Jeff Irvin 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? O 1,700,000 O 800,000 O 1,000,000 n 1,500,000
Q: E. Charlton Company provided the following information concerning a defined benefit plan at the…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
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 STAR 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
Q: Company provided the following information for the current year. •Current service cost - 500,000…
A: Employee Benefits includes various obligations of the employer towards the employee, which are in…
Q: The Shasti Corporation reported the following for the year ending December 31, 20X1: Service…
A: Expected return on Plan Assets = Plan assets, January 1, 20X1 x Expected return on plan assets…
Q: Sandra Company provided the following information for the current year: Current service cost 500,000…
A: Accrued benefits refers to those benefits on which employee has earned based on their service or…
Q: Charlton Company provided the following information concerning a defined benefit plan at the…
A: SOLUTION FORMULA- NET REMEASUREMENT GAIN = ACTUAL RETURN ON PLAN ASSETS -(FAIR VALUE OF PLAN ASSETS…
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: 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
Q: E. Charlton Company provided the following information concerning a defined benefit plan at the…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
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: The following information on a defined benefit plan is provided: FVPA, beg 2,800,000 PVDBO, beg…
A: Defined Benefit Plan: A defined benefit plan is one in which the pension amount and retirement…
Q: A Company provided the following information for the current year: Current service cost 500,000…
A: Defined benefits plans are those plans which are maintained by the employer for the purpose of…
Q: 14.Ivan Company provided the following information: January1 3,500,000 December 31 Fair value of…
A: Actual return on plan assets for the current year = Ending Fair value of plan assets + benefit paid…
Q: Given the following items and amounts, compute the actual return on plan assets: fair value of plan…
A: Actual return on plan assets = Fair value of plan assets at the end + Benefit paid - Contribution…
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: The following information on a defined benefit plan is provided: FVPA, beg…
A: Defined Benefit Plan Defined benefit plan which are provided to the employees of the entity after…
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: Projected benefit obligation 5,500,000 Unrecognized actuarial gain 850,000 The transactions for the…
A: The practice of assessing a long-term amount reliability or foreign exchange in a financial…
Q: Jeff Irvin Company provided the following information for the current year: Current service cost…
A: Employee benefits are payments employers make to employees that are beyond the scope of wages.
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: On January 1, 2020, FB Company had the following data in connection with its defined benefit plan:…
A: Interest = Beginning Defined benefit obligation x Discount rate = P7,500,000 x 10% = P750,000
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: Information on Entity A’s defined benefit plan is as follows: PV of DBO – Jan. 1, 20x1 2,000,000…
A: Assets Remeauerments gain of loss is recognized to other comprehensive income. Current service cost,…
Q: 19. Chanika Company provided the following information for the current year: Fair value of plan…
A: Actual return on plan assets = Ending fair value - Beginning fair value - Contribution + Benefits…
Q: The memorandum records ofGalindezTrading 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: 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: Use the following information for the next five (5) questions: The memorandum records of Galindez…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: The following information on a defined benefit plan is provided: FVPA, beg beg 2,200,000 Current…
A: Defined Benefit Plan Employees of the entity are given with a defined benefit plan after they have…
Q: Current service cost 500,000 Interest on projected benefit obligation 600,000 Interest income on…
A: Employee benefits are the benefits that are received by compensating workers above and beyond their…
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: A Company provided the following information for the current year: Current service cost 500,000…
A: PBO is an integral part of Employer management structure and it stands for "Projected Benefit…
Q: The following information on a de fined benefit plan is provided: FVPA, beg 2,800,000 PVOBO, beg…
A: Employees of the entity are given with a defined benefit plan after they have retired from service.…
Q: Charlton Company provided the following information concerning a defined benefit plan at the…
A: Expected return on plan assets = Fair value of plan assets x Discount rate = 4,750,000 x 6% =…
Q: 10 At the beginning of the current year, the memorandum records of Anne Company’s defined benefit…
A: Defined benefit obligation is the present value of obligations that are to be paid by employer to…
Q: Charlton Company provided the following information concerning a defined benefit plan at the…
A: Prepaid/accrued benefit costs = Unamortized past service cost - Unrecognized actuarial gain =…
