Description Debit Credit . 31: The pension cost for the year was $190,400, of which $139,700 was Description Debit Credit
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A: Pension expense is the amount that a business charges to expense in relation to its liabilities for…
Q: A company had the following information about the company's defined-benefit pension plan:…
A: SOLUTION- PENSION EXPENSE- IT IS THE AMOUNT THAT A BUSINESS CHARGES TO EXPENSE IN RELATION TO ITS…
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A: A pension benefit obligation refers to the measurement done by the company for the future purpose by…
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A: Pension Expense: Pension Cost is a measure of the yearly cost to a business of maintaining a pension…
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A: Journal: Recording of a business transactions in a chronological order.
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A: Pension plan: The pension plan is an agreement between the employer and the employee. After the…
Q: For the current year, Casimira Travel Agency provided the following information relating to the…
A: Interest cost = Beginning Defined benefit obligation x discount rate = P7,200,000 x 10% = P720,000
Q: 5. The following information relates to the defined benefit pension plan for the McDonald Company…
A: Given information, Present value of defined benefit obligation, Jan. 1 =4,600,000 Present value of…
Q: The following information is available for the pension plan of Sunland Company for the year 2020.…
A: Interest on PBO (Pension benefit obligation)=PBO×Interest/discount rate
Q: Pension data for Carolina Consulting Company included the following for the current calendar year:…
A: Pension expenses include service cost, the Interest cost, expected return on plan assets,…
Q: Lawrence Company has a defined benefit pension plan. On December 31 of the current year (the end of…
A: Given the following information: Ending PBO: $115,000 Benefits paid to retirees: $15,000 Interest…
Q: orporation, year-end plan assets were $ 2,000,000. At the begi ar cantributions to the pension fund…
A: Return on Plan Assets The return on plan assets includes interest paid, dividends earned, realized…
Q: The accountant for Lucky Corporation has developed the following information for the company's…
A: Solution Working note Pension expense- Service cost 1000000 Add amortised prior service cost…
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A: Increase in Defined benefit obligation = Defined benefit obligation, Dec. 31 - Defined benefit…
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A: A projected benefit obligation (PBO) is an actuarial measurement of what a company will need at the…
Q: The following information is related to the defined benefit pension plan of Havana for the year:…
A: Pension Expense for the year = Service Cost + Interest Cost - Expected Return on Plan Assets
Q: The following data relate to Ramesh Company’s defined benefit pension plan: ($ in millions)…
A: Formula: Pension plan Assets at fair value on December 31 = Beginning Fair value of Plan assets +…
Q: vThe following data relate to the operation of Riverbed Co.s pension plan in 2021. Service cost…
A: It is a worksheet prepared to determine the pension expense be accrued for the year along with the…
Q: Pension data for Fahy Transportation Inc., include the following:…
A: Particulars Amount Plan assets (fair value), December 31 $750 million Add: Benefit payments to…
Q: The following data are for the pension plan for the employees of Lockett Company 1/1/14 12/31/14…
A: Actual Returns - It is the amount of money earned by the company/individuals earn money putting its…
Q: Harrison Forklift's pension expense includes a service cost of $27 million. Harrison began the year…
A: Introduction:- Journal entries used to record business transactions. which plays vital role in book…
Q: The following information relates to the defined benefit pension plan for the Nicola Company for the…
A: Service costs means expense related to contribution for current period in the business.
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A: In this question, we have to calculate pension expenses.
Q: Scott Hobson Enterprises has a defined benefit pension plan. At the end of the reporting year, the…
A: Pension expense = Service cost + Interest cost + Expected return on plan assets
Q: Pension data for Goldman Company included the following for the current calendar year: Service cost…
A: Solution:- calculation of Pension expense for the year as follows:- Basic information:- Expected…
Q: M Service Co. reported the following for its defined-benefit pension plan for 2020:…
A: Introduction: A projected benefit obligation (PBO) is an economic assessment of how much money a…
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A: In this question, we have been asked to calculate the ending balance of the pension fund. For which…
Q: Pension plan assets were $80 million at the beginning of the year and $83 million at the end of the…
A: Plan assets at the end of year = Plan assets at the beginning + Return on plan + Cash contribution -…
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A: Pension: Pension is a cash payment given to the employees at the time of their retirement. The…
Q: The following information is related to the defined benefit pension plan of Avalanche Corporation…
A: Expected return on Plan assets = Plan assets (fair value), January 1 x Long-term expected return on…
Q: Pension data for Millington Enterprises include the following: (S in millions) Discount rate, 10%…
A: Interest cost = Projected benefit obligation at the beginning of the year x Discount rate = $360…
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A: Formula: Interest cost = Beginning projected benefit obligation x interest rate Beginning projected…
Q: Pension plan assets were $120 million at the beginning of the year and $130 million at the end of…
A:
Q: he Marino Company has provided you the following information pertaining to its defined bei lan that…
A: Projected benefit obligation refers to the concept of computing the sum value of money a company…
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A: Service costs = Ending PBO - Interest costs + benefit paid to retirees - Beginning PBO where,…
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A: The reconciliation statement is as follows: Resultant table:
Q: Pension data for David Emerson Enterprises include the following:…
A: Pension plan: It refers to a plan that is formulated to provide earnings to the employees during…
Q: Pension data for Coda Corporation included the following for the current calendar year: Service cost…
A: Interest cost = PBO x discount rate = 720,000 x 10% = $72000
Q: Pension plan assets were $80 million at the beginning of the year. The return on plan assets was 5%.…
A: Working note 1: Compute the actual return on plan assets. Pension plan assets at the beginning…
Q: On January 1 of the current reporting year, Coda Company's projected benefit obligation was $29.3…
A: Interest cost = Projected benefit obligation x actuary's discount rate = $29.3 x 10% = $2.93
Q: Pension data for the Ben Franklin Company Include the following for the current calendar year:…
A: Journal entry - It refers to the process where the business transactions are recorded in the books…
Q: What is the pension expense for 20X1?
