Tevez Company experienced an actuarial loss of $750 in its defined benefit plan in 2020. For 2020, 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 2020.

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

A:

Q: Hudson Company's actuary has provided the following information concerning the company's defined…

A: Given; Fair value of plant assets: $350,000 Expected project benefit obligation: $424,000 Actual…

Q: On January 1, 2020, Hulk Ltd. reported the following balances relating to their defined benefit…

A: Defined benefit obligations     Plan Assets   Net (liability)/Assets Opening $1,600,000   Opening…

Q: Under the defined-benefit pension plan for a company, the expected return on plan assets is $124,000…

A: Ans. Where any differences occurs between the actual return on plan assets and expected returns on…

Q: Fountain Limited sponsors a defined-benefit pension plan for its employees. On January 1,2020 the…

A:

Q: The following information is related to the defined benefit pension plan of a company for 2021.…

A: Pension is an expense a company charges to expense for the pension amount payable to its employees.…

Q: At January 1, 2020, Pharoah Corporation had plan assets of $257,000 and a defined benefit obligation…

A: SOLUTION CALCULATION OF EFFECTIVE CHARGING RATE = (1+0.10)*1/2 -1 = 4.88%   INTEREST AMOUNT =…

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: At January 1, 2020, Wembley Company had plan assets of $250,000 and a defined benefit obligation of…

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

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

A: The amount charged to expenditure by a company in connection to its obligations for employee…

Q: Everdeen Corporation has the following information provided below: December 31, 2022 Assets and…

A: Pension liability in its balance sheet as of December 31 2022, Projected Benefit obligation - Plan…

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: During 2019, the Electric Company experienced a difference between its expected and actual projected…

A: Step 1 As per, US GAAP employee benefits profit or loss is found on the basis  of fair value future…

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: At January 1, 2019, XYZ Company had plan assets of €250,000 and a defined benefit obligation of the…

A:

Q: Helv Industries sponsors a defined-benefit pension plan for its employees. As of January 1, 2020,…

A: Pension Benefit Plan-:Pensions are kind of different types of defined-benefit plans. Indifference to…

Q: The following information for Cooper Enterprises is given below:       December 31, 2015 Assets and…

A: Pension liability refers to the kind of fund which has the projected debts that exceeds the present…

Q: At the end of 2020, the balances in the accounts related to the defined benefit pension plan of the…

A: Pension is a sum received at the time of retirement which is guaranteed to an employee by the…

Q: For 2020, Sweet Inc. computed its annual postretirement expense as $234,100. Sweet’s contribution to…

A: Post-retirement benefit expense is the cost of pension recognized for the period. When determining…

Q: n 2020, Smith Traders Incorporated and reported a net operating loss of $100,000. In 2021, before…

A: When an entity is not able to earn revenue than their expenses it is the condition of net operating…

Q: At January 1, 2019, Jolly Company had plan assets of P2, 800,000 and a projected benefit obligation…

A: Pension: It refers to a reserve made for employee retirement period by depositing the sum of money…

Q: For 2020, Sampsell Inc. computed its annual postretirement expense as $240,900. Sampsell's…

A: Journal entry: A journal entry is a systematic record of a financial transaction recorded in…

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

A: JF stands fo Journal entries refers to the entries that are recorded into the original books of…

Q: The actuary for the pension plan of Gustafson Inc. calculated the following net gains and losses.…

A:

Q: The following facts apply to the pension plan of Sheridan Inc. for the year 2020. Sheridan applies…

A: A pension, also known as a superannuation fund in some countries, is any plan, fund, or scheme which…

Q: On January 1, 2020, Hulk Ltd. reported the following balances relating to their defined benefit…

A: The question is related to the Employees Benefit. The pension Expeses amd Journal entries are…

Q: Larkspur Corporation amended its pension plan on January 1, 2020, and granted $138,240 of prior…

A: The service cost related to year 2020 is the amount of  cost related to those period

Q: Projected benefit obligation

A: Definition: Projected benefit obligation: It is a concept of measuring what a company needs now to…

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: ) At January 1, 2020, Hennein Company had plan assets of $280,000 and a projected benefit obligation…

A: Interest Cost:Interest for the period on the projected benefit obligation outstanding during the…

Q: At December 31, 2020, Metlock Corporation had a projected benefit obligation of $504,700, plan…

A: Given: Projected benefit obligation = $504,700 Plan assets = $342,200

Q: At December 31, 2020, Mallory, Inc. reported in its balance sheet a net loss of $12 million related…

A: Loss-Other Comprehensive Income (OCI) is debited and Accumulated Post Benefit Obligation (APBO) is…

Q: Tevez Company experienced an actuarial loss of $750 in its defined benefit plan in 2017. For 2017,…

A: A statement of Comprehensive Income depicts the adjustments on equity during the given period of…

Q: Determine the pension asset/liability at December 31, 2019.

A: The projected benefit obligation refers to an actuarial estimate of what the company currently needs…

Q: Boey Company reported net income of $25,000 in 2021. It had the following amounts related to its…

A: Pension: A fixed sum of money, receivable in future or after the age of retirement, which the…

Q: At December 31, 2020, Sheffield Corporation had a projected benefit obligation of $ 614,800, plan…

A: The pension liability is the amount to be paid employees at the time of retirement.

Q: Monty Company experienced an actuarial loss of $670 in its defined benefit plan in 202O. For 2020,…

A: Pension plans refers to the benefits made available to the employees after retirement for the…

Q: At January 1, 2020, Blossom Corporation had plan assets of $258,000 and a defined benefit obligation…

A: Solution-  Effective Charging Rate = (1 + Rate of expected return)0.5 - 1 = (1 + 0.10)1/2 - 1 =…

Q: Prepare Monty's statement of comprehensive income for 2020.

A: Pension plans refers to the benefits made available to the employees after retirement for the…

Q: Projected benefit obligation 700,000 Other Items Pension asset / liability, January 1, 2015 20,000…

A: Given  Plan assets (at fair value) $400,000 And  Contributions 250,000

Q: The following information for Cooper Enterprises is given below:       December 31, 2015 Assets and…

A: Formula: Pension liability = Projected benefit obligation - Plan assets (at fair value)

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: At December 31, 2020, Coronado Corporation had a projected benefit obligation of $573,800, plan…

A: When the fair value of plan assets is higher than the projected benefit obligation, a corporation…

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

A: Return on plan assets = Fair value of plan assets, December 31 + Benefits paid to retirees -…

Q: On January 1, 2021, Dynamax Company had the following balances in its memorandum records: Fair value…

A: SOLUTION-   COMPREHENSIVE INCOME   INCLUDES REGULAR INCOME AND OTHER COMPREHENSIVE INCOME , WHICH…

Q: On December 31, 2019, Berry Company determined that the 2019 service cost on its defined benefit…

A: Interest cost = Projected benefit obligation x discount rate = $700,000 x 10% = $70,000 Expected…

Q: The actuary for the pension plan of Buffalo Inc. calculated the following net gains and losses.…

A: Given that  No.of employees = 400 Total service year participating employees = 4400

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.