Q: The following information is made available in relation to the defined benefit plan of Marcos…
A: RECONCILITION OF PLAN ASSETS PARTICULARS PLAN ASSETS FOR YEAR 2022 FAIR VALUE AS ON…
Q: E. Charlton Company provided the following information concerning a defined benefit plan at the…
A: Interest cost = Beginning Projected benefit obligation x discount rate = 5500000*6% = 330,000
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: nalyzing Changes in Plan Assets and PBO The following information pertains to a company’s defined…
A: A Projected Benefit Obligation (PBO) is one type of measurement about amount that a company will…
Q: Information on Balinquit Company’s defined benefit plan is shown below: Fair value of plan asset,…
A: PLAN assets are assets or investments held by a long-term employee benefit fund for the purpose of…
Q: Given the following items and amounts, compute the actual return on plan assets: fair value of plan…
A: Plan assets: An asset which is created, maintained and planned for a specific purpose or benefit is…
Q: You gathered the following information related to Ashley Company's the defined benefit plan for the…
A: step 1: calculation of beginning funded status =beginning plan assets – beginning PBO…
Q: Charlton Company provided the following information concerning a defined benefit plan at the…
A: Fair Value Plan Asset (FVPA) as of December 31=Fair value of plan assets+Projected benefit…
Q: Bounty Company revealed the following information for the current year: Fair Value of plan assets -…
A: Actual return = expected return + actuarial gain
Q: You gathered the following information related to Ashley Company’s the defined benefit plan for the…
A: Defined benefit cost for the year = (Ending Present value of obligation + Benefits paid - Beginning…
Q: How much is actual return on plant assets? a. 200,000 b. 1,000,000 c. 1,100,000 d. 900,000
A: Ending fair value of plan assets = Beginning fair value + contributions received + interest income +…
Q: The following information on a de fined benefit plan is provided: FVPA, beg 2,800,000 PVOBO, beg…
A: Employees of the entity are given with a defined benefit plan after they have retired from service.…
Step by step
Solved in 2 steps
- William 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?#14Stefan company provided the following information in relation to a defined benefit plan for thecurrent year:January 1 December 31Fair value of plan assets 1,300,000 1,500,000Projected benefit obligation 1,000,000 1,050,000Prepaid/accrued benefit cost-surplus 300,000 450,000Asset ceiling 100,000 150,000Effect of asset ceiling 200,000 300,000Current service cost 50,000Contribution to the plan 175,000Benefits paid 75,000Discount rate 10%What is the net remeasurement loss for the current year? 85,000 pls provide solution for this answerThe following information on a defined benefit plan is provided: FVPA, beg 2,800,000 PVDBO, beg 2,200,000 Current Service Cost 960,000 Past service cost (vesting for 5 years) 600,000 Benefits Paid 420,000 Return on Plan Assets 600,000 Contributions to the Plan 1,820,000 Increase due to Actuarial Assumptions 240,000 Expected Rate of Return 12% Discount Rate 10% The present value of economic benefits available in the form of refunds from the plan are 400,000 and 800,000, at the beginning and ending of the period. What amount of defined benefit…
- 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?E. Charlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan.REQUIRED: 17. Compute the remeasurement related to the defined benefit plan.E. Charlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan.REQUIRED: 19. Compute for the Fair Value Plan Asset (FVPA) as of December 31.
- E. Charlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan. Compute the remeasurement related to the defined benefit plan.E. Charlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan.REQUIRED: 16. Determine the employee benefit expense for the current year.Fair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan.REQUIRED:15. Prepare journal entry to recognize the transitional effect of adopting revised PAS 19.16. Determine the employee benefit expense for the current year.17. Compute the remeasurement related to the defined benefit plan.18. Prepare journal entry to record the employee benefit expense.19. Compute for the Fair Value Plan Asset (FVPA) as of December 31.20. Compute for the projected benefit…
- 14.Shirley Company obtained the following information at the beginning of the currentyear prior to the adoption of PAS 19R:Projected benefit obligation 9,000,000Fair value of plan assets 10,000,000Unrecognized actuarial loss 1,500,000During the current year, the actuary determined the current service cost at P2,500,000and the discount rate at 10%. The actual return on plan assets was P 1,200,000.Contribution to the plan amounted to P500,000. The actuarial loss due to increase in PBOduring the year was P900,000 and the average remaining service period is 10 years.What is the employee benefit expense?Charlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan. 18. Prepare journal entry to record the employee benefit expense.19. Compute for the Fair Value Plan Asset (FVPA) as of December 31.20. Compute for the projected benefit obligation on December 31.Charlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan.REQUIRED: Prepare journal entry to recognize the transitional effect of adopting revised PAS 19.
