LA Exercise 30-13 (Algorithmic) (LO. 1) The Wes Trust reports $94,800 of AMT income before the annual exemption. Round any computations and final answer to the nearest dollar. Compute the entity's AMT for 2023.
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- The Wes Trust reports $93,600 of AMT income before the annual exemption. Round any computations and final answer to the nearest dollar. The entity's AMT for 2021 is.................3. Information on an entity's plan assets is shown below: Fair value of plan assets, Jan. 1 120,000 Return on plan assets 40,000 Contributions to the retirement fund during the year 280,000 Benefits paid to retirees 160,000 Actuarial loss 60,000 How much is the fair value of the plan assets as of year-end?Calculate the amount that J&J's retirement fund obligations are underfunded as of each year-end. How much of the underfunding is reported on the company's balance sheet? Analyzing Retirement Fund Obligations. The following information is taken from the 2018 annual report of Johnson & Johnson (J&J): ($ millions) 2018 2017 $31,670 26,818 (4,852) $33,221 Projected benefit obligation Plan assets at fair value .... Net amount recognized in the company's balance sheet (as a liability). 28,404 (4,817)
- The unadjusted net income for the year 2019 is: A. P1,540,200B. P1,458,200C. P1,482,200D. P1,421,000From the information given below Calculate the amount to be maintained as Legal Reserve for the year ended December 31, 2020. 2020 2019 RO’ 000 RO’ 000 PROFIT BEFORE TAXATION 33,793 31398Tax Expense 5,007 4,7314. Information on an entity's plan assets is shown below: 341,000 Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the year 32,000 Benefits paid to retirees 89,000 Actuarial loss 50,000 Fair value of plan assets, Dec. 31 335,000 How much is the return on plan assets during the year? a. 51,000 b. 81,000 c. 101,000 d. 1,000
- On January 1, 2020 SANA ALL MAHAL Co. acquired land by issuing a three-year,12%, P4,000,000 note payable. Principal and interest are due on December 31,2022. How much is the interest expense in 2021?a. P1,017,600b. P960,000c. P537,600d. P764,213On January 1, 2020, an entity adopted a plan to accumulate funds for a new building to be erected beginning January 1, 2024 at an estimated cost of P20,000,000. The entity intends to make four equal annual deposits in a fund beginning December 31, 2020 that will earn interest at 12% compounded annually. The future value of an ordinary annuity of 1 at 12% for 4 periods is 4.78, and the future value of an annuity of 1 in advance at 12% for 4 periods is 5.35.What is the annual deposit to the fund? a. 5,000,000 b. 4,184,100 c. 3,738,318 d. 3,149,606Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2024. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2024 and 2025. A consulting firm, engaged as actuary, recommends 6% as the appropriate discount rate. The service cost is $150,000 for 2024 and $200,000 for 2025. Year-end funding is $160,000 for 2024 and $170,000 for 2025, No assumptions or estimates were revised during 2024. "We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since the estimate didn't change, that also was the actual rate in 2025. Required: Calculate each of the following amounts as of both December 31, 2024, and December 31, 2025; Note: Enter your answers in thousands (i.e., 200,000 should be entered as 200). Enter a liability as a negative amount.
- The Snyder Trust reports 2020 gross rent income of $1,800,000, expenses attributable to the rents of $700,000, tax-exempt interest from state bonds of $20,000 and $30,000 of dividend income. Under the trust agreement, the trustee is to pay 40% of the annual trust accounting income to Belmont United Way, a qualifying charitable organization. If required, round any division to two decimal places. Round your final answer to the nearest dollar. a. The charitable contribution deduction allowed for 2020 is $fill in the blank 1Information on an entity's plan assets is as follows: Fair value of plan assets, Jan 1 234,000 of Fair value of plan assets, Dec 31 299,000 Contributions to the retirement fund during the 120,000 tion year Benefits paid to retirees 79,000 Actuarial loss 12,000 Discount rate 10% How much is the return on plan assets during the year? O 24,000 O 29,400 O 37,400 O 23,4002. Corporation VB was formed in 2023. Immediately prior to year-end, VB is considering a $500,000 deductible expenditure. It can either make the expenditure before the end of 2023, or wait until 2024. However, if it waits, the cost of the expenditure will increase to $525,000. Before considering this expenditure, VB has the following projected pretax cash flows and taxable income for 2023, 2024, and 2025: Taxable income and pretax cash flow 2023 2024 2025 $120,000 $400,000 $700.000 a. Using a 5 percent discount rate, compute the NPV of VB's after-tax cash flows if the expenditure is in 2023. b. Using a 5 percent discount rate, compute the NPV of VB's after-tax cash flows if the expenditure is in 2024. e. Based on your calculations, when should VB make this expenditure?