Far 7

Question 1

Two required financial statements of a defined contribution retirement plan

Answer 1

Statement of Net Assets available for benefits of the plan and Statement of Changes in net assets available for benefits

Question 2

Cash Flow Activities

Answer 2

Operating (Net Income - Increase in Inventory - Decrease in AP + Depreciation Expense- Gain on Sale of Equipment)
Investing (Sale of PPE- Purchase of PPE + Purchase of Long Term Investments - Sale of LTI)
Financing (Repayment of Long Term Debt)

Question 3

Required FS of a defined benefit pension plan

Answer 3

statement of Net Assets available for benefits of the plan,
Statement of Changes in net assets available for benefits,
Statment of Accumulated Plan Benefits
Statement of Changes in Accumulated Plan Benefits

Question 4

In the FS of an EBPP, Plan investments are reported at

Answer 4

FV

Question 5

In the FS of a Defined Benefit plan, Plan investments are reported at

Answer 5

FV

Question 6

Basic EPS Formula

Answer 6

Basic EPS = Income available to Common Shareholders(less cumulative PS dividend) / Weighted average number of common shares outstanding