Lawrence Company has a defined benefit pension plan. On December 31 of the current year (the end of the fiscal year), the actuary's report to the company contained the following information: Ending PBO, $115,000; benefits paid to retirees, $15,000; interest cost, $9,000. The discount rate applied to be the actuary was 9%.   What was the service cost for the year?

Q: ABC Company provided the following information for the current year: Projected Benefit Obligation,…

A: Interest costs = Projected Benefit Obligation, January 1 x discount rate = 3500000 x 10% = 350,000

Q: At the end of the current period, Agler Inc. had a projected benefit obligation of $400,000 and…

A:

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: Larson Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the…

A:

Q: The following information relates to the defined-benefit pension plan for the employees of a…

A: Expected rate of return:- The expected rate of return, or yield to maturity, on a bond is the return…

Q: Goldman Company has a defined benefit pension plan. The following pension-related data were…

A: 1) Service cost 31,000   Interest cost 11,500   Return on plan assets -21,500…

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

A: Interest costs = Projected Benefit Obligation, January 1 x discount rate = 3500000 x 10% = 350,000

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: Cagayan Company provided the following information for the current year: January 1 Projected benefit…

A: Correct answer is 700,000   Projected benefit obligation at year end = Opening balance of PBO +…

Q: Nakajima Company provides its employees with vacation benefits and a defined contribution pension…

A:

Q: Marigold Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the…

A: Pension Expenses: It is  the sum that a business charges to expense  according to its liabilities…

Q: Louie Company has.a defined benefit pension plan. On December 31 (the end of the fiscal year), the…

A: Calculation of service cost from PBO report. Particulars Amount Ending PBO 110000 Add:…

Q: Strum Corp. has maintained a defined benefit pension plan for its employees for a number of years.…

A: Pension is defined as the fixed value delivered to an individual usually after retirement at a…

Q: Gruber Enterprises started its defined benefit pension plan on January 1, Year 1. By the beginning…

A: Fair market value It is the price, an asset would be sold in an open market when certain covenants…

Q: Blount Company provides its employees with vacation benefits and a defined contribution pension…

A: From the perspective of the Blount company Vacation pay is an expense and therefore it is debited…

Q: For the current year, Clark Company has the following information. Beginning plan assets was $1,000,…

A: Defined Pension Obligation Defined pension obligation which is described as implemented scheme to…

Q: Martin Services Company provides its employees vacation benefits and a defined contribution pension…

A: INTRODUCTION: After retiring, the company makes a specified recurring payment to the employee. 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: Martin Services Company provides its employees vacation benefits and a defined contribution pension…

A:

Q: Markland Corporation sponsors a defined benefit pension plan for its employees. On January 1, 2018,…

A: The question is based on the concept of Accounting Standards

Q: On January 1 of the current reporting year, Coda Company's projected benefit obligation was $30.5…

A: Solution:- Calculation of the projected benefit obligation at December 31 as follows:- Basic…

Q: ation is as fol

A: Market value of Plan Asset $1,155,300  Benefit Obligation $1,375,000 Current Service cost is…

Q: Bissell Company received the following reports of its defined benefit pension plan for the current…

A: PENSION EXPENSE FOR THE YEAR :  = SERVICE COST + INTEREST COST -EXPECTED RATE OF RETURN ON PLAN…

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: Pearsall Company has a defined benefit pension plan. On December 31 (the end of the fiscal year),…

A: Given: Ending PBO =$115000Benefits paid to retires =$14500 Interest cost =$7500Discount rate =10%

Q: On January 1 of the current reporting year, Hatami Company's projected benefit obligation was $29.6…

A: A PBO (Projected Benefit Obligation) is an actuarial measurement which shows the amount to cover…

Q: Horizon Inc. has a defined benefit pension plan. The following pension-related data were available…

A: Journal entries are to be reported to show the primary effect of transactions on account books of an…

Q: On January 1 of the current reporting year, Coda Company's projected benefit obligation was…

A: Particulars Amounts ($) PBO on January 1 $30,00,000 Add: Service cost during the year $8,75,000…

Q: Fukushima Company provides its employees with vacation benefits and a defined contribution pension…

A: a) Prepare journal entry to record vacation pay expense.

Q: Louie Company has a defined benefit pension plan. On December 31 (the end of the fiscal year), the…

A: Beginning PBO = Interest cost / discount rate = $8000/8% = $100,000

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 following information regarding Buffalo Ltd.’s defined benefit pension plan was taken from the…

A: A continuity schedule report is a useful tool for tracking asset activities on a monthly basis. It…

Q: The following information is related to the defined benefit pension plan of Xavier Company for 2012:…

A: A defined benefit plan, sometimes known as a pension plan, provides employees with guaranteed…

Q: Pearsall Company has a defined benefit pension plan. On December 31 (the end of the fiscal year),…

A: Defined pension plan is plan which is a type of pension plan in which both employees and employer…

Q: Louie Company has a defined benefit pension plan. On December 31 (the end of the fiscal year), the…

A: Service costs = Ending PBO - Interest costs + benefit paid to retirees - Beginning PBO where,…

Q: The following information is given about a funded defined benefit plan of Royce Company. On January…

A: In this question, there are multiple sub-parts but we solved only the first three sub-parts as per…

Q: Louie Company has a defined benefit pension plan. On December 31 (the end of the facal year), the…

A: solution formula used interest cost       =PBO at beginning of the year * discount rate service cost…

Q: Gretta's Emporium Corp. provides its employees with a defined benefit pension plan. The plan assets…

A: The reconciliation statement is as follows: Resultant table:

Q: Holmgren, Inc. received the following information from its pension plan trustee concerning the…

A: Pension expenses refers to the costs that are associated with the pension schemes or plans which are…

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: Jones Manufacturing Inc. sponsored a defined benefit pension plan effective 1 January 20X7. The…

A: The pension plan is the retirement benefit plan for employees’ retirement. All the contributions are…

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: The trustee for the Bronson Corporation defined benefit pension plan sent a report to the CEO with…

A: Computation of the ending balance of plan assets : Formula : Ending Balance plan assets   = (…

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

A: Journal: Recording of a business transactions in a chronological order.

Q: A company had the following information concerning the operation of the company's defined-benefit…

A: Pension expense is the amount which is charged by as expense by the business which is related to the…

Q: The following information relates to the defined-benefit pension plan for the employees of a…

A: We are provided with a year data (Opening and closing values) of the fair value of an asset,…

Q: The accountant for Marlin Corporation has developed the following information for the company's…

A: A pension is a scheme into which an amount of funds is deposited in an employee's working years and…

Q: On January 1, 20X1, Cello Co. established a defined benefit pension plan for its estimated the…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Regling Company provides its employees vacation benefits and a defined benefit pension plan.…

A: a. Prepare journal entry to record vacation pay expense.

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.