Ivanhoe Limited follows ASPE, and the company sponsors a defined bene.pdf

•

0 likes•5 views

Ivanhoe Limited follows ASPE, and the company sponsors a defined benefit pension plan. Ivanhoe's actuary provides the following information about the plan (in thousands of dollars): VestedbenefitobligationDefinedbenefitobligation,accountingbasisPlanassets(fairvalue)Interest/di scountrateNetdefinedbenefitliability/assetPastservicecost,planamendment,effectiveDecember30, 2023Servicecostfortheyear2023Contributions(funding)2023January1,2023$1,5002,3201,34010% ?280December31,2023$1,4803,0522,09310%?340680120 Prepare a 2023 pension work sheet. (Enter answers in thousands of dollars.) IVANHOE LIMITED Pension Work Sheet - 2023 (ASPE) General Journal Entries Net Defined Annual Defined Benefit Liability/ (a) Service cost (b) Net interest/finance cost (c) Asset remeasurement gain (d) Past service cost in year (e) Contributions (f) Benefits paid Expense entry - 2023 Contributions entry - 2023 Balance, Dec. 31, 2023 Memo Record Defined Benefit Plan Obligation Assets Prepare the journal entries at December 31, 2023, to record defined benefit expense and the funding contributions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.).

Education

Ivanhoe Corporation is a publicly owned company that follows IFRS. On December 31, 2022. Ivanhoe's financial records indicated the following information related to the company's defined benefit pension plan: On January 1, 2023, Ivanhoe acquired the operations of Oriole Ltd. As one of the conditions of the purchase, Ivanhoe agreed that Oriole's employees would be included in lvanhoe's defined benefit pension plan, and would be granted credit for the past service of Oriole's employees. The actuary estimated the value of the prior service amount granted on January 1.2023 to be $311.500. Ivanhoe's actuary provided the following information on December 31, 2023:Prepare a pension worksheet for Ivanhoe Corporation for the year ending December 31, 2023.Balance. January 1,2023 (a) Current Service Cost (b) Past Service Cost (c) Net interest/Finance Cost (d) Asset Remeasurement Gain/Loss (e) Actuarial Gain/Loss (f) Employer Contributions to Pension Fund (g) Benefits Paid to Retirees from Pension Fund Defined Benefit Expense Entry - 2023 Net Funding EntryRemeasurement Gain/Loss OCl Defined Benefit Cash ExpenseNet Defined Liabilityl Asset Defined Benefit: Obligation Plan Assets.

Waterway Company received the following selected information from it.pdf

adityavision1

Waterway Company received the following selected information from its pension plan trustee concerning the operation of the companys defined benefit pension plan for the year ended December 31, 2020. January 1, 2020 December 31, 2020 Projected benefit obligation $1,471,000 $1,497,000 Market-related and fair value of plan assets 804,000 1,136,400 Accumulated benefit obligation 1,573,000 1,691,300 Accumulated OCI (G/L)Net gain 0 (197,100 ) The service cost component of pension expense for employee services rendered in the current year amounted to $76,000 and the amortization of prior service cost was $118,300. The companys actual funding (contributions) of the plan in 2020 amounted to $252,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,183,000 on January 1, 2020. Assume no benefits paid in 2020. C) Indicate the pension-related amounts that would be reported on the income statement and the balance sheet for Waterway Company for the year 2020. c) Indicate the pension-related amounts that would be reported on the income statement and the balance sheet for Waterway Company for the year 2020. Waterway Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2020. The service cost component of pension expense for employee services rendered in the current year amounted to $76,000 and the amortization of prior service cost was $118,300. The company's actual funding (contributions) of the plan in 2020 amounted to $252,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,183,000 on January 1, 2020. Assume no benefits paid in 2020. Indicate the pension-related amounts that would be reported on the income statement and the balance sheet for Waterway Company for the year 2020..

