13. Information on an entity's plan asset is shown below: Fair value of plan assets, Jan. 1 Return on plan assets Contributions to the retirement fund during the year 120,000 40,000 280,000 160,000 60,000 Benefits paid to retirees Actuarial loss How much is the fair value of the plan assets as of year-end? а. 220,000 b. 240,000 с. 280,000 d. 340,000
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A: Fair value of plan assets at year-end = Fair value of plan assets at beginning + contribution to the…
Q: A. At the beginning of current year, an entity provided the following information in connection with…
A: Interest cost = Beginning Projected benefit obligation x discount rate = 13000000*10% = 1,300,000
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A: FV (Fair value) of plan assets refers to the funds fair value which is invested to pay the…
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A: Given information, Present value of defined benefit obligation, Jan 1= 340,000 Current service cost=…
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A: Actual return on plan assets for the current year = Ending Fair value of plan assets + benefit paid…
Q: At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan…
A: Ending Defined benefit obligation = Beginning Defined benefit obligation - Benefits paid + Current…
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A: Actual return on plan assets = Ending fair value of plan assets - contribution made + benefits paid…
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A: Change in return on plan assets=Actual return on plan assets-Fair value of plan assets×Discount…
Q: 14.Ivan Company provided the following information: January1 3,500,000 December 31 Fair value of…
A: Actual return on plan assets for the current year = Ending Fair value of plan assets + benefit paid…
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A: Actual return on plan assets = Fair value of plan assets at the end + Benefit paid - Contribution…
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A: Ending fair value of plan assets = Beginning fair value of plan assets + Actual return +…
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A: Formula: Beginning plan Assets + Actual return on plan assets + Contributions to the pension fund -…
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A: Increase in Projected Benefit Obligation = Projected Benefit Obligation, 12/31/2020 - Projected…
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A: Actual return on plan assets = Ending fair value - Beginning fair value - Contribution + Benefits…
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A: Actual return on plan assets for the current year = Ending Fair value of plan assets + benefit paid…
Q: A. At the beginning of current year, an entity provided the following information in connection with…
A: Interest cost = Beginning Projected benefit obligation x discount rate = 13000000*10% = 1,300,000
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A: Expense- Expenses refers to the cost incurred in producing and selling the goods and services. All…
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A: Liabilities: Liabilities are referred to as the obligation of the business towards the creditors…
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A: Actual return on plan assets for the current year = Ending Fair value of plan assets + benefit paid…
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A: Interest cost = Beginning Projected benefit obligation x discount rate = 13000000*10% = 1,300,000
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A: Amount that the entity would recognize in other comprehensive income for the year 2020 = Present…
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A: Interest on plan assets is determined on the value of opening plan assets and that amount is…
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A: Calculation of Net prepaid/ accrued defined benefit cost: Particulars Amount Defined Benefit…
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A: A Projected Benefit Obligation (PBO) is one type of measurement about amount that a company will…
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A: PLAN assets are assets or investments held by a long-term employee benefit fund for the purpose of…
Q: Rachel Company revealed the following information for the current year: Fair value of plan…
A: Plan assets include the amount which a company or an organization investing in a fund account for…
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A: As per IAS 19, The net defined benefit from the asset is to be recognized at the lower of - 1)…
Q: You gathered the following information related to Ashley Company's the defined benefit plan for the…
A: step 1: calculation of beginning funded status =beginning plan assets – beginning PBO…
Q: A. At the beginning of current year, an entity provided the following information in connection with…
A: Remeasurement gain on plan assets=Actual return-Interest @ 12% on opening balance of assets
Q: You gathered the following information related to Ashley Company’s the defined benefit plan for the…
A: Defined benefit cost for the year = (Ending Present value of obligation + Benefits paid - Beginning…
Q: CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year?…
A: Acuturial gan or loss refers to an increase or decrease in the projections used to value a…
Q: Information on Complicated Company's defined benefit plan is as follows: Fair value of plan assets,…
A: Given that, On January 1, Opening Fair value of plan assets = P480000 Return on plan assets (Actual…
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A: Prepaid/accrued benefit cost is the cost which to claim a recurring benefit to be allowed before the…
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A: Given The fair value of plan asset 01 Jan 2020 20,00,000
Q: A. At the beginning of current year, an entity provided the following information in connection with…
A: Net means after offsetting interest income and interest cost.
Q: $ 335,438 Benefits paid to retirees Expected return on plan assets Funding contributions during the…
A: benefits paid to retiree=$335438 expected return on plan assets= $274613 funding contributions…
Please put all of the necessary information and computations for better understanding. Thank you.
