Ask Question
BusinessBusiness
6 November, 15:13

At december 31, 2017, mongo, inc., reported in its balance sheet a net loss of $3 million related to its pension plan. the actuary for mongo at the end of 2018 increased her estimate of future salary levels. mongo's entry to record the effect of this change will include:

+5
Answers (1)
  1. 6 November, 15:32
    0
    credit to PBO and debit to Loss-OCI

    Explanation:

    As the pension transaction is registered as a projected benefit obligation as PBO is the measurement about pension liabilities of the company. So that the pension payment means that the PBO of the company witnesses a credit - a decrease.

    Meanwhile, the increase in salary levels of the actuary make the debit in the Loss - OCI (other comprehensive income).
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “At december 31, 2017, mongo, inc., reported in its balance sheet a net loss of $3 million related to its pension plan. the actuary for ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
H2 O'Yeah has designed a water purification device that is drastically different and far superior to any product currently on the market.
Answers (1)
Is this statement true or false? Unemployment and income inequality are seen as negative features of a capitalist economy.
Answers (1)
If equilibrium exists:a) the number of buyers will equal the number of sellers. b) the price in that market will not fluctuate by more than 5%. c) all individuals must have an equal amount of income.
Answers (1)
Esposito, Inc. uses a just-in-time costing system. During the month, Esposito incurred $700,000 as direct labor and $8000 as overhead. Wages were not paid. Which of the following is the correct journal entry to record the conversion costs? A.
Answers (1)
Why is a drug user more likely to commit employee theft?
Answers (2)
New Questions in Business
Match the following definitons with appropriate options given in below: Definitions: 1. A graphical representation of the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various
Answers (1)
Prior to recording adjusting entries, the Office Supplies account had a $372 debit balance. A physical count of the supplies showed $112 of unused supplies available. The required adjusting entry is:
Answers (1)
Swift Company manufactures two different bicycle models. Swift produces a high volume of products using standardized production runs and does very little product customization. Swift uses what type of technology structure?
Answers (1)
Select the item that can be answered by using knowledge. 1. A transaction's order date, amount sold, and quantity ordered 2. Taking into account external reasons for the recent underperformance of a good salesperson 3.
Answers (1)
This type of drug speeds up, increases, or heightens bodily functions.
Answers (1)
Home » Business » At december 31, 2017, mongo, inc., reported in its balance sheet a net loss of $3 million related to its pension plan. the actuary for mongo at the end of 2018 increased her estimate of future salary levels.
Sign Up Forgot Password?