(Pension Expense, Journal Entries) The following information is available for the pension plan of Radcliffe Company for the year 2020. Actual and expected return on plan assets $ 15,000 Benefits paid to retirees 40,000 Contributions (funding) 90,000 Interest/discount rate 10% Prior service cost amortization 8,000 Projected benefit obligation, January 1, 2020 500,000 Service cost 60,000 Instructions a.    Compute pension expense for the year 2020. b.    Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020.

Q: The following facts apply to the pension plan of Trudy Borke Inc. for the year 20X1: Plan assets,…

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

Q: The following information is available for the pension plan of Windsor Company for the year 2020.…

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

Q: Presented below is information related to the pension plan of Sandhill Inc. for the year 2021. 1.…

A: CALCULATION OF PENSION EXPENSE SERVICE COST = $250000 INTEREST ON PROJECT BENEFIT OBLIGATION (10% X…

Q: The following information is available for the pension plan of Wildhorse Company for the year 2020.…

A: Pension expense is the sum charged to expense by a firm in relation to its liabilities for employee…

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

A: Working note 1:

Q: The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal…

A: Pension expense is an employer's annual cost for maintaining an employee's pension plan. To…

Q: The following information pertains to Havana Corporation's defined benefit pension plan: ($ in…

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

Q: The following information is available for the pension plan of Sunland Company for the year 2020.…

A: Interest on PBO (Pension benefit obligation)=PBO×Interest/discount rate

Q: Recording Pension Expense, Plan Funding, Benefit Payments LetsGo Inc. sponsors a defined benefit…

A: Pension Expenses: It is the amount charged  to  expenses by business  in respect of liabilities for…

Q: The following defined pension data of Indigo Corp. apply to the year 2020. Projected benefit…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: The following facts apply to the pension plan of Wildhorse Inc. for the year 2020. Plan assets,…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

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

A: Workings:

Q: The following information relates to the defined benefit pension plan for the Nicola Company for the…

A: Increase in Defined benefit obligation = Defined benefit obligation, Dec. 31 - Defined benefit…

Q: M Service Co. reported the following for its defined-benefit pension plan for 2020:…

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

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

A: Solution: Items General Journal Entries   Memo Record   Annual Pension Expense   Cash   OCI…

Q: What is Havana’s 2021 gain or loss on plan assets?

A:

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

A: Pension expense: A corporation charge of expense in a period for the obligations of postretirement…

Q: hat is the 2021 pension expense for Foundry’s plan?

A: Pension plan: A pension plan can be defined as the retirement plan in which employer contributes…

Q: The following facts apply to the pension plan of Boudreau Inc. for the year 2020. Plan assets,…

A: Prepare the pension worksheet:

Q: The following information is available for the pension plan of Wildhorse Company for the year 2020.…

A: Pension expense is the sum charged to expense by a firm in relation to its liabilities for employee…

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

A: 1.Prepare a pension worksheet presenting both years 2020 and 2021 and accompanying computations and…

Q: The following information relates to the defined benefit pension plan for the Nicola Company for the…

A: Service costs means expense related to contribution for current period in the business.

Q: ation is as fol

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

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

A: Pension plan: Pension plan is an agreement between the employer and employee. After the retirement…

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

A:

Q: Sony, Inc.'s defined benefit pension plan reported the following information for 2021: Projected…

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

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: The following facts for Storm plc apply to the pension plan for 2019. 1. Annual service cost is…

A: Pension worksheet summarizes all the entries to be recorded for the year in terms of the defined…

Q: Splish Company sponsors a defined benefit pension plan. The following information related to the…

A: Computation of pension expenses for 2020 and 2021:   2020 2021 Service cost  $63,000 $94,500…

Q: The following facts apply to the pension plan of Novak Inc. for the year 2020. Plan assets,…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: M Service Co. reported the following for its defined-benefit pension plan for 2020:…

A: Introduction: A projected benefit obligation (PBO) is an economic assessment of how much money a…

Q: The following information is available for the pension plan of Vaughn Company for the year 2020.…

A: When computing  pension expense for the year it considers service cost, interest cost and gain /…

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

A: Pension plans are established to provide payments to the employee when they retire and the main…

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

A: Interest cost = Projected benefit obligation  opening balance × settlement rate

Q: The following facts apply to the pension plan of Splish Inc. for the year 2020. Plan assets,…

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

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

A: Solution-                                      Year 2020 1-Pension expenses = 136500.00   2…

Q: Current Attempt in Progress Blossom Company provides the following information about its defined…

A: Pension expenses- Pension expense is the amount that a company charges to expense in relation to its…

Q: The following facts apply to the pension plan of Teal Inc. for the year 2020. Plan assets, January…

A: Journal entry is a record of financial transactions in the books of accounts of a business. It…

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

A: Formula: Interest cost = Beginning projected benefit obligation x interest rate Beginning projected…

Q: erizon Communications has a defined benefit pension plan with the following information: 2021…

A: Pension expenses is the amount that a business charges to expenses in relation to its liabilities…

Q: 1. Pension worksheets for the Simpson Company for years ended December 31, 2020 and 2021. 2.…

A: Defined Pension Obligation In the defined Pension obligation which determine the details of pension…

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

A:

Q: The following information is available for the pension plan of Sunland Company for the year 2020.…

A: Total pension expenses include service cost, interest cost, actual return on plan assets, and…

Q: At January 1, 2020, Windsor Company had plan assets of $303,400 and a projected benefit obligation…

A: Given: Assets = $303,400 Service cost = $26,700 Settlement rate = 10% Return on plan assets =…

Q: (Pension Expense, Journal Entries for 2 Years) Gordon Company  sponsors a defined benefit pension…

A: Solution:- a)Computation of pension expense for 2020 and 2021 as follows under:-

Q: Presented below is information related to the pension plan of Ivanhoe Inc. for the year 2021. 1.…

A: Given the following information: Service cost related to pension expense: $233,000 Projected…

Q: What is the pension expense for 20X1?

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

Q: At January 1, 2020, Cullumber Company had plan assets of $305,800 and a projected benefit obligation…

A: Working Notes: 1. Interest Cost = plan assets * the settlement rate = ($305,800*10/100) = $30,580…

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.