Hawkins Corporation has the following balances at December 31, 2017. Projected benefit obligation $2,600,000 Plan assets at fair value 2,000,000 Accumulated OCI (PSC) 1,100,000 How should these balances be reported on Hawkins’ balance sheet at December 31, 2017?
Q: U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Blossom Corporation had a projected benefit obligation of $3,142,000 and plan assets of $3,308,000…
A: Amortization: Amortization is a process in which the cost of intangible assets is spread equally…
Q: U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure…
A: As posted multiple sub parts questions we are answering only first three kindly repost the…
Q: On January 1, 2016, Ju Co. has the following balances: Defined benefit obligation P2,100,000 Fair…
A: Formula: Ending fair value of plan Assets = Beginning fair value of plan assets + Actual return on…
Q: The following information is related to the defined benefit pension plan of a company for 2021.…
A: Pension is an expense a company charges to expense for the pension amount payable to its employees.…
Q: Blossom Company provides the following information about its defined benefit pension plan Service…
A: Formula used for calculating Pension expense: Pension expense = Service cost + Interest cost + Prior…
Q: The following information pertains to Lacson Corporation defined benefit plan for the year 2022:…
A: The urealized gain or loss along with the other gain and losses accumulated in prior year is…
Q: Information about the defined benefit plan of the company are shown below Defined benefit…
A: Settelment cost = Defined benefit obligation, January 1, 2021 x Discount rate = 5,500,000 x 5% =…
Q: YULETIDE Corporation reported the following data on January 1, 2021: Projected benefit obligation…
A: Defined benefit cost for the current year = Current service costs + Interest costs - Actual interest…
Q: The following information is related to the pension plan of B, Inc. for 2016. Actual return on plan…
A: Service cost 800,000 Interest on defined benefit obligation 326500 net gain on liability -82500…
Q: Elton Co. has the following postretirement benefit plan balances on January 1, 2020. Accumulated…
A: a)
Q: At January 1, 2020, Wembley Company had plan assets of $250,000 and a defined benefit obligation of…
A: Pension plan: Pension plan is the plan devised by corporations to pay the employees an income after…
Q: Skysong Inc. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the…
A: The amount charged to expenditure by a company in connection to its obligations for employee…
Q: Coronado Corporation had a projected benefit obligation of $2,890,000 and plan assets of $3,097,000…
A: Corridor rule says that losses or gains which exceed 10 % of Higher of Pension benefit obligation…
Q: (Postretirement Benefit Expense Computation) Garner Inc. provides the following information related…
A: Postretirement benefit expense: This is an expense to the employer paid as compensation after the…
Q: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…
A: Change in return on plan assets=Actual return on plan assets-Fair value of plan assets×Discount…
Q: Use the following information for the next four (4) questions: The memorandum records of Galinde…
A: Actuarial loss on remeasurement of defined benefit obligation = 100,000 Therefore, the loss on…
Q: At December 31, 2017, Besler Corporation had a projected benefit obligation of $560,000, plan assets…
A: Pension asset: A pension asset is the funds of a company which is used to meet their future…
Q: The following date relate to the defined benefit plan of Bronson Company for the year ended December…
A: As per relevant IAS, Employee benefit if there is any loss or gain in defined benefit obligation…
Q: The following information relates to Irasly Inc. at December 31, 2019: Fair value of plan assets…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: At January 1, 2019, Jolly Company had plan assets of P2, 800,000 and a projected benefit obligation…
A: Pension: It refers to a reserve made for employee retirement period by depositing the sum of money…
Q: At January 1, 2017, Wembley Company had plan assets of $250,000 and a defined benefit obligation of…
A: Defined benefit plans are those plans which are made for the benefits of employees. This is a form…
Q: For 2020, Sampsell Inc. computed its annual postretirement expense as $240,900. Sampsell's…
A: Journal entry: A journal entry is a systematic record of a financial transaction recorded in…
Q: On January 1, 2019, HULA Co. provided these data concerning its defined benefit plan: Fair value of…
A: The prepaid/accrued benefits arise due to the difference in estimated benefit and fair value of the…
Q: On December 31, 2016, Robey Company accumulated the following information for 2016 in regard to its…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: At January 1, 2016, C Company had plan assets of P215,000 and a defined benefit obligation of the…
A: Benifit obligation for C company for 2016: P244,000
Q: At January 1, 2017, Wembley Company had plan assets of $250,000 and a defined benefit obligation of…
A: Pension plan: Pension plan is the plan devised by corporations to pay the employees an income after…
Q: On December 31, 2016, Robey Company accumulated the following information for 2016 in regard to its…
A: As posted multiple sub parts questions we are answering only first three sub parts kindly repost the…
Q: The following relates to the define benefit obligation plan for Tokwa’t Baboy Inc. in 2016: Accrued…
A: Calculation of service cost: Particulars Amount Closing benifit obligation 4,929,000 Add:…
Q: ation received the following report from its actuary at the end of the year: December 31, 2014…
A: Pension liability refers to the concept of evaluating the difference between the actual amount due…
Q: How much is the retirement benefit expense taken to profit or loss for the year 2021?