Skysong Co. has the following defined benefit pension plan balances .docx

jennifer822

Skysong Co. has the following defined benefit pension plan balances on January 1, 2020. Projected benefit obligation$4,619,000Fair value of plan assets4,619,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $595,000 are created. Other data related to the pension plan are: 20202021 Service cost$151,000$169,000Prior service cost amortization089,000Contributions (funding) to the plan201,000186,000Benefits paid220,000283,000Actual return on plan assets253,000347,000Expected rate of return on assets6%8%Prepare a pension worksheet for the pension plan in 2020. (Enter all amounts as positive.) SKYSONG COMPANY Pension Worksheet—2020 General Journal Entries Memo Record Items Annual Pension ExpenseCashOCI—Prior Service CostOCI— Gain/ LossPension Asset/ Liability Projected Benefit ObligationPlan Assets Balance, Jan. 1, 2020$ Dr.Cr. $ Dr.Cr. $ Dr.Cr. $ Dr.Cr. $ Dr.Cr. $ Dr.Cr. $ Dr.Cr. Service cost Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Interest cost Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Actual return Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Unexpected loss Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Contributions Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Benefits Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Journal entry for 2020$ Dr.Cr. $ Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Accumulated OCI Dec. 31, 2019 Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Balance, Dec. 31, 2020$ Dr.Cr. $ Dr.Cr. $ Dr.Cr. $ Dr.Cr. $ Dr.Cr. eTextbook and Media List of Accounts Prepare any journal entries related to the pension plan that would be needed at December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) DateAccount Titles and ExplanationDebitCredit Dec. 31, 2020 eTextbook and Media List of Accounts Prepare a pension worksheet for 2021. (Enter all amounts as positive.) SKYSONG COMPANY Pension Worksheet—2020 and 2021General Journal EntriesMemo RecordItemsAnnual Pension ExpenseCashOCI—Prior Service CostOCI— Gain/ LossPension Asset/ LiabilityProjected Benefit ObligationPlan Assets Balance, Jan. 1, 2020$4,619,000Cr.$4,619,000Dr.Service cost$151,000Dr.151,000Cr.Interest cost461,900Dr.461,900Cr.Actual return253,000Cr.253,000Dr.Unexpected loss24,140Dr.$24,140Dr.Contributions$201,000Cr.201,000Dr.Benefits220,000Dr.220,000Cr.Journal entry for 2020$335,760Dr.$201,000Cr.24,140Dr.$158,900Cr.Accumulated OCI Dec. 31, 20190Balance, Dec. 31, 2020$24,140Dr.$158,900Cr.5,011,900Cr.4,853,000Dr.Additional PSC, 1/1/2021 Dr.Cr. Dr.Cr.$ Dr.Cr. Dr.Cr. .

Gordon Company sponsors a defined benefit pension plan The following .pdf

cronkwurphyb44502

Gordon Company sponsors a defined benefit pension plan The following information related to the available for 2017 and 2018. 2017 2018 $849,000.00 Plan assets (fair valuc), December 31 Projected benefit obligation, January Pension asset/liability, January Prior service cost, January 1 Service cost Actual and expected return on plan assets Amortization of prior service cost Contributions (funding) 699,000.00 700,000 140,000 cr 250,000 60,000 24,000 10,000 115,000 240,000 90,000 30,000 12,000 120,000 550,000 Accumulated benefit obligation, December 31 Interest/settlement rate (a) Compute pension expense for 2017 and 2018. 2017 2018 Prepare the journal entries to record the pension expense and the company\'s funding of the pension plan for both years. (b) Debit Credit 2017 2018 Solution a. Pension expense: For 2017 2018 entry:Pension expense20172018Service cost 60,00090000Interest cost 63,00074070PSC amortisation 10,00012000Return on plan assets -24,000- 30000Expense 1,09,000 1,46,070.

Gordon Company sponsors a defined benefit pension plan. The followin.pdf

vickyaichslg

Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2014 and 2015. 2014 2015 % A. Compute pension expense for 2014 and 2015. B.Prepare the journal entries to record the pension expense and the company’s funding of the pension plan for both years. 2014 2015Plan assets (fair value), December 31$1,423,863$1,729,413Projected benefit obligation, January 11,425,9001,629,600Pension asset/liability, January 1285,180Cr.?Prior service cost, January 1509,250488,880Service cost122,220183,330Actual and expected return on plan assets48,88861,110Amortization of prior service cost20,37024,444Contributions (funding)234,255244,440Accumulated benefit obligation, December 311,018,5001,120,350Interest/settlement rate8%8 % Solution 2014 2015 Service cost 122,220 488,880 Interest (1,425,900 *8%) 114072 130368 Expected Return on plan assets 48,888 61110 Amortization of prior service cost 20370 24,444 Pension expense 305,550 704,802 2014 2015 Service cost 122,220 488,880 Interest (1,425,900 *8%) 114072 130368 Expected Return on plan assets 48,888 61110 Amortization of prior service cost 20370 24,444 Pension expense 305,550 704,802.

