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The population of Ectenia is 100 people: 40 work full-time, 20 work half-time but would prefer to work full-time, 10 are looking for a job, 10 would like to work but are so discouraged that they have given up looking, 10 are not interested in working because they are full-time students, and 10 are retired. What is the number of unemployed?
Two brothers, Ray and Paul Ashford, start a business - Ashford Brothers, Inc.-manufacturing a new type of battery system for hybrid automobiles. The batteries hit the market at the perfect time and are in great demand.
Loren, one of Ashford's salespersons, anxious to make a sale, intentionally quotes a price to a customer that is 500 dollars lower than Ashford had authorized for that particular product. The customer purchases the product at the quoted price. When Ashford learns of the deal, it claims that it is not legally bound to the sales contract because it did not authorize Loren to sell the product at that price. Is Ashford bound to the contract? Discuss fully.
Linda Berstler Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan.
Defined benefit obligation Plan assets (fair value)Discount ratePension asset/liabilityService cost for the year 2020Contributions (funding in 2020)Benefits paid in 2020January 1,2020 $2,5001,700800December 31,2019$3,3002,62010%?400700200
a. Compute the actual return on the plan assets in 2020.
b. Compute the amount of other comprehensive income (G/L) as of December 31, 2020. (Assume the January 1, 2020, balance was zero.)