he PBO was $100 million at the beginning of the year and $106 million at the end of the year. Service cost for the year was $12 million. At the end of year, pension benefits paid by the trustee were $8 million. The actuary's discount rate was 5%. At the end of the year, the actuary revised the estimate of the percentage rate of increase in the compensation levels in upcoming years. What was the amount of the gain or loss in the estimate change caused?  (Enter your answer in million, round to the nearest million, without dollar sign, ex. 123 or -123).

Q: Sandra Company provided the following information for the current year:   Current service cost…

A: Net remeasurement for the retirement benefits liability includes the actuarial gain/losses, return…

Q: The projected benefit obligation was $80 million at the beginning of the year. Service cost for the…

A: Workings: Service cost = $ 10 The actual return on plan assets was expected to be $ 4 Calculation of…

Q: The projected benefit obligation was $180 million at the beginning of the year and $192 million at…

A: Formula: Projected benefit obligation at the year end = The projected benefit obligation at the…

Q: At the beginning of the current year, the memorandum records of OPPA Co's defined benefit plan…

A: Defined benefit obligation is a measurement of present values to determine liabilities for future…

Q: For the current year, a company with a DB pension plan has service cost $106,000; benefits paid…

A: Defined benefit pension plans are the retirement designs that include providing a fixed and…

Q: The projected benefit obligation was $80 million at the beginning of the year. Service cost for the…

A: How to calculate projected benefit obligation amount at the end: Determine the fair value of the…

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: Sandra Company provided the following information for the current year: Current service cost…

A: Fair value = benefit which we can get in the future on the asset market price is known as fair…

Q: The projected benefit obligation was $80 million at the beginning of the year and $85 million at the…

A: Service cost: Service cost meanse the present value of retirement benefit earned by the employees…

Q: Everdeen Corporation has the following information provided below: December 31, 2022 Assets and…

A: Pension liability in its balance sheet as of December 31 2022, Projected Benefit obligation - Plan…

Q: LOSLOS Company has estimated that total depreciation expense for the year ending December 31, 2021…

A: Total expenses for the year ended December 31, 2021 = total depreciation expense for the year  +…

Q: Celia Corp. has estimated that total depreciation expense for the year ending 12/31/20 will amount…

A: The correct option is option “C”.

Q: The projected benefit obligation was $140 million at the beginning of the year and $145 million at…

A: Projected benefits obligation (PBO): This is the estimated present value of future retirement…

Q: For Skysong Corporation, year-end plan assets were $ 2,000,000. At the beginning of the year, plan…

A: Formula: Return on plan Assets = Ending plan Assets - Beginning plan Assets - Contributions +…

Q: For Warren Corporation, year-end plan assets were $2,000,000. At the beginning of the year, plan…

A:

Q: A corporation provides a defined benefit pension plan to its employees; the settlement rate is 8%…

A: Defined Pension Benefit For Calculating the defined benefit plan first to calculate the total…

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 projected benefit obligation was $80 million at the beginning of the year and $85 million at the…

A: Interset cost = Beginning projected benefit obligation x actuary’s discount = $80 million x 5% = $4…

Q: For Windsor Corporation, year-end plan assets were $1,999,000. At the beginning of the year, plan…

A: Increase in plan assets = Ending plan assets - beginning plan assets =$1,999,000-1,773,000 =…

Q: Everdeen Corporation has the following information provided below: December 31, 2022 Assets and…

A: Particulars Amount Accumulated Other Comprehensive Loss $167,900 Less: Project Benefit…

Q: Sandra Company provided the following information for the current year: Current service cost…

A: In accounting, the projected benefit obligation (PBO) is a pension concept. The present value of an…

Q: The projected benefit obligation was $180 million at the beginning of the year. Service cost for the…

A:

Q: Sandra Company provided the following information for the current year: Current service cost…

A:

Q: The projected benefit obligation was $80 million at the beginning of the year and $85 million at the…

A: Interest cost = Projected benefit obligation at the beginning of the year x Actuary’s discount rate…

Q: Jeff Irvin Company provided the following information for the current year: Current service cost…

A: Employee benefit expenses are those expenses which are related with providing benefits to the…

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 -…

Q: The projected benefit obligation was $80 million at the beginning of the year. Service cost for the…

A: Interest cost = Projected benefit obligation at the beginning of the year x Actuary’s discount rate…

Q: In a recent year’s financial statements, Procter & Gamble showed an unfunded pension  liability…

A: Pension: Pension is a cash payment given to the employees at the time of their retirement. The…

Q: The projected benefit obligation was $80 million at the beginning of the year and $85 million at the…

A: Particulars Amount Projected benefit obligation at the beginning of the year $80 million…

Q: For Stubby Corporation, year-end plan assets were P2, 000,000. At the beginning of the year, plan…

A: Actual return on plan assets = Ending balance of plan assets - Beginning balance of plan assets +…

Q: The projected benefit obligation was $300 million at the beginning of the year. Service cost for the…

A:

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: Pension plan assets were $120 million at the beginning of the year and $130 million at the end of…

A:

Q: On January 1, Year 1, a company had plan assets of $309,510 and a defined benefit obligation of the…

A: working notes : Closing balance of plan assets=$309,510 +$37,070+$24,670-$21,700=$3,49,550

Q: The pension plan was amended last year, creating a prior service cost of $20 million. Service cost…

A: Pension expense is an expense for a company for payment to employees for the services rendered by…

Q: Butane Company made the following payments to Mr. Paul Kim , CEO during the current ye Annual Salary…

A: Key managerial personnel (KMP) in an organisation refer to the whole time employees of the company…

Q: The pension plan was amended last year, creating a prior service cost of $50 million. Service cost…

A: Pension: It is a retirement plan for an employee. It is a scheme where a retired employee receives…

Q: JDS Foods’ projected benefit obligation, accumulated benefit obligation, and plan assets were $40…

A: Calculation of pension liability: Particulars Amount Projected benefit obligation $40 million…

Q: The pension plan was amended last year, creating a prior service cost of $20 million. Service cost…

A: Pension expense is an expense for a company for payment to employees for the services rendered by…

Q: What amount should be reported as accrued benefit cost at year-end? a. 2,000,000 b. 1,500,000 c.…

A: Calculation of the amount should be reported as accrued benefit cost at year end :…

Q: The PBO was $100 million at the beginning of the year and $114 million at the end of the year. At…

A: Interest in PBO=Beginning PBO×Discount rate=$100,000,000×5%=$5,000,000

Q: The projected benefit obligation was $400 million at the beginning of the year and $429 million at…

A:

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: PQR Company provided the following information for the current year: ·       Projected Benefit…

A: The current service cost is the employee expenses incurred for the current year.  Computation of…

Q: The projected benefit obligation was $80 million at the beginning of the year and $85 million at the…

A:

Q: Pension plan assets were $340 million at the beginning of the year. The return on plan assets was…

A:

Q: JDS Shipyard's projected benefit obligation, accumulated benefit obligation, and plan assets were…

A: a.

Q: JDS Shipyard’s projected benefit obligation, accumulated benefit obligation, and plan assets were…

A: Calculation of pension liability: Particulars Amount Projected benefit obligation $40 million…

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.