Using the information above, please answer the following questions... 1. assume
ID: 2555862 • Letter: U
Question
Using the information above, please answer the following questions...
1. assume the company has revenue of $400,000 in 2018 and the only expense is related to its pension plan, what is the companys net income for 2018?
2. Using the information from part 3, what is the amount of the companys comprehensive income for 2018?
3. Describe how Cell I17 would be presented and classified in the companys 2018 financial statements.
4. Assume the company has contributed capital of $900,000 on Dec 31, 2018. Assume after considering the comanys net income for 2018; it has retained earnings of $600,000. Using the information from the spreadsheet, what is the companys total stockholders equity on Dec. 31, 2018?
J K L 1 Name: Michael Kneale Liability Asset P20-12 Date 1/1/2018 Pension Expense Cash Loss(Gain Unrecognized Retained Unrecognized Net Pension Asset Liabilit (70,000 PSC Earnings Loss(Gain PSC PBO Plan Asset (340,000) 270,000 45,000 23,800 1,600 (45,000) 23,800) 7 Service Cost 8 Interest Cost 9 Return on Assets 10 Contribution 11 Benefits Paid 12 Amortization-PSC 13 Amortization-Corridor 14 15 16 17 18 19 20 21 27,000 65,000 1,000 (41,000 5,400) (65,000 12,000 12,000) 500 (500 12/31/18 entry 12/31/18-closing Balance-12/31/18 23,200 59,700 (65,000) (5,900) (12.000 5,90012,000 (59,700) (5.900(12.000 33,100 78,000 59,700 (46,800 367,800) 321,000 23 24 25 26 Sheet1 | Sheet2 | Sheet3 | Sheet4 Sheet5 | Sheet6 | Sheet7 | Sheet3 | Sheet9 Sheet10 (A) : 4 READY O Type here to searchExplanation / Answer
1. Net Income will be Rs 340300 ( 4,00,000 - 59700)
3. a.Retained Earnings & Unrecongnnised Loss (Gain) - will be shown in Balance Sheet - Under Owners Equity Section
b. Net Pension Asset/Liablity & Liablity Tab (PBO) - will be shown on Liability Section - Balance Sheet
c. Plan Asset - Asset side of Balance Sheet
4. 17,57,400 (9,00,000 + 6,00,000 + 2,57,400)
Net Income - 400000 - 59700(Pension) - 65000 (Cash) - 5900 (Unreconginesd Loss/ Gain) - 12000 (PSC) = 257400
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