Exercise NO: 6

Gingrich Importers provides the following pension plan information.\nFair value of pension plan assets, January 1, 2014 $2,400,000\nFair value of pensio

Gingrich Importers provides the following pension plan information.

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Fair value of pension plan assets, January 1, 2014 $2,400,000

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Fair value of pension plan assets, December 31, 2014 2,725,000

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Contributions to the plan in 2014 280,000

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Benefi ts paid retirees in 2014 350,000

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Instructions

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From the data above, compute the actual return on the plan assets for 2014.

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Snider Corporation, a publicly traded company, is preparing the interim financial data which it will issue to its shareholders at the end of the first

Snider Corporation, a publicly traded company, is preparing the interim financial data which it will issue to its shareholders at the end of the first quarter of the 2014–2015 fiscal year. Snider’s financial accounting department has compiled the following summarized revenue and expense data for the first quarter of the year. Sales revenue $60,000,000 Cost of goods sold 36,000,000 Variable selling expenses 1,000,000 Fixed selling expenses 3,000,000 Included in the fixed selling expenses was the single lump-sum payment of $2,000,000 for television advertisements for the entire year. Instructions (a) Snider Corporation must issue its quarterly financial statements in accordance with IFRS regarding interim financial reporting. (1) Explain whether Snider should report its operating results for the quarter as if the quarter were a separate reporting period in and of itself, or as if the quarter were an integral part of the annual reporting period. (2) State how the sales revenue, cost of goods sold, and fixed selling expenses would be reflected in Snider Corporation’s quarterly report prepared for the first quarter of the 2014–2015 fiscal year. Briefly justify your presentation. (b) What financial information, as a minimum, must Snider Corporation disclose to its shareholders in its quarterly reports?

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