Category: Uncategorized

During Year 5, Falcon Corp. reports: Beginning fair value of plan assets: $1,900,000 Actual return on plan assets: $140,000 Employer contributions: $200,000 Benefits paid: $160,000 What is the ending fair value of plan assets at December 31, Year 5?

Ridge Corp. is involved in a lawsuit relating to a contract dispute. At December 31, Year 1, legal counsel believes a loss is probable and the estimated loss is $300,000. Settlement is expected in Year 2. How should Ridge account for this at December 31, Year 1?

On January 1, Year 1, Vega Corp. issued 5-year bonds with a face value of $1,000,000 and a stated interest rate of 8%, payable annually. The market rate of interest at issuance was 10%. Which of the following best describes the issue price and resulting accounting treatment?

On July 1, Year 1, Orion Ltd. received $120,000 for a 12-month service contract and initially recorded the entire amount as unearned revenue. Revenue is recognized evenly over time. At December 31, Year 1, Orion reports the following year-end balances (before adjusting unearned revenue): Accounts payable: $410,000 Accrued wages: $95,000 Unearned revenue (unadjusted): $120,000 Long-term note payable due June 30, Year 3: $600,000 What total amount should Orion report as current liabilities at December 31, Year 1 after making the required unearned revenue adjustment?

At December 31, Year 2, Falcon Corp. reports: Notes payable due in 8 months: $300,000 Long-term bonds due in 6 years: $1,200,000 Accrued interest on bonds: $48,000 Net pension liability: $420,000 No pension payments are due within the next 12 months. What total amount should Falcon classify as current liabilities at December 31, Year 2?

The formation of which Soviet-aligned alliance reflected the opposite side of NATO during the Cold War?

What was the outcome of the Cuban Missile Crisis as described in the readings?

On January 1, Year 1, Apex Ltd. issued bonds with a face value of $1,000,000 at a carrying amount of $950,000. The bonds pay annual interest of $70,000. The effective interest rate is 8%. What amount of the bond discount will be amortized during Year 1?

Which event directly escalated U.S.-Soviet competition in nuclear capabilities during the late 1950s and early 1960s?

During Year 3, Orion Co. reports the following: Beginning projected benefit obligation: $1,800,000 Service cost: $160,000 Discount rate: 6% Benefits paid: $120,000 Actuarial loss: $90,000 What is the ending projected benefit obligation at December 31, Year 3?