A Company provided the following information for the current year: Fair value of plan assets – January 1 3,500,000 Fair value of plan assets – December 31 5,250,000 Employer contribution 1,100,000 Benefits paid 850,000 What was the actual return on plan assets for the current year?
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A Company provided the following information for the current year:
|
Fair value of plan assets – January 1 |
3,500,000 |
|
Fair value of plan assets – December 31 |
5,250,000 |
|
Employer contribution |
1,100,000 |
|
Benefits paid |
850,000 |
What was the actual return on plan assets for the current year?
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- In 2019, Magenta Corporation paid compensation of 45,300 to the participants in a profit sharing plan. During 2019, Magenta Corporation contributed 13,200 to the plan. a. Calculate Magentas deductible amount for 2019. b. Calculate the amount of any contribution carryover from 2019.Bey Company provided the below information for the current year:· Fair value of plan assets, January 1: 8,750,000· Fair value of plan assets, December 31: 9,950,000· Pension benefits paid to retired employees: 600,000· Interest income on plan assets: 900,000· Contributions to the fund: 700,000· Remeasurement gain/loss on plant assets: ??How much is actual return on plant assets? a. 200,000 b. 1,000,000 c. 1,100,000 d. 900,000Richelle Company provided the following information during the current year: January 1 December 31 Fair value of plan assets 6,000,000 8,500,000 Projected benefit obligation 5,000,000 6,500,000 Prepaid/accrued benefit cost - surplus 1,000,000 2,000,000 Asset ceiling 700,000 1,200,000 Effect of asset ceiling 300,000 800,000 During the year, entity recognized current service cost of P1,000,000, actual return on plan assets of P400,000, and contribution to plan of P2,100,000. The discount rate is 10%. What amount of prepaid benefit cost should be reported on December 31?
- An entity provided the following information during the current year:January 1 December 31Fair value of plan assets 6,000,000 9,000,000Projected benefit obligation 4,500,000 5,000,000Prepaid/accrued benefit cost – surplus 1,500,000 4,000,000Asset ceiling 1,000,000 2,500,000Effect of asset ceiling 500,000 1,500,000During the year, the entity recognized current service cost P2,000,000, actual return on plan assets P400,000,and contribution to the plan P4,550,000 and benefits paid P1,950,000. The discount rate is 10%REQUIRED: . Compute the defined benefit costRichelle Company provided the following information during the current year: 1-Jan 31-Dec Fair value of plan assets 6,000,000 8,500,000 Projected benefit obligation 5,000,000 6,500,000 Prepaid/accrued benefit cost - surplus 1,000,000 2,000,000 Asset ceiling 700,000 1,200,000 Effect of asset ceiling 300,000 800,000 During the year, entity recognized current service cost of P1,000,000, actual return on plan assets of P400,000, and contribution to plan of P2,100,000. The discount rate is 10%. What amount of prepaid benefit cost should be reported on December 31? Group of answer choices 500,000 2,000,000 1,200,000 800,000William and Raj Company provided the following information for the year:Projected benefit obligation - January 1 P 700,000Fair value of plan assets - January 1 560,000Pension benefits paid during the year 50,000Current service cost for the year 350,000Past service cost for the year (vesting period 5 years) 85,000Actual return on plan assets 36,000Contributions to the plan 300,000Actuarial loss due to change in assumptions on projected benefit obligation 40,000Discount or settlement rate 10%Expected return on plan assets 12%1. What is the employee benefit expense for the current year?2. How much is the actuarial gain/loss on return on plan assets?3. What is the prepaid/accrued balance of the pension at yearend?4. How much is the defined benefit cost?5. If the pension benefits paid during the year is worth P50,000 but the company was able to pay only P45,000, what would be the employee benefitexpense for the current year assuming the above given is the same?
- Given the following items and amounts, compute the actual return on plan assets: fair value of plan assets at the beginning of the period $9,500,000, benefits paid during the period $1,400,000, contributions made during the period $1,000,000, and fair value of the plan assets at the end of the period $10,150,000.At the beginning of the current year, the memorandum records of Fischl Company’s defined benefitplan showed the following:Fair value of plan assets P7,500,000Defined benefit obligation (11,000,000)Prepaid (accrued) benefit expense (P3,500,000)Fischl determined that its current service cost was P1,000,000 and the interest cost is 10%. Theexpected return on plan asset was 12% but the actual return during the year was 8%. Other relatedinformation at the end of the year:Contribution to the plan P1,200,000Benefits paid to retirees 1,500,000Decrease in defined benefit obligation due to changes inactuarial assumptions200,000REQUIREMENTS:1. What will be presented in the income statement in relation to the defined benefit plan?2. What will be presented in the statement of financial position in relation to the defined benefitplan?A Company provided the following information for the current year: Current service cost 500,000 Interest on PBO 600,000 Interest income on plan asset 350,000 Loss on settlement 250,000 Past service cost during the year 300,000 Actual return on plan asset 850,000 Actuarial loss during the year 200,000 Contribution to the plan 1,500,000 What is the total defined benefit cost?
- On January 1, 2021, Period Company provided the following information: Fair value of plan assets 13,000,000Projected benefit obligation (10,000,000)Prepaid/Accrued Benefit Cost 3,000,000The 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 3 years 1,200,000Contribution to the plan 3,000,000Benefits paid to retirees 3,500,000Actual 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% w. What is the employee benefit expense for the current year?x. What is the net remeasurement gain for the current year?y. What is the projected benefit obligation on December 31, 2021?z. What amount should be reported as accrued or prepaid benefit cost on December 31, 2021?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 net amount that the entity would recognize in OCI for the year in accordance with the revised PAS 19 A P200,000 loss B P50,000 gain C P50,000 loss D P200,000 gainAt 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 net amount that the entity would recognize in OCI for the year in accordance with the revised PAS 19 Group of answer choices P50,000 loss P50,000 gain P200,000 gain P200,000 loss