A: Retirement benefit expense are those form of expenses being incurred by the owner or the employer…
Q: At the beginning of the current year, the memorandum records of Anne Company's defined benefit plan…
A: Interest cost = Beginning Defined benefit obligation x interest cost = P11,000,000 x 10% = 110,000…
Q: On January 1, 2021, Period Company provided the following information: Fair value of plan assets…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: Ch U.S. Metallurgical Inc. reported the following balances in its financial statements and…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: At January 1, 2020, Blossom Corporation had plan assets of $258,000 and a defined benefit obligation…
A: Solution- Effective Charging Rate = (1 + Rate of expected return)0.5 - 1 = (1 + 0.10)1/2 - 1 =…
Q: At January 1, 2016, R Company had plan assets of P250,000 and a defined benefit obligation of the…
A: Interest cost = Beginning defined benefit obligation x discount rate = P250,000 x 12% = P30,000
Q: 16 The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…
A: Calculation of Net prepaid/ accrued defined benefit cost: Particulars Amount Defined Benefit…
Q: On January 1, 2021 COMET Company provided the following data in connection with the defined benefit…
A: Interest costs = Projected benefit obligation x Discount rate = ₱7,600,000 x 10% = ₱760,000 Expected…
Q: Calculate the pension asset/liability to be recorded at December 31, 2021.
A: Pension Liability: It is difference between the amount due to employees who is retired and the…
Q: The memorandum records of ABC Company at January 1,2020 show the following: Defined Benefit…
A: Defined Benefit Plan:- This is the plan provided to employees by companies for their benefit at…
Q: What is the pension expense at the end of 2021? What is the projected benefit obligation at the end…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: On January 1, 2016, Burleson Corporation’s projected benefit obligation was $30 million. During 2016…
A:
Q: Jablonski Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the…
A: a. The worksheet is as follows: The result of the above table is as follows:
Q: At January 1, 2017, Hennein Company had plan assets of $280,000 and a projected benefit obligation…
A:
Q: U.S. Metallurgical Incorporated reported the following balances in its financial statements and…
A: Pension expense refers to the amount of money which the business charges to the expenses against the…
Q: Bonita Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the…
A: Hence the Pension expense for the full year is $107,160
Q: U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure…
A: Hey, since there are multiple sub-parts posted, we will answer the three sub-parts. If you want any…
Q: At January 1, 2017 Hennein Companyhad plan assets of $280 000 and a projected benefit oligation of…
A: Company should report the net pension asset / liability. Net pension Liability = Pension benefits…
Q: On January 1, 2016, Jr Co. has the following balances: Defined benefit obligation…
A: Fair Value is a term referred to as a broad measure of an asset's worth.It is not as same as market…
Hawkins Corporation has the following balances at December 31, 2017.
Projected benefit obligation | $2,600,000 |
Plan assets at fair value | 2,000,000 |
Accumulated OCI (PSC) | 1,100,000 |
How should these balances be reported on Hawkins’
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.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.Pinecone Company has plan assets of 500,000 at the beginning of the current year and expects to earn 12% on its plan assets during the year. Pinecones service cost is 230,000, and its interest cost is 55,000. Compute Pine-cones pension expense for the current year.