A: Pension expense is the amount that a business charges to expense in relation to its liabilities for…
Q: JDS Shipyard's projected benefit obligation, accumulated benefit obligation, and plan assets were…
A: a.
Q: Bramble Company provides the following information about its defined benefit pension plan for the…
A: Interest cost = Projected benefit obligation at jan 1 x interest rate = $706100 x 10% = $70610
Q: Nevada, Inc. reported the following items in the 2017 pension footnote (in millions). Service cost…
A: Pension obligation of the business means liabilities in relation with payment of benefits to…
Q: Regling Company provides its employees vacation benefits and a defined benefit pension plan.…
A: a. Prepare journal entry to record vacation pay expense.
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- The following information relates to Schmidt Sausage Company's defined benefit pension plan during the current reporting year: Plan assets beginning of the year Expected return on plan assets Actual return on plan assets Cash contributions Amortization of net loss Retiree benefits ($ in millions) Pension plan assets of the year $ 580 58 49 78 9 10 Required: Determine the amount of pension plan assets at fair value on December 31. Note: Enter your answers in millions.The following data relate to Ramesh Company's defined benefit pension plan: ($ in millions) Plan assets at fair value, January 1 $720 Expected return on plan assets 72 Actual return on plan assets 58 Contributions to the pension fund (end of year) 124 Amortization of net loss 14 Pension benefits paid (end of year) 17 Pension expense 96 Required: Determine the amount of pension plan assets at fair…The following data relate to Ramesh Company’s defined benefit pension plan: ($ in millions) Plan assets at fair value, January 1 $ 630 Expected return on plan assets 63 Actual return on plan assets 50 Contributions to the pension fund (end of year) 106 Amortization of net loss 11 Pension benefits paid (end of year) 14 Pension expense 78 Required:Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.)
- The following data relate to Voltaire Company's defined benefit pension plan: ($ in millions) Plan assets at fair value, January 1 Expected return on plan assets Actual return on plan assets Contributions to the pension fund (end of year) Amortization of net loss Pension benefits paid (end of year) Pension expense $600 60 48 100 10 11 72 Required: Determine the amount of pension plan assets at fair value on December 31.Sunshine company has a defined benefit pension plan. Using the data available related to pension, calculate the amount of amortization of the net loss or gain that should be included as a component of pension expense for the current year? Average remaining service period of active employees Net gain, January 1 PBO, January 1 Plan assets, January 1 12 years $214,600 $1,630,000 $1,930,000 a. $21,600 b. $1,800 c. $51,600 d. $4,300Pension data for Millington Enterprises include the following: (S in millions) Discount rate, 10% Projected benefit obligation, January 1 Projected benefit obligation, December 31 Accumulated benefit obligation, January 1 Accumulated benefit obligation, December 31 Cash contributions to pension fund, December 31 Benefit payments to retirees, December 31 $360 465 300 415 150 54 Required: Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31.
- The following data relate to Hick's Cable Company’s defined benefit pension plan: ($ in millions) Plan assets at fair value, January 1 $ 790 Expected return on plan assets 79 Actual return on plan assets 63 Contributions to the pension fund (end of year) 138 Amortization of net loss 16 Pension benefits paid (end of year) 24 Pension expense 110 Required:Determine the amount of pension plan assets at fair value on December 31.Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $35,000 for the period. The pension formula calculated a pension cost of $201,250. Only $175,000 was contributed to the pension plan administrator.Provide the journal entry for the (a) vacation pay and (b) pension benefit.Pension data for David Emerson Enterprises include the following: ($ in millions) Discount rate, 12% Projected benefit obligation, January 1 $300 Projected benefit obligation, December 31 470 Accumulated benefit obligation, January 1 305 Accumulated benefit obligation, December 31 420 Cash contributions to pension fund, December 31 155 Benefit payments to retirees, December 31 55 Required:Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31.
- A pension plan paid out benefits amounting to $343,200 during the year to retired plan members. The entry reflected in a pension fund work sheet should show Select one: a. DEBIT-Plan Assets; CREDIT-Cash. b. DEBIT-Plan Expenses; CREDIT-Cash. c. DEBIT-Plan Expenses; CREDIT-Plan Assets. d. DEBIT-Defined Benefit Obligation; CREDIT-Cash. e. None of the above.Pension data for Carolina Consulting Company included the following for the current calendar year: Service cost PBO, January 1 Plan assets, January 1 Amortization of prior service cost Amortization of net loss Discount rate, 6% Expected return on plan assets, Actual return on plan assets, 10% $116,000 830,000 880,000 6,800 2,800 8% Required: Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Pension expenseThe following data relate to Ramesh Company’s defined benefit pension plan: ($ in millions)Plan assets at fair value, January 1 $600Expected return on plan assets 60Actual return on plan assets 48Contributions to the pension fund (end of year) 100Amortization of net loss 10Pension benefits paid (end of year) 11Pension expense 72 Required:Determine the amount of pension plan assets at fair value on December 31.