he following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000

Q: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…

A: Paytm treatment cost is the gap between the market price of assets held and the defined benefit…

Q: On January 1, 2021, Sandhill Co. has the following balances: Projected benefit obligation   $…

A: The projected benefit obligation is referred to as the measurement of the present amount that a…

Q: Skysong Inc. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the…

A: Pension Expense: It is  the expenses  which is paid  to employees for their services after…

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: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…

A: Given, Defined Benefit Obligation = 2,600,000

Q: At January 1, 2020, Pharoah Corporation had plan assets of $257,000 and a defined benefit obligation…

A: SOLUTION CALCULATION OF EFFECTIVE CHARGING RATE = (1+0.10)*1/2 -1 = 4.88%   INTEREST AMOUNT =…

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: 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: Marin Importers provides the following pension plan information. Fair value of pension plan assets,…

A: Workings:

Q: On January 1, 2020, McGee Co. had the following balances:           Projected benefit obligation…

A: Answer -    Part 1 -  Calculation of the projected benefit obligation at December 31, 2020…

Q: Sage Company provides the following selected information related to its defined benefit pension plan…

A: Calculation of Pension Expense:   Service cost 79,600 Benefit obligation (698,500 x 10%) 69,850…

Q: At January 1, 2019, XYZ Company had plan assets of €250,000 and a defined benefit obligation of the…

A:

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: An entity provided the following items related to its defined benefit plan for 2019: January 1…

A: Interest rate = Interest income / Fair value of plan assets at beginning = 160000/1600000 = 10%

Q: On January 1, 2022, Seismic Slam Company had the following balances in its memorandum records: Fair…

A: A defined benefit plan is a sort of post-employment benefit that provides employees with a pension…

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: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…

A: Prepaid/accrued benefit cost is the difference between the balance of the fair value of plan assets…

Q: Rachel Company revealed the following information for the current year: Fair value of plan…

A: Defined benefit plan. Under this plan, the employer provides a predetermined periodic payment to…

Q: Pronghorn Company provides the following information about its defined benefit pension plan for the…

A: The pension expense is the amount of expense charged by business for the liabilities to be paid as…

Q: On January 1, 2022, Seismic Slam Company had the following balances in its memorandum records: Fair…

A: Interest cost = Projected benefit obligation x Discount or settlement rate = 3,400,000 x 8% =…

Q: 10,800   Actual and expected return on plan assets   65,300   Benefits paid   39,700   Plan assets…

A: The pension expense as,

Q: Strangers & Co. has gathered the following information for its defined benefit plan in 2020: ·…

A: Increase in Projected Benefit Obligation = Projected Benefit Obligation, 12/31/2020 - Projected…

Q: The Corporation has developed the following information (photo attached) for the company's defined…

A: Pension Expense is a fixed payment promised by the employer to the employee after his/her retirement…

Q: Sheridan Company adopts acceptable accounting for its defined benefit pension plan on January 1,…

A:

Q: he Corporation has developed the following information (photo attached) for the company's defined…

A: Pension expense- It is the expense business charges for liabilities which is paid to employees. It…

Q: Maytag Service Co. reported the following for its defined-benefit pension plan for 2021:…

A: A projected benefit obligation (PBO) is an actuarial measurement of what a company will need at the…

Q: Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the…

A: compute pension expense for Webb Corp. for the year 2020 by preparing a pension worksheet:

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: Blossom Company sponsors a defined benefit pension plan for its employees. The following data relate…

A: Pension worksheet is prepared by the companies for the recording of information related to the…

Q: Oriole Company provides the following information about its defined benefit pension plan for the…

A: Pension expense is the amount of business expense for liability in regard to a pension payable to…

Q: Manno Corporation has the following information available concerning its postretirement benefit plan…

A: Post-retirement benefits: The postretirement benefits which are provided by employers, other than…

Q: Bridgeport Company provides the following information about its defined benefit pension plan for the…

A: Pension expense is the amount that a business charges to expense in relation to liabilities for…

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: Gingrich Importers provides the following pension plan information. Fair value of pension plan…

A: Pension plan: Pension plan is the plan devised by corporations to pay the employees an income after…

Q: Information about the defined benefit plan of the company are shown below: Fair value on plan…

A: Settelment cost (4800000*10%) = Defined benefit obligation, January 1, 2021 x discount rate =…

Q: The following information is available for Oriole Corporation’s pension plan for the year 2020:…

A: Pension Expenses: It is the expense charged to p& l  related to liabilities for pension payable…

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…

Q: Sarasota Importers provides the following pension plan information. Fair value of pension plan…

A: Plan assets are the assets/investments held by a long-term employee benefit fund for the purpose of…

Q: On December 31, 2019, Asayas Company reported fair value of plan assets P9,000,000 and projected…

A: "Fair value" is one of the important accounting term with various meanings in the financial…

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: ual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000…

A: The components of defined benefit cost are recognized as follows Service cost attributable to the…

Q: Flint Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019,…

A:

Q: On January 1, 2021, Dynamax Company had the following balances in its memorandum records: Fair value…

A: SOLUTION-   COMPREHENSIVE INCOME   INCLUDES REGULAR INCOME AND OTHER COMPREHENSIVE INCOME , WHICH…

Q: Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1,…

A: Pension worksheet: This worksheet involves two sections namely general journal section and a memo…

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: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…

A: Plan Asset at December 31, 2021 = Beginning Fair value of plan assets + Actual return on plan assets…

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: A Company provided the following pension plan information: Projected benefit obligation – January…

A: The fair value of the funds invested to pay pension obligations is said to be the fair value of plan…

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.