Brief Exercise 20-3At January 1, 2014, Hennein Company had plan as.docx

aman341480

Brief Exercise 20-3 At January 1, 2014, Hennein Company had plan assets of $290,800 and a projected benefit obligation of the same amount. During 2014, service cost was $28,930, the settlement rate was 10%, actual and expected return on plan assets were $29,070, contributions were $24,250, and benefits paid were $21,950. Prepare a pension worksheet for Hennein Company for 2014. HENNEIN COMPANY General Journal Entries Memo Record Items Pension Expense Cash Pension Asset/Liability Projected Benefit Obligation Plan Assets 1/1/14 $ [removed] [removed] $ [removed] [removed] $ [removed] [removed] $ [removed] [removed] $ [removed] [removed] Service cost [removed] [removed] [removed] [removed] [removed] [removed] [removed] [removed] [removed] [removed] Interest cost [removed] [removed] [removed] [removed] [removed] [removed] [removed] [removed] [removed] [removed] Actual return [removed] [removed] [removed] [removed] [removed] [removed] [removed] [removed] [removed] [removed] Contributions [removed] [removed] [removed] [removed] [removed] [removed] [removed] [removed] [removed] [removed] Benefits [removed] [removed] [removed] [removed] [removed] [removed] [removed] [removed] [removed] [removed] Journal entry 12/31/14 $ [removed] [removed] $ [removed] [removed] $ [removed] [removed] Ending Balances $ [removed] [removed] $ [removed] [removed] Brief Exercise 20-4 For 2012, Campbell Soup Company had pension expense of $73 million and contributed $71 million to the pension fund. Prepare Campbell Soup Company’s journal entry to record pension expense and funding. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Enter amounts in millions. Ex: 10,000,000 is to be imputed as 10, eliminating the 000,000.) Account Titles and Explanation Debit Credit [removed] [removed] [removed] [removed] [removed] [removed] [removed] [removed] [removed] Brief Exercise 20-9 Norton Co. had the following amounts related to its pension plan in 2014. Actuarial liability loss for 2014 $29,530 Unexpected asset gain for 2014 19,830 Accumulated other comprehensive income (G/L) (beginning balance) 7,770 Cr. Determine for 2014: (a) Norton’s other comprehensive income (loss), and (b) comprehensive income. Net income for 2014 is $27,380; no amortization of gain or loss is necessary in 2014. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) (a) Other comprehensive income (loss) $ [removed] (b) Comprehensive income $ [removed] Exercise 20-1 (Part Level Submission) The following information is available for the pension plan of Radcliffe Company for the year 2014. Actual and expected return on plan assets $ 18,390 Benefits paid to retirees 48,900 Contributions (funding) 93,130 Interest/discount rate 11 % Prior service cost amortization 8,200 Projected benefit o ...