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- An entity’s defined benefit plan has the following information: 12/31/19 12/31/20 Fair value of plan assets P10 million P12 million Defined benefit obligation 8 million 9 million Discount rate 10% 10% Present value of available future refunds and reduction in future contributions 1.6 million 2 million In relation to the asset ceiling, the amount that the entity would recognize in other comprehensive income for the year 2020 isInformation on Complicated Company's defined benefit plan is as follows: Fair value of plan assets, Jan. 1 - P480,000; Return on plan assets (Actual rate of return for the period) - 10%; Contributions to the retirement fund during the year - P800,000; Benefits paid to retirees - P200,000. How much is the balance of the fair value of plan assets as of year-end?13. The following information are taken from the actuarial valuation report for an entity's defined benefit plan: Fair value of plan assets, Jan 1 1,500,000 Return on plan assets 180,000 Employer contributions 45,000 Present value of defined benefit obligation, Jan 1 1,800,000 Current service cost 450,000 Benefits paid during the period 75,000 Actuarial gain 10,000 Discount rate 12% What is the net defined benefit liability (asset) as of December 31?
- 7. At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000 Calculate the amount to be recognized in the statement of financial position at the end of the current year in accordance with the revised PAS 19 Group of answer choices P3,500,000 P3,650,000 P4,000,000 P3,600,000Fair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan.REQUIRED:15. Prepare journal entry to recognize the transitional effect of adopting revised PAS 19.16. Determine the employee benefit expense for the current year.17. Compute the remeasurement related to the defined benefit plan.18. Prepare journal entry to record the employee benefit expense.19. Compute for the Fair Value Plan Asset (FVPA) as of December 31.20. Compute for the projected benefit…An entity’s defined benefit plan has the following information: 12/31/19 12/31/20 Fair value of plan assets P10 million P12 million Defined benefit obligation 8 million 9 million Discount rate 10% 10% Present value of available future refunds and reduction in future contributions 1.6 million 2 million In relation to the asset ceiling, the amount that the entity would recognize in other comprehensive income for the year 2020 is Group of answer choices P560,000 P600,000 P400,000 P1,000,000
- 9/. At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000 Calculate the amount that the entity would recognize in profit or loss for the year in accordance with the revised PAS 19 Group of answer choices P1,350,000 P1,200,000 P1,100,000 P1,000,000 The defined benefit obligation at the end of the current year is Group…10 At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000 The defined benefit obligation at the end of the current year is Group of answer choices P11,800,000 P11,600,000 P10,500,000 P11,400,000From the following data, indicate the effect that the changes in the relevant items will have on the working capital:ParticularsJan 1, 2020Dec 31, 2020ParticularsJan 1, 2020Dec 31, 2020 Land4400068000Goodwill1300013000 Debentures2000025000Prepaid Expenses70300 Stock3000028000Bills Payable1500900 Machinery180000180000Bills Receivable30002000 Trade Creditors80005320Mortgaged Loan5000040000 Cash290009000Equity Share Capital100000120000 Long Term Investments100006250Preference Share Capital12000075000 Accrued Expenses350160Trade Debtors1900020000 Short-term Debt32205170 Your answer must indicate the overall and individual effect of changes in relevant items.
- A. At the beginning of current year, an entity provided the following information in connection with adefined benefit plan: Fair value of plan assets 10,000,000Projected benefit obligation (13,000,000)Prepaid /accrued benefit cost (3,000,000) The entity revealed the following transactions affecting the plan for the current year: Current service cost 2,500,000Past service cost - remaining vesting period of covered employees is 5 years 1,200,000Contribution to the plan 3,500,000Benefits paid to retirees 3,000,000Actual return on plan assets 1,500,000 Decrease in projected benefit obligation due to change in actuarial assumptions 400,000Discount rate 10%Expected return on plan assets 12% Compute the projected benefit obligation at year-end What amount should be reported as accrued or prepaid benefit cost at year-endA. At the beginning of current year, an entity provided the following information in connection with adefined benefit plan:Fair value of plan assets 10,000,000Projected benefit obligation (13,000,000)Prepaid /accrued benefit cost (3,000,000)The entity revealed the following transactions affecting the plan for the current year:Current service cost 2,500,000Past service cost - remaining vesting period of covered employees is 5 years 1,200,000Contribution to the plan 3,500,000Benefits paid to retirees 3,000,000Actual return on plan assets 1,500,000Decrease in projected benefit obligation due to change in actuarial assumptions 400,000Discount rate 10%Expected return on plan assets 12%REQUIRED:1. Compute the employee benefit expense for the current year 2. Compute the net remeasurement gain for the current year3. Compute the fair value of plan assets at year-end4. Compute the projected benefit obligation at year-end5. What amount should be reported as accrued or prepaid benefit cost at…At the beginning of current year, an entity provided the following information in connection with adefined benefit plan:Fair value of plan assets 10,000,000Projected benefit obligation (13,000,000)Prepaid /accrued benefit cost (3,000,000)The entity revealed the following transactions affecting the plan for the current year:Current service cost 2,500,000Past service cost - remaining vesting period of covered employees is 5 years 1,200,000Contribution to the plan 3,500,000Benefits paid to retirees 3,000,000Actual return on plan assets 1,500,000Decrease in projected benefit obligation due to change in actuarial assumptions 400,000Discount rate 10%Expected return on plan assets 12%REQUIRED:1. Compute the employee benefit expense for the current year2. Compute the net remeasurement gain for the current year3. Compute the fair value of plan assets at year-end