Payne, Inc., a nonpublicly traded company, implemented a defined benefit pension plan for its employees on January 2, year 2. The following data are provided for year 2, as of December 31, year 2:
Fair value of plan assets: $78,000
Projected benefit obligation: $103,000
Net periodic pension cost: $90,000
Employer's contribution: $70,000
What amount should Payne record as pension liability at December 31, year 2?
a. $0
b. $25,000
c. $20,000
d. $45,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Payne, Inc., a nonpublicly traded company, implemented a defined benefit pension plan for its employees on January 2, year 2. The following ...” 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
Roy transfers property with a tax basis of $800 and a fair market value of $500 to a corporation in exchange for stock with a fair market value of $400 and $50 in cash in a transaction that qualifies for deferral under section 351.
Answers (1)
Courteous behavior includes being friendly and considerate to others true or false
Answers (1)
Which sentence makes a logical comparison? bob's stocks are worth more than leslie's. bob's stocks are worth more than leslie. leslie's stocks are worth less than bob. leslie's stocks are worth more than bob?
Answers (1)
Suppose that demand decreases and supply decreases. What would you expect to occur in the market for the good? a. Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous. b.
Answers (1)
A company has the following annual budget dа ta: Beginning finished goods inventory 53,000units Sales 83,000units Ending finished goods inventory 43,000units Direct materials$14per unit Direct labor$25per unit Variable factory overhead$6per
Answers (1)
New Questions in Business
If someone pays medical expenses directly to the provider, such as a doctor or hospital, what percentage of the gift is exempt from gift tax?
Answers (1)
All else equal, active retention is a good option for firms: a. That have highly liquid assets b. That do not have a lot of debt c. Whose losses are predictable d. all of the above e. none of the above
Answers (1)
Sheffield Company purchases $50,300 of raw materials on account, and it incurs $63,900 of factory labor costs.
Answers (1)
Macrosoft Company reports net income of $65,000. The accounting records reveal depreciation expense of $80,000 as well as increases in prepaid rent, accounts payable, and income tax payable of $60,000, $12,000, and $18,000, respectively.
No Answers
Hornberger, Inc. recently paid a dividend of $2.00 per share. The next dividend is expected to be $2.05 per share. Hornberger has a return on equity of 11.00%. What percentage of its earnings does Hornberger plow back into the firm?
Answers (1)