Tax Credit English_02-Nov-2015Qurrat Khan

gtyccccccccccccccccccccccccccccccccccccccccccccccccccccccc

4thzenzstar

I need help with the one indicated in (X). Analyzing and Interpreting Pension Disclosures Assume E.I. Du Pont De Nemours and Co.'s 10-K report has the following disclosures related to its retirement plans ($ millions). 2010 2009 The following benefit payments, which reflect future service, as appropriate, are expected to be paid: Pension Benefits($ millions)20102009Change in benefit obligationBenefit obligation at beginning of year$ 22,849$ 22,935Service cost383388Interest cost1,2281,192Plan participants' contributions139Acturarial loss (gain)(728)(244)Benefits paid(1,544)(1,506)Amendments-- (1)Net effects of acquisitions/divestitures576Benefit obligation at end of year$ 22,206$ 22,849Change in plan assetsFair value of plan assets at beginning of year$ 22,249$ 20,132Actual gain on plan assets1,9273,306Employer contributions277280Plan participants' contributions139Benefits paid(1,544)(1,506)Net effects of acquisitions/divestitures--28Fair value of plan assets at end of year$ 22,922$ 22,249Funded statusU.S. plans with plan assets$ 2,365$ 892Non-U.S. plans with plan assets(90)(317)All other plans(1,559)(1,515)Total$ 716$ (940) Analyzing and Interpreting Pension Disclosures Assume E.I. Du Pont De Nemours and Co.'s 10- K report has the following disclosures related to its retirement plans (\$ millions). The following benefit payments, which reflect future service, as appropriate, are expected to be paid: HINT: Do not use negative signs with your answers. (a) How much pension expense (revenue) does DuPont report in its 2010 income statement? DuPont reports pension of $ million. (b) DuPont reports a $1,799 million expected return on pension plan assets as an offset to 2010 pension expense. Estimate what the expected return would have been had DuPont not changed the assumption on the expected return in 2010 . (Round your dollar answers to the nearest whole number.) $ milion What is DuPont's actual gain or loss realized on its 2010 pension plan assets? (\$ million) (c) What main factors affected DuPont's pension plan assets and pension liability during 2010? Oinvestment gains and employer contributions increased the plan assets. Service and interest costs increased the pension liability, and actuarial gains and benefit payments reduced the liability. Benefits were paid directly by the company and did not affect plan assets Oinvestment gains and employer contributions increased the plan assets, and benefits paid reduced plan assets. Service and interest costs increased the pension liability, and actuarial gains and benefit payments reduced the liability. Olnvestment gains and employer contributions increased the plan assets, and benefits paid reduced plan assets. Service and interest costs decreased the pension liability, and actuarial gains and benefit payments reduced the liability. Olnvestment gains and employer contributions increased the plan assets, and benefits paid reduced plan assets. Service costs increased the pension liability, and actuaria.

Accounting for Pension

Nico Iswaraputra

Robert Corp. sponsors a defined benefit pension plan for its employe.pdf

ALASEEMKOTA

Robert Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2014, the following balances related to this plan: As a result of the operation of the plan during 2014, the actuary provided the following additional data at December 31, 2014: Instructions: (a) Compute pension expense for Robert Corp. for the year 2014 by preparing a pension worksheet that shows the journal entry for pension expense. (b) Indicate the pension amounts reported in the financial statements.Plan assets (market related value$170,000Projected benefit obligation$340,000Pension asset/liability$170,000 cr.Prior service cost$100,000OCI-Loss$39,000 Solution Interest cost = Beginning PBO × Interest rate = $340,000 × 7% = $23,800 Service cost = $45,000 Expected returns on pension fund = Beginning plan assets × Expected rate = $170,000 × 8% = $13,600 Net pension expense = Interest cost + Service cost – Expected returns on pension fund = $23,800 + $45,000 - $13,600 = $55,200 a. Journal Date Account titles P.ref Debit Credit 31/12/14 Pension expense $55,200 Pension related asset/liability $55,200 To record 2014 pension expense b. Pension expense $55,200 should be reported in the income statement of 31/12/2014. Balance sheet items would as below: Projected benefit obligation (31/12/2014) = Beginning PBO + Service cost + Interest cost – Retirement benefits paid = $340,000 + $45,000 + $23,800 - $51,000 = $357,800 Fair value (31/12/2014) = Beginning fair value + Employer contribution – Retirement benefits paid + Actual returns = $170,000 + $85,000 - $51,000 + $27,000 = $231,000 Date Account titles P.ref Debit Credit 31/12/14 Pension expense $55,200 Pension related asset/liability $55,200 To record 2014 pension expense.

Electronic Distribution has a defined benefit pension plan. Characte.pdf

facevenky

Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are as follows: The expected long-term rate of return on plan assets was 8%. There were no AOCI balances related to pensions on January 1, 2024, but at the end of 2024, the company amended the pension formula, creating a prior service cost of $12 million.($ millions)PBO balance, January 1$480Plan assets balance, January 1300Service cost75Interest cost45Gain from change in actuarial assumption22Benefits paid(36)Actual return on plan assets20Contributions 202460 Calculate the pension expense for 2024 . Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of benefits for 2024 . Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Complete this question by entering your answers in the tabs below. What amount will Electronic Distribution report in its 2024 balance sheet as a net pension asset or net pension liability? Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10 )..

