point out the payroll liablities in this picture 3,023,8441 48,כ/כ,ANON-CURRENT LIABILITIESLong term financingLong term depositsLong term employee benefitDeferred taxation191,356,6411,646,862203,83415,640184,9953,8442115,09322133,4551,799,2541,561,110CURRENT LIABILITIES424,449Trade and other payablesAccrued mark-upCurrent maturity of long term financingShort term borrowings23364,658248,87646,039333,45819,168785,95119298,17725135,449844,323CONTINGENCIES AND COMMITMENTS265,370,9055,219,058Tyne

The payment to be paid to the employee for rendering service is called payroll expense. It is…

NON-CURRENT LIABILITIES 1,646,862 3,844 Long term financing Long term deposits Long term employee benefit Deferred taxation 19 1,356,641 3,834 15,640 184,995 1,561,110 20 21 22 15,093 133,455 1,799,254 CURRENT LIABILITIES 424,449 364,658 Trade and other payables Accrued mark-up Current maturity of long term financing Short term borrowings 23 8,876 333,458 19,168 785,951 24 46,039 298,177 135,449 844,323 19 25 CONTINGENCIES AND COMMITMENTS 26 5,370,905 5,219,058

NON-CURRENT LIABILITIES 1,646,862 3,844 Long term financing Long term deposits Long term employee benefit Deferred taxation 19 1,356,641 3,834 15,640 184,995 1,561,110 20 21 22 15,093 133,455 1,799,254 CURRENT LIABILITIES 424,449 364,658 Trade and other payables Accrued mark-up Current maturity of long term financing Short term borrowings 23 8,876 333,458 19,168 785,951 24 46,039 298,177 135,449 844,323 19 25 CONTINGENCIES AND COMMITMENTS 26 5,370,905 5,219,058

