Tevez Company experienced an actuarial loss of $750 in its defined benefit plan in 2017. For 2017, Tevez’s revenues are $125,000, and expenses (excluding pension expense of $14,000, which does not include the actuarial loss) are $85,000. Prepare Tevez’s statement of comprehensive income for 2017.
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Tevez Company experienced an actuarial loss of $750 in its defined benefit plan in 2017. For 2017, Tevez’s revenues are $125,000, and expenses (excluding pension expense of $14,000, which does not include the actuarial loss) are $85,000. Prepare Tevez’s statement of comprehensive income for 2017.
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- Monty Company experienced an actuarial loss of $670 in its defined benefit plan in 2020. For 2020, Monty's revenues are $122,700, and expenses (excluding pension expense of $14,300, which does not include the actuarial loss) are $81,200. Prepare Monty's statement of comprehensive income for 2020.Norton Co. had the following amounts related to its pension plan in 2017. Actuarial liability loss for 2017 $28,000 Unexpected asset gain for 2017 18,000 Accumulated other comprehensive income (G/L) (beginning balance) 7,000 Cr. Determine for 2017 (a) Norton’s other comprehensive income (loss) and (b) comprehensive income. Net income for 2017 is $26,000; no amortization of gain or loss is necessary in 2017.At January 1, 2017, Wembley Company had plan assets of $250,000 and a defined benefit obligation of the same amount. During 2017, service cost was $27,500, the discount rate was 10%, actual return on plan assets was $25,000, contributions were $20,000, and benefits paid were $17,500. Based on this information, what would be the defined benefit obligation for Wembley Company at December 31, 2017?
- At January 1, 2017, Wembley Company had plan assets of $250,000 and a defined benefit obligation of the same amount. During 2017, service cost was $27,500, the discount rate was 10%, actual return on plan assets was $25,000, contributions were $20,000, and benefits paid were $17,500. Based on thisinformation, what would be the defined benefit obligation for Wembley Company at December 31, 2017?(a) $277,500. (c) $27,500.(b) $285,000. (d) $302,500.For 2017, Sampsell Inc. computed its annual postretirement expense as $240,900. Sampsell’s contribution to the plan during 2017 was $180,000. Prepare Sampsell’s 2017 entry to record a postretirement expense, assuming Sampsell has no OCI amounts.The following information for Cooper Enterprises is given below: December 31, 2015 Assets and obligations Plan assets (at fair value) $400,000 Accumulated benefit obligation 640,000 Projected benefit obligation 700,000 Other Items Pension asset / liability, January 1, 2015 20,000 Contributions 250,000 Accumulated other comprehensive loss 335,800 There were no actuarial gains or losses at January 1, 2015. The average remaining service life of employees is 12 years. What is the pension expense that Cooper Enterprises should report for 2015? 414,200 What is the amount that Cooper Enterprises should report as its pension liability on its balance sheet as of December 31, 2015? $60,000 $640,000 $300,000 $700,000 The amortization of Other Comprehensive Loss for 2016 is: $0 $15,580 $22,150 $33,580
- At January 1, 2017, Hennein Company had plan assets of $280,000 and a projected benefit obligation of the same amount. During 2017, service cost was $27,500, the settlement rate was 10%, actual and expected return on plan assets were $25,000, contributions were $20,000, and benefits paid were $17,500. Prepare a pension worksheet for Hennein Company for 2017.The following information for Cooper Enterprises is given below: December 31, 2015 Assets and obligations Plan assets (at fair value) $400,000 Accumulated benefit obligation 640,000 Projected benefit obligation 700,000 Other Items Pension asset / liability, January 1, 2015 20,000 Contributions 250,000 Accumulated other comprehensive loss 335,800 There were no actuarial gains or losses at January 1, 2015. The average remaining service life of employees is 12 years. 1. What is the pension expense that Cooper Enterprises should report for 2015? a. $304,200 b. $314,200 c. $250,000 d. $335,800At December 31, 2017, Besler Corporation had a projected benefit obligation of $560,000, plan assets of $322,000, and prior service cost of $127,000 in accumulated other comprehensive income. Determine the pension asset/liability at December 31, 2017.
- Mancuso Corporation amended its pension plan on January 1, 2017, and granted $160,000 of prior service costs to its employees. The employees are expected to provide 2,000 service years in the future, with 350 service years in 2017. Compute prior service cost amortization for 2017.In 2016, Waterford Corporation reported pretax financial income of $400,000. Included in that pretax financial income was $150,000 of nontaxable life insurance proceeds received as a result of the death of an officer; $120,000 of warranty expenses accrued but unpaid as of December 31, 2016; and $10,000 of bad debts estimated to be uncollectible (but not written off as of December 31, 2016). Assuming that no income taxes were previously paid during the year and an income tax rate of 30%, what is the amount of income taxes payable on December 31, 2016? $126,000 $108,000 $42,000 $114,000The following information for Cooper Enterprises is given below: December 31, 2015 Assets and obligations Plan assets (at fair value) $400,000 Accumulated benefit obligation 640,000 Projected benefit obligation 700,000 Other Items Pension asset / liability, January 1, 2015 20,000 Contributions 250,000 Accumulated other comprehensive loss 335,800 There were no actuarial gains or losses at January 1, 2015. The average remaining service life of employees is 12 years. 1. What is the amount that Cooper Enterprises should report as its pension liability on its balance sheet as of December 31, 2015? $60,000 $640,000 $300,000 $700,000 The amortization of Other Comprehensive Loss for 2016 is: $0 $15,580 $22,150 $33,580