Norton Co. had the following amounts related to its pension plan in 2010. Actuarial liability loss for
Question:
Norton Co. had the following amounts related to its pension plan in 2010.
Actuarial liability loss for 2010 $28,000
Unexpected asset gain for 2010 18,000
Accumulated other comprehensive income (G/L) (beginning balance) 7,000 Cr
Determine for 2010:
(a) Norton’s other comprehensive income (loss),
(b) Comprehensive income. Net income for 2010 is $26,000; no amortization of gain or loss is necessary in 2010.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (11 reviews)
a Other Comprehensive Loss for 2010 is as follows Actuar...View the full answer
Answered By
Saikumar Ramagiri
Financial accounting:- Journal and ledgers, preparation of trail balance and adjusted trail balance Preparation of income statement, retained earning statement and balance sheet Banks reconciliation statements Financial statement analysis Cash flow statement analysis (both direct and indirect methods) All methods of Depreciations Management Accounting:- Ratios Budgeting control Cash budget and production budget Working capital management Receivable management Costing:- Standard and variance costing Marginal costing and decision making Cost-volume-profit analysis Inventory management (LIFO, FIFO) Preparation and estimation of cost sheet Portfolio management:- Calculation of portfolio standard deviation or risk Calculation of portfolio expected returns CAPM, Beta Financial management:- Time value of money Capital budgeting Cost of capital Leverage analysis and capital structure policies Dividend policy Bond value calculations like YTM, current yield etc International finance:- Derivatives Futures and options Swaps and forwards Business problems Finance problems Education (mention all your degrees, year awarded, Institute/University, field(s) of major): Education Qualification Board/Institution/ University Month/Year of Passing % Secured OPTIONALS/ Major ICWAI(inter) ICWAI inter Pursuing Pursuing - M.com(Finance) Osmania University June 2007 65 Finance & Taxation M B A (Finance) Osmania University Dec 2004 66 Finance & Marketing. B.Com Osmania University June 2002 72 Income Tax, Cost & Mgt, Accountancy, Auditing. Intermediate (XII) Board of Intermediate May 1999 58 Mathematics, Accountancy, Economics. S S C (X) S S C Board. May 1997 74 Mathematics, Social Studies, Science. Tutoring experience: • 10 year experience in online trouble shooting problems related to finance/accountancy. • Since 6 Years working with solution inn as a tutor, I have solved thousands of questions, quick and accuracy Skills (optional): Technical Exposure: MS Office, SQL, Tally, Wings, Focus, Programming with C Financial : Portfolio/Financial Management, Ratio Analysis, Capital Budgeting Stock Valuation & Dividend Policy, Bond Valuations Individual Skills : Proactive Nature, Self Motivative, Clear thought process, Quick problem solving skills, flexible to complex situations. Achievements : 1. I have received an Award certificate from Local Area MLA for the cause of getting 100% marks in Accountancy during my Graduation. 2. I have received a GOLD MEDAL/Scholarship from Home Minister in my MBA for being the “Top Rank student “ of management institute. 3. I received numerous complements and extra pay from various students for trouble shooting their online problems. Other interests/Hobbies (optional): ? Web Surfing ? Sports ? Watching Comics, News channels ? Miniature Collection ? Exploring hidden facts ? Solving riddles and puzzles
4.80+
391+ Reviews
552+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
Question Posted:
Students also viewed these Accounting questions
-
DeMent Co. had the following amounts related to its pension plan in 2008. Actuarial liability loss for 2008 ..................$25,000 Unexpected asset gain for 2008...
-
South Texas Co. had the following amounts related to its pension plan in 2017. Actuarial liability loss for 2017 $30,400 Unexpected asset gain for 2017 17,500 Accumulated other comprehensive income...
-
Joyce Smithers Inc. reported the following amounts related to income taxes on its 2011 income statement. Income tax expensecurrent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
A buyer's guide is an example of OA) a Life Insurance Illustration Questionnaire O B) a Replacement Questionnaire OC) a required disclosure document OD) a Variable Life Insurance Illustration...
-
A column in the New York Times has the headline, "Should We Tax People for Being Annoying?" a. Do annoying people cause a negative externality? Should they be taxed? Do crying babies on a bus or...
-
Universal Electronics is considering the purchase of manufacturing equipment with a 10-year midpoint in its asset depreciation range (ADR). Carefully refer to Table 12-11 to determine in what...
-
What is the probability that a player is dealt 2 cards worth 10 points each?
-
1. Although biometrics at BayCare Health Systems helps reduce risk by properly identifying patients at registration, what aspect of their system opens them up to a different area of risk? 2. Why...
-
Graph the function. Give the equations of the vertical and horizontal asymptotes. f(x)= -2 5x+1 Give the equations of any vertical asymptotes for the graph of the rational function. Select the...
-
Mr B aged 52 years, has earned rupees 75,00,000 out of his business. His ex-wife gifted him a car worth rupees 8 lakh. He spent a total of rupees 20 lakh during a family trip. He won a lottery of 16...
-
Hawkins Corporation has the following balances at December 31, 2010. Projected benefit obligation $2,600,000 Plan assets at fair value 2,000,000 Accumulated OCI (PSC) 1,100,000 How should these...
-
Lahey Corp. has three defined-benefit pension plans as follows. How will Lahey report these multiple plans in its financial statements? Plan X Plan Y Plan Z Pension Assets (at Fair Value) $600,000...
-
An individual begins employment on December 16, 20X0. The employer pays salaries monthly on the 15th day of each month. The individual receives her first salary payment of $3,000 on January 15, 20X1....
-
What best practices should businesses follow when communicating during a crisis? Evaluate the importance of transparency and responsiveness in crisis communication
-
In states in which the state minimum wage exceeds the federal minimum wage, employers must comply with the higher state wage. In this exercise, you'll research current state minimum wages,...
-
An employee's monthly productivity M, in number of units produced, is found to be a function of the number t of years of service. For a certain product, a productivity function is shown below. Find...
-
Cost Volume Profit Analysis looks at the behavior of total revenues collected, total costs, and the operating income based on differences in units sold, their sales price, variable cost per item, and...
-
Analyse how cryptocurrencies as a digital asset could play an important role (or not) in the current global economy. Current global economy, in this context, is referring to phenomenon such as the...
-
Logan Corporation manufactures two products with the following characteristics. If Logan's machine hours are limited to 2,000 per month, determine which product it should produce. Product 1 Product 2...
-
An auto-parts manufacturer is considering establishing an engineering computing center. This center will be equipped with three engineering workstations each of which would cost $25,000 and have a...
-
Why are some distillation columns run at elevated pressures? State and explain as many reasons as you can.
-
Presented below is a list of accounts in alphabetical order. Accounts Receivable InventoryEnding Accumulated DepreciationBuildings Land Accumulated DepreciationEquipment Land for Future Plant Site...
-
Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2014. Instructions Prepare a classified balance sheet in good form. Common stock authorized was 400,000...
-
The adjusted trial balance of Eastwood Company and other related information for the year 2014 are presented as follows. Additional information: 1. The LIFO method of inventory value is used. 2. The...
-
The following partial amortization schedule is available for Sandhill Co. who sold $638000, 5-year, 10% bonds on January 1, 2020 for $663000 and uses annual straight-line amortization. BOND...
-
Travel uses the contribution margin income statement internally. Aussie's first quarter results are as follows: Aussie's relevant range is sales of between $100,000 and $650,000. Requirement 1....
-
What are the main activities of the Hong Leong Bank ?
Study smarter with the SolutionInn App