Pension data for Millington Enterprises include the following: ($ in millions) Discount rate, 10% Projected benefit obligation, January 1 $ 350 Projected benefit obligation, December 31 540 Accumulated benefit obligation, January 1 375 Accumulated benefit obligation, December 31 490 Cash contributions to pension fund, December 31 225 Benefit payments to retirees, December 31 69 Required: Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31.Service cost?JDS Foods’ projected benefit obligation, accumulated benefit obligation, and plan assets were $80 million, $70 million, and $56 million, respectively, at the end of the year.What, if any, pension liability must be reported in the balance sheet?What would JDS report if the plan assets were $100 million instead?

Answer:

1. Service cost $294 million

2. Net Pension Liabiltiy $24 million

Net pension Assets $20 million

Explanation:

1. Calculation to determine the service cost component of pension expense for the year ended December 31

SERVICE COST ($ in millions)

Projected benefit obligation, December 31 540

Less Projected benefit obligation, January 1 ($350)

Less Interest Cost ($35)

(10%*$350)

Add Benefit payments to retirees, December 31 $69

Service cost $294

($540 - $350 - $35 + $69)

Therefore the service cost component of pension expense for the year ended December 31 will be $294

2. Calculation to determine pension liability that must be reported in the balance sheet using this formula

Pension Liabiltiy=Projected benefit obligation-Plan Assets

Let plug in the formula

Net Pension Liabiltiy=$80 million-$56 million

Pension Liabiltiy=$24 million

Therefore The pension liability that must be reported in the balance sheet will be $24 million

Calculation to determine What would JDS report if the plan assets were $100 million instead

Using this formula

Net pension Assets=Plan Assets-Projected benefit obligation

Let plug in the formula

Net pension Assets=$100 million instead-$80 million

Net pension Assets=$20 million

Therefore What would JDS report if the plan assets were $100 million instead is $20 million

hich of the statements is TRUE? Patents give inventors exclusive rights to sell a product for an unlimited period of time. Copyrights are legal protections that protect a product from being copied by others for an unlimited period of time. Copyrights give inventors exclusive rights to sell a product for a specific period of time. Patents are legal protections that protect a product from being copied by others for a specific period of time. Copyrights give inventors exclusive rights to sell a product for an unlimited period of time. Patents are legal protections that protect a product from being copied by others for an unlimited period of time. Patents give inventors exclusive rights to sell a product for a specific period of time. Copyrights are legal protections that protect a product from being copied by others for an unlimited period of time. Patents give inventors exclusive rights to sell a product for a

rationing a product by coupons when recipients are allowed to sell them will cause
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B. Penelope is worried about who will be responsible for making final business decisions.
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Deposits in transit 1100
Notes receivable and interest collected by bank 4340
Bank charge for check printing 80
Outstanding checks 7800
NSF check 730
The adjusted cash balance per books on July 31 is:____.
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b. $18130.
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This picture of gas stations BEST illustrates which aspect of a market economy?
A
credit
B
competition
с
interest rates
D
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From the list below, which items are classified as a materials activity:

a. Raw materials used
b. Raw materials beginning inventory
c. Raw materials purchases
d. Work in process beginning inventory
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Total Pooled
Category Cost Types of Costs Cost Driver
Unit $360,000 Indirect labor wages, supplies, factory utilities,
machine maintenance Machine hours
Batch 194,400 Materials handling, inventory storage, labor for
setups,packaging, labeling and shipping, Number of
scheduling production
orders
Product 105,600 Research and development Time spent
by research
department
Facility 300,000 Rent, general utilities, maintenance, facility
depreciation, admin. salaries Square
footage
Additional data for each of the product lines follow:
Commercial Home Miniature Total
Direct materials cost $25.00 /unit $15.00 /unit $12.00 /unit —
Direct labor cost $10.00 /hour $8.00 /hour $9.00 /hour —
Number of labor hours 6,000 12,000 2,000 20,000
Number of machine
hours 10,000 45,000 25,000 80,000
Number of production
orders 200 2,000 800 3,000
Research and
development time 10% 20% 70% 100%
Number of units 15,000 45,000 14,000 74,000
Square footage 20,000 50,000 30,000 100,000
Required:
1. Determine the total cost and cost per unit for each product line, assuming that overhead costs are allocated to each product line using direct labor hours as a companywide allocation base. Also determine the combined cost of all three product lines.
3. Determine the total cost and cost per unit for each product line, assuming that an ABC system is used to allocate overhead costs. Determine the combined cost of all three product lines.

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