1161E.1-CNino Boezio

Accounting for Pensions and Postretirement Benefits

reskino1

100 important questions

lionKing37

McKonly & Asbury Webinar - Maximizing Community Impact Through EITC

McKonly & Asbury, LLP

We had another great webinar presented by Greg Lowe (Partner/COO) and Michael Eby, CPA (Tax Supervisor) with McKonly & Asbury! Thank you to everyone that attended. We discussed Pennsylvania’s Educational Improvement Tax Credit Program and learned what this program is all about, what type of businesses can participate, and what the eligible taxes are for which the credit can be applied. We then reviewed several examples for increased understanding of the tax credit and wrapped up with instructions for how an organization can apply. Check out our Upcoming Events page for news and updates on our future seminars and webinars. For more information on this topic or to submit a question for Greg or Michael, use our contact page at www.macpas.com/contact or email them directly at glowe@macpas.com and meby@macpas.com. http://www.macpas.com/webinar-recap-maximizing-community-impact-through-eitc

2011 Budget Presented to The House of AssemblyGovernment of Ekiti State, Nigeria

Krull Corporation presented the following selected information- The co.docx

hendriciraida

Krull Corporation presented the following selected information. The company has a calendar year end. Before considering the effects of dividends, if any, Krull\'s net income for 20X7 was $2,500,000. Before considering the effects of dividends, if any, Krull\'s net income for 20X8 was $3,000,000. Krull declared $750,000 of dividends on November 15, 20X7. The date of record was January 15, 20X8. The dividends were paid on February 1, 20X8. Stockholders\' equity, at January 1, 20X7, was $5,000,000. No transactions impacted stockholders\' equity throughout 20X7 and 20X8, other than the impact of earnings and dividends on retained earnings. (a) Prepare journal entries, if needed, to reflect the dividend declaration, the date of record, and the date of payment. (b) How much was net income for 20X7 and 20X8? (c) How much was total equity at the end of 20X7 and 20X8? (d) Is total \"working capital\" reduced on the date of declaration, date of record, and/or date of payment? Solution (a) Journal Entries for Dividend Declaration on 15.11.2007 Dividend A/c DR (Profit and Loss Account) $ 750,000 To Dividend Payable A/c (Current Liabilities) $ 750,000 No journal entry for date of record of dividend other than a memorandum entry on 15.01.2008 that the dividend declared will be paid to the shareholders Journal Entry for Dividend Paid on 01.02.2008 Dividend Payable A/c DR (Liability Payment) $ 750,000 To Bank A/c $ 750,000 (b) Net Income for 2007 = $2,500,000 - $ 750,000 = $ 1,750,000 Net Income for 2008 = $ 3,000,000 since payment of dividend does not affect retained earnings (c) Total equity at the end of 2007 = $ 5,000,000 - $750,000 = $ 4,250,000 Total equity at the end of 2008 = $ 4,250,000 (no change owing to dividend payment) (d) Total \"Working Capital\" is only reduced by $750,000 on the date of declaration. There is no journal entry on the date of record. The date of payment entry is a compensating one,affecting both current assets and current liabilities, and hence the impact on Working Capital is NIL. .