- At January 1, 2017, Wembley Company had plan assets of $250,000 and a defined benefit obligation of the same amount. During 2017, service cost was $27,500, the discount rate was 10%, actual return on plan assets was $25,000, contributions were $20,000, and benefits paid were $17,500. Based on thisinformation, what would be the defined benefit obligation for Wembley Company at December 31, 2017?(a) $277,500. (c) $27,500.(b) $285,000. (d) $302,500.At January 1, 2017, Wembley Company had plan assets of $250,000 and a defined benefit obligation of the same amount. During 2017, service cost was $27,500, the discount rate was 10%, actual return on plan assets was $25,000, contributions were $20,000, and benefits paid were $17,500. Based on this information, what would be the defined benefit obligation for Wembley Company at December 31, 2017?As of December 31, 2020, Andrei Corporation has P 5,000,000 contract in progress on which the following information is given. Cost Incurred to date 2018 P 640,000 2019 P 2,496,000 2020 P 4,046,000 Est. cost to complete at year-end 2018 P 2,560,000 2019 P 1,404,000 2020 P 0 How much should be the reported income for 2018 under the percentage of completion method of recognized income? How much should be the reported income for 2019 under the percentage of completion method of recognized income?
- Buffalo Corporation had a projected benefit obligation of $3,280,000 and plan assets of $3,446,000 at January 1, 2020. Buffalo also had a net actuarial loss of $513,520 in accumulated OCI at January 1, 2020. The average remaining service period of Buffalo’s employees is 8.20 years.Compute Buffalo’s minimum amortization of the actuarial loss. Minimum amortization of the actuarial loss $enter Buffalo’s minimum amortization of the actuarial lossA corporation in 2017 expects a gross income of $500,000, total operating expenses of $400,000, and capital investments of $20,000. In addition thecorporation is able to declare $60,000 of depreciation charges for the year. What is the expected taxable income and total federal income taxes owed for the year 2017?The following relates to the define benefit obligation plan for Tokwa’t Baboy Inc. in 2016:Accrued benefit obligation, January 1 4,600,000Accrued benefit obligation, December 31 4,929,000FV of plan assets, January 1 5,035,000FV of plan assets, December 31 5,565,000Actuarial gain due to remeasurement of benefit obligation 32,500Employer contributions 425,000Benefits paid to retirees 390,000Discount rate 10% The service cost for current year would beA. P219,500 B. P226,500 C. P262,500 D. P291,500 . The actual return on plan assets for the year isA. P105,000 B. P495,000 C. P503,500 D. P512,000 What is the retirement benefit expense reported in profit or loss for the year 2016?A. P224,000 B. P242,000 C. P248,000 D. P284,000
- At January 1, 2020, HH Company had plan assets of P250,000 and a defined benefit obligation of the same amount. During 2020, service cost was P27,500, the discount rate was 10%, actual and expected return on plan assets were P25,000, contributions were P20,000, and benefits paid were P17,500. Based on this information what would be the defined benefit obligation for HH Company for 2020?At January 1, 2020, Wembley Company had plan assets of $250,000 and a defined benefit obligation of the same amount. During 2020, service cost was $27,500, the discount rate was 10%, actual return on plan assets was $25,000, contributions were $20,000, and benefits paid were $17,500. Based on this information, what would be the defined benefit obligation for Wembley Company at December 31, 2020? a. $277,500. b. $285,000. c. $27,500. d. $302,500.On January 1, 2020, FB Company had the following data in connection with its defined benefit plan: Fair value of plan assets- P6,500,000 • Defined benefit obligation- P7,500,000 The accountant revealed the following information for the current year. • Current service costs- P1,600,000 • Discount rate- 10% • Actual return on plan assets-P600,000 . Expected return on plan assets- 8% . Contribution to the plan- P1,500,000 How much is the retirement benefit expense in 2020? A.P1,830,000 B.P1,600,000 C.P2,350,000 D.P1,750,000