QuickHelper

(10)

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About QuickHelper

Levels Tought:
Elementary,High School,College,University,PHD

Expertise:
Accounting,Applied Sciences See all
Accounting,Applied Sciences,Business & Finance,Chemistry,Engineering,Health & Medical Hide all
Teaching Since: May 2017
Last Sign in: 353 Weeks Ago, 1 Day Ago
Questions Answered: 20103
Tutorials Posted: 20155

Education

  • MBA, PHD
    Phoniex
    Jul-2007 - Jun-2012

Experience

  • Corportae Manager
    ChevronTexaco Corporation
    Feb-2009 - Nov-2016

Category > Business & Finance Posted 22 May 2017 My Price 11.00

accounting

 

Question description

You have joined Member Company as an accounting manager. You were reviewing the financial statements to get yourself familiar with the company. While conducting the review, you had some concerns about their pension assets. Member Company had pension assets of $14 million and vested pension obligation of $12 million, but the projected benefit obligation was about $16 million. The pension assets were underfunded because the obligations were $16 million compared to the assets of $14 million. You approached the controller Bill Jensen and said to him, “Bill, while reviewing the financial statements, I noticed that we have a problem with the pension assets being underfunded by $2 million. We have pension assets worth $14 million compared to our outstanding obligations of $16 million. We need to clean that up and put some more funds in the pension assets.” Bill looked unconcerned. He replied, “I noticed that. No problem! Why don’t we fire the employees who are not vested because the vested pension obligation is $12 million compared to the pension assets of $14 million? What do you think?” •How should you respond? •What should you do?

Answers

QuickHelper
(10)
Status NEW Posted 22 May 2017 04:05 PM My Price 11.00

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