest cost=Interest cost-Interest income

Q: The following defined pension data of Pharoah Corp. apply to the year 2025. Projected benefit…

A: A pension worksheet helps to know about the benefits or losses from the particular scheme. It is…

Q: The balance of the Estimated Warranty Liability account was $12,000 on January 1, 2019, and $13,600…

A: When a company sells a product, it generally provides a warranty or guarantee to the customer,…

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.