At the End of 2017, Lime Inc

question 16

Multiple Choice

At the end of 2017, Lime Inc.has determined the following adjusted information related to its defined benefit pension plan The corporation uses IFRS.Assume the net defined benefit liability/asset account at January 1, 2017 was nil.If the contribution to plan assets in 2017 is $410,000, the pension expense for 2017 is

• A)$100,000.
• B)$310,000.
• C)$410,000.
• D)$510,000.

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Definitions:

Aging of Receivables Method

An accounting technique used to estimate the amount of and provision for doubtful accounts by categorizing receivables according to the length of time they have been outstanding.

Direct Write-off Method

An accounting method in which uncollectible accounts receivable are directly written off against income at the time they are deemed irrecoverable.

Aging Report

A financial report that categorizes a company's accounts receivable according to the length of time an invoice has been outstanding.

Balance Sheet

A balance sheet is a financial statement that portrays a company's financial position at a specific point in time, listing assets, liabilities, and shareholders' equity.