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 6MC

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CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000b. 2,100,000c. 1,850,000d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gainb. 670,000 lossc. 650,000 gaind. 650,000 loss
The following information was obtained from the financial statements of X Inc. Defined Benefit Plan Obligations Pension Benefits 2020……………………..2019 Defined Benefit Obligation(DBO): Balance, beginning of year…………………………………………$40,032…………………..42,370 Current Service Cost…………………………………………………… 864…………………. 1,126 Interest Cost…………………………………………………………… 2,344…………………... 2,255 Benefits Paid……………………………………………………………(3,198)………………….. (2,881) Actuarial Gains………………………………………………………... (3,339)………………….. (2,838) Balance, end of year………………………………………………….$36,703……………….….$40,032 Defined Benefit Plan Assets Pension Benefits 2020…………..…………2019 Balance, beginning of year…………………………………………$75,891………………….$90,828 Expected return on Plan Assets……………………………………. 5,599………………….. 6,723 Employee contributions……………………………………………….…
The following information was obtained from the financial statements of X Inc. Defined Benefit Plan Obligations Pension Benefits 2020……………………..2019 Defined Benefit Obligation(DBO): Balance, beginning of year…………………………………………$40,032…………………..42,370 Current Service Cost…………………………………………………… 864…………………. 1,126 Interest Cost…………………………………………………………… 2,344…………………... 2,255 Benefits Paid……………………………………………………………(3,198)………………….. (2,881) Actuarial Gains………………………………………………………... (3,339)………………….. (2,838) Balance, end of year………………………………………………….$36,703……………….….$40,032 Defined Benefit Plan Assets Pension Benefits 2020…………..…………2019 Balance, beginning of year…………………………………………$75,891………………….$90,828 Expected return on Plan Assets……………………………………. 5,599………………….. 6,723 Employee contributions……………………………………………….…
The following information was obtained from the financial statements of X Inc. Defined Benefit Plan Obligations Pension Benefits 2020……………………..2019 Defined Benefit Obligation(DBO): Balance, beginning of year…………………………………………$40,032…………………..42,370 Current Service Cost…………………………………………………… 864…………………. 1,126 Interest Cost…………………………………………………………… 2,344…………………... 2,255 Benefits Paid……………………………………………………………(3,198)………………….. (2,881) Actuarial Gains………………………………………………………... (3,339)………………….. (2,838) Balance, end of year………………………………………………….$36,703……………….….$40,032 Defined Benefit Plan Assets Pension Benefits 2020…………..…………2019 Balance, beginning of year…………………………………………$75,891………………….$90,828 Expected return on Plan Assets……………………………………. 5,599………………….. 6,723 Employee contributions……………………………………………….…
Question Description The following information was obtained from the financial statements of X Inc. Defined Benefit Plan Obligations Pension Benefits 2020……………………..2019 Defined Benefit Obligation(DBO): Balance, beginning of year…………………………………………$40,032…………………..42,370 Current Service Cost…………………………………………………… 864…………………. 1,126 Interest Cost…………………………………………………………… 2,344…………………... 2,255 Benefits Paid……………………………………………………………(3,198)………………….. (2,881) Actuarial Gains………………………………………………………... (3,339)………………….. (2,838) Balance, end of year………………………………………………….$36,703……………….….$40,032 Defined Benefit Plan Assets Pension Benefits 2020…………..…………2019 Balance, beginning of year…………………………………………$75,891………………….$90,828 Expected return on Plan Assets……………………………………. 5,599………………….. 6,723 Employee…
13. The following information are taken from the actuarial valuation report for an entity's defined benefit plan: Fair value of plan assets, Jan 1 1,500,000 Return on plan assets 180,000 Employer contributions 45,000 Present value of defined benefit obligation, Jan 1 1,800,000 Current service cost 450,000 Benefits paid during the period 75,000 Actuarial gain 10,000 Discount rate 12% What is the net defined benefit liability (asset) as of December 31?
Use the following information for questions 4 through 6. The following data are for the pension plan for the employees of Lockett Company. 1/1/1412/31/1412/31/15 Accumulated benefit obligation $2,500,000 $2,600,000 $3,400,000 Projected benefit obligation 2,700,000 2,800,000 3,700,000 Plan assets (at fair value) 2,300,000 3,000,000 3,300,000 AOCL – net loss -0- 580,000 500,000 Settlement rate (for year) 10% 9% Expected rate of return (for year) 8% 7% Lockett’s contribution was $420,000 in 2015 and benefits paid were $275,000. Lockett estimates that the average remaining service life is 20 years. 4.The actual return on plan assets in 2015 was a. $300,000. b. $255,000. c. $200,000. d. $155,000. 5.Assume that the actual return on plan assets in 2015 was $245,000. The unexpected gain on plan assets in 2015 was a. $32,000. b. $55,000. c. $35,000. d. $34,000. 6.The corridor for 2015 was $300,000. The amount of AOCI-net loss amortized in 2015 was a. $33,333. b. $32,000. c. $14,000.…
The actuary for the pension plan of Buffalo Inc. calculated the following net gains and losses. Incurred during the Year (Gain) or Loss 2020 $302,700 2021 476,700 2022 (209,000) 2023 (288,200) Other information about the company’s pension obligation and plan assets is as follows. As of January 1, Projected BenefitObligation Plan Assets(market-related asset value) 2020 $3,993,500 $2,394,800 2021 4,542,200 2,203,200 2022 4,952,900 2,575,400 2023 4,228,400 3,066,100 Buffalo Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 4,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization.Compute the…
Th e relationship between the periodic pension cost and the plan’s funded status is bestexpressed in which of the following?A . Periodic pension cost of –£483 = Ending funded status of –£4,774 – Employer contributions of £693 – Beginning funded status of –£4,984.B . Periodic pension cost of £1,322 = Benefi ts paid of £1,322.C . Periodic pension cost of £210 = Ending funded status of –£4,774 – Beginning fundedstatus of –£4,984
The balance sheet below represents the pension plan of Myers IncorporationASSETS: ( in millions)Pension fund 720Future normal costs 600Unarmortized supplemental liabilities 100Losses from changes in actuarial assumptions. 150TOTAL ASSETS: 1660LIABILITIES: (in millions)Vested accrued benefits. 540Unvested accrued benefits. 220Expected future service costs 900EXPECTED BENEFITS: 1660Required:a). Explain the meaning of each of the terms highlighted in the balance sheet aboveb). Calculate:i). Unfunded vested accrued benefitsii). Unfunded accrued benefitsC). Suppose normal costs do not change, show how the balance sheet would change if:i). The value of securities in the pension fund falls by $50 millionii). The union negotiation increased pension worth $80 million
Warrick Boards calculated pension expense for its underfunded pension plan as follows: ($ in millions) Service cost $ 224 Interest cost 150 Expected return on the plan assets ($100 actual, less $10 gain) (90 ) Amortization of prior service cost 8 Amortization of net loss 2 Pension expense $ 294 Required: Which elements of Warrick’s balance sheet are affected by the components of pension expense? What are the specific changes in these accounts?
Answer part C only The following information was obtained from the financial statements of X Inc. Defined Benefit Plan Obligations Pension Benefits 2020……………………..2019 Defined Benefit Obligation(DBO): Balance, beginning of year…………………………………………$40,032…………………..42,370 Current Service Cost…………………………………………………… 864…………………. 1,126 Interest Cost…………………………………………………………… 2,344…………………... 2,255 Benefits Paid……………………………………………………………(3,198)………………….. (2,881) Actuarial Gains………………………………………………………... (3,339)………………….. (2,838) Balance, end of year………………………………………………….$36,703……………….….$40,032 Defined Benefit Plan Assets Pension Benefits 2020…………..…………2019 Balance, beginning of year…………………………………………$75,891………………….$90,828 Expected return on Plan Assets……………………………………. 5,599………………….. 6,723 Employee…