Additional Questions-2.pdf

AryamanRana2

Additional Questions-2.pdf

mohdalamgeer250

Brief Exercise 18-3Travel Inc. sells tickets for a Caribbean cruis.docx

aman341480

Brief Exercise 18-3 Travel Inc. sells tickets for a Caribbean cruise to Carmel Company employees. The total cruise package costs Carmel $85,200 from ShipAway cruise liner. Travel Inc. receives a commission of 7% of the total price. Travel Inc. therefore remits $79,236 to ShipAway. Prepare the entry to record the revenue recognized by Travel Inc. on this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit [removed] [removed] [removed] [removed] [removed] [removed] Brief Exercise 18-6 Telephone Sellers Inc. sells prepaid telephone cards to customers. Telephone Sellers then pays the telecommunications company, TeleExpress, for the actual use of its telephone lines. Assume that Telephone Sellers sells $5,600 of prepaid cards in January 2014. It then pays TeleExpress based on usage, which turns out to be 49% in February, 31% in March, and 20% in April. The total payment by Telephone Sellers for TeleExpress lines over the 3 months is $3,100. Indicate how much income Telephone Sellers should recognize in January, February, March, and April. January income $ [removed] February income $ [removed] March income $ [removed] April income $ [removed] Brief Exercise 18-10 Guillen, Inc. began work on a $6,973,000 contract in 2014 to construct an office building. Guillen uses the completed-contract method. At December 31, 2014, the balances in certain accounts were Construction in Process $1,738,000; Accounts Receivable $368,000; and Billings on Construction in Process $1,163,000. Indicate how these accounts would be reported in Guillen’s December 31, 2014, balance sheet. Guillen, Inc. Balance Sheet December 31, 2014 [removed] [removed] $ [removed] [removed] [removed] $ [removed] [removed] : [removed] [removed] [removed] $ [removed] Exercise 18-1 Jupiter Company sells goods that have a cost of $490,000 to Danone Inc. for $740,000, with payment due in 1 year. The cash price for these goods is $604,000, with payment due in 30 days. If Danone paid immediately upon delivery, it would receive a cash discount of $7,000. Jupiter Company accepts a note receivable from Danone Inc. to pay for the goods . (a) Prepare the journal entry to record this transaction at the date of sale. (Jupiter records sales discounts using the net method) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit [removed] [removed] [removed] [removed] [removed] [removed] (b) How much revenue should Jupiter report for the entire year? Total revenue $ [removed] Exercise 18-8 Taylor Marina has 300 available slips that rent for $860 per season. Payments must be made in full at the start of the boating season, April 1, 2015. Slips for the next season may be reserved if paid for by December 31, 2014. Under a new policy, if payment is made by December ...

Chapter 14 Prepaid and Accrued Expenses - Test

VCE Accounting - Michael Allison

Aventus Partners Union Budget India & Employee Compensation_2015

MP Sriram

The Financial Year 2014-15 saw two budgets being presented in India within a span of 7 months , one for 2014-15 in July 2014 and the other for 2015-16 in Feb 2015 . While both the budgets have not altered the fundamental structure of personal taxation, the subtle incremental changes brought about by the two have ensured that employees who invest in accordance with the changes can benefit anywhere between INR 17500 to INR 52000 in FY 2015-16 as compared to FY 2013-14 depending on the tax brackets that they fall under. This document summarizes the changes and its implications for employees and provides a few pointers on what could be done by employers and Human Resource Professionals to modify the compensation structure of employees and also facilitate prudent financial management by their employees.

CHILD FOUNDATION FINANCIAL STATEMENTS Ye

JinElias52

CHILD FOUNDATION FINANCIAL STATEMENTS Year Ended May 31, 2020 with Independent Auditors’ Report CHILD FOUNDATION Table of Contents Page Independent Auditors’ Report 1 Financial Statements Statement of Financial Position 3 Statement of Activities 4 Statement of Functional Expenses 5 Statement of Cash Flows 6 Notes to Financial Statements 7 - 1 - Independent Auditors’ Report The Board of Directors Child Foundation Report on the Financial Statements We have audited the accompanying financial statements of Child Foundation (the Organization), which comprise the statement of financial position as of May 31, 2020, and the related statements of activities, functional expenses, and cash flows for the year then ended, and the related notes to the financial statements. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. - 2 - Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Child Foundation as of May 31, 202 ...

St. Maarten 2021 Draft Budget - Public Meeting for Parliament

Fiel Efenio

A company's defined benefit pension plan had a PBO of $269,000 on January 1, ...

AdalineForbs

Hindustan Unilever Limited (HUL) | Valuation of Goodwill

Ansh Shah

Instructions Round your answers to the nearest whole number. a. Tota.pdf

Ivanhoe Limited follows ASPE, and the company sponsors a defined bene.pdf

Recommended

Recommended

More Related Content

Similar to Ivanhoe Limited follows ASPE, and the company sponsors a defined bene.pdf

Similar to Ivanhoe Limited follows ASPE, and the company sponsors a defined bene.pdf (20)

More from ALANKARSTEELINDUSTRI

More from ALANKARSTEELINDUSTRI (20)

Recently uploaded

Recently uploaded (20)

Ivanhoe Limited follows ASPE, and the company sponsors a defined bene.pdf