Pension expense : Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees. Pension expense includes the following components: Service cost Interest cost Expected return on plan assets Amortization of prior service cost Amortization of net loss or net gain Journal entry : Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically. Debit and credit rules: Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts. Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts. To journalize : H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net loss is $2,000,000.

Question

Please provide the solution to this financial accounting question using proper accounting principles.

Answer 1

Question

Chapter 17, Problem 17.4E

(1)

To determine

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

Pension expense includes the following components:

Service cost

Interest cost

Expected return on plan assets

Amortization of prior service cost

Amortization of net loss or net gain

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net loss is $2,000,000.

(2)

To determine

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net gain is $2,000,000

(3)

To determine

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net gain is $2,000,000.

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Please provide the solution to this financial accounting question using proper accounting principles.

Below is information for Blue Company. Using this information, answer the following questions on the "Calculation" tab in the file. Show your work (how you got your answer) and format appropriately. Blue company has prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 to 1,500 units): Sales $ 40,000 Variable expenses 24,000 Contribution margin 16,000 NOTE: Use the amounts in the original fact pattern to the left as your basis for the questions below. Fixed expenses 12,000 Net operating income $ 4,000 Questions: 1. What is the contribution margin per unit? 2. What is the contribution margin ratio? 3. What is…

I am looking for help with this financial accounting question using proper accounting standards.

Answer 2

Question

Chapter 17, Problem 17.4E

(1)

To determine

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

Pension expense includes the following components:

Service cost

Interest cost

Expected return on plan assets

Amortization of prior service cost

Amortization of net loss or net gain

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net loss is $2,000,000.

(2)

To determine

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net gain is $2,000,000

(3)

To determine

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net gain is $2,000,000.

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Answer 3

Question

Chapter 17, Problem 17.4E

(1)

To determine

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

Pension expense includes the following components:

Service cost

Interest cost

Expected return on plan assets

Amortization of prior service cost

Amortization of net loss or net gain

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net loss is $2,000,000.

(2)

To determine

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net gain is $2,000,000

(3)

To determine

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net gain is $2,000,000.

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Answer 4

Question

Chapter 17, Problem 17.4E

(1)

To determine

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

Pension expense includes the following components:

Service cost

Interest cost

Expected return on plan assets

Amortization of prior service cost

Amortization of net loss or net gain

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net loss is $2,000,000.

(2)

To determine

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net gain is $2,000,000

(3)

To determine

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net gain is $2,000,000.

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Answer 5

Chapter 17, Problem 17.4E

(1)

To determine

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

Pension expense includes the following components:

Service cost

Interest cost

Expected return on plan assets

Amortization of prior service cost

Amortization of net loss or net gain

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net loss is $2,000,000.

(2)

To determine

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net gain is $2,000,000

(3)

To determine

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net gain is $2,000,000.

Answer 6

Chapter 17, Problem 17.4E

(1)

To determine

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

Pension expense includes the following components:

Service cost

Interest cost

Expected return on plan assets

Amortization of prior service cost

Amortization of net loss or net gain

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net loss is $2,000,000.

Answer 7

Chapter 17, Problem 17.4E

(1)

To determine

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

Pension expense includes the following components:

Service cost

Interest cost

Expected return on plan assets

Amortization of prior service cost

Amortization of net loss or net gain

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net loss is $2,000,000.

Answer 8

(2)

To determine

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net gain is $2,000,000

Answer 9

(2)

To determine

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net gain is $2,000,000

Answer 10

(3)

To determine

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net gain is $2,000,000.

Answer 11

(3)

To determine

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net gain is $2,000,000.

Answer 12

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Ch. 17 - Prob. 17.1Q Ch. 17 - Prob. 17.2Q Ch. 17 - Prob. 17.3Q Ch. 17 - What is the vested benefit obligation?Ch. 17 - Prob. 17.5Q Ch. 17 - Prob. 17.6Q Ch. 17 - Name three events that might change the balance of...Ch. 17 - Prob. 17.8Q Ch. 17 - Prob. 17.9Q Ch. 17 - Prob. 17.10Q

Concept explainers

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net gain is $2,000,000

To journalize: H’s pension expense, if service cost is $10,000,000, interest cost is $6,000,000, expected return on assets is $4,000,000, and amortization of net gain is $2,000,000.

Chapter 17 Solutions