Use the following information for the next four (4) questions: The memorandum records of Galinde Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% How much is the retirement benefit cost that is taken to other comprehensive income for the year 2021?

Q: On January 1, 2021, Sandhill Co. has the following balances: Projected benefit obligation   $…

A: The projected benefit obligation is referred to as the measurement of the present amount that a…

Q: On January 1, 2021 STAR 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: The Shasti Corporation reported the following for the year ending December 31, 20X1:   Service…

A: Expected return on Plan Assets = Plan assets, January 1, 20X1 x Expected return on plan assets…

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: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…

A: Given, Defined Benefit Obligation = 2,600,000

Q: The memorandum records of Galindez Trading at January 1, 2021 show the following data:     Define…

A: Retirement benefit-cost taken to other comprehensive income for the year 2021 = Change in Return on…

Q: Charlton Company provided the following information concerning a defined benefit plan at the…

A: SOLUTION FORMULA- NET REMEASUREMENT GAIN = ACTUAL RETURN ON PLAN ASSETS -(FAIR VALUE OF PLAN ASSETS…

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: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…

A: Retirement benefits are those benefits which the employee receives after retiring from the…

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

A: Workings:

Q: On January 1, 2020, McGee Co. had the following balances:           Projected benefit obligation…

A: Answer -    Part 1 -  Calculation of the projected benefit obligation at December 31, 2020…

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

A: Calculation of Pension Expense:   Service cost 79,600 Benefit obligation (698,500 x 10%) 69,850…

Q: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…

A: Change in return on plan assets=Actual return on plan assets-Fair value of plan assets×Discount…

Q: On January 1, 2022, Seismic Slam Company had the following balances in its memorandum records: Fair…

A: A defined benefit plan is a sort of post-employment benefit that provides employees with a pension…

Q: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…

A: Prepaid/accrued benefit cost is the difference between the balance of the fair value of plan assets…

Q: Rachel Company revealed the following information for the current year: Fair value of plan…

A: Defined benefit plan. Under this plan, the employer provides a predetermined periodic payment to…

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

A: The pension expense is the amount of expense charged by business for the liabilities to be paid as…

Q: On January 1, 2022, Seismic Slam Company had the following balances in its memorandum records: Fair…

A: Interest cost = Projected benefit obligation x Discount or settlement rate = 3,400,000 x 8% =…

Q: 10,800   Actual and expected return on plan assets   65,300   Benefits paid   39,700   Plan assets…

A: The pension expense as,

Q: Strangers & Co. has gathered the following information for its defined benefit plan in 2020: ·…

A: Increase in Projected Benefit Obligation = Projected Benefit Obligation, 12/31/2020 - Projected…

Q: How much is the net defined benefit liability/asset that will be shown on December 31, 2021…

A: Net defined benefit liability/(asset)= Defined Benefit Obligation- Plan Assets

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

A:

Q: Mermade Corp. adopts the IFRS for its defined benefit retirement plan on January 1, 2021, with the…

A: Pension worksheet is a statement showing the breakup of all the sum received by an employee entitled…

Q: he Corporation has developed the following information (photo attached) for the company's defined…

A: Pension expense- It is the expense business charges for liabilities which is paid to employees. It…

Q: Maytag Service Co. reported the following for its defined-benefit pension plan for 2021:…

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

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

A: compute pension expense for Webb Corp. for the year 2020 by preparing a pension worksheet:

Q: Charlton Company provided the following information concerning a defined benefit plan at the…

A: Expected return on plan assets = Fair value of plan assets x Discount rate = 4,750,000 x 6% =…

Q: How much is the retirement benefit expense taken to profit or loss for the year 2021?

A: Retirement benefit expense are those form of expenses being incurred by the owner or the employer…

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

A: Pension worksheet is prepared by the companies for the recording of information related to the…

Q: Charlton Company provided the following information concerning a defined benefit plan at the…

A: Prepaid/accrued benefit costs = Unamortized past service cost - Unrecognized actuarial gain =…

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

A: Pension expense is the amount of business expense for liability in regard to a pension payable to…

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

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

Q: 16 The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…

A: Calculation of Net prepaid/ accrued defined benefit cost: Particulars Amount Defined Benefit…

Q: Gingrich Importers provides the following pension plan information. Fair value of pension plan…

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

Q: Information about the defined benefit plan of the company are shown below: Fair value on plan…

A: Settelment cost (4800000*10%) = Defined benefit obligation, January 1, 2021 x discount rate =…

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: Rachel Company revealed the following information for the current year: Fair value of plan…

A: Plan assets include the amount which a company or an organization investing in a fund account for…

Q: Sarasota Importers provides the following pension plan information. Fair value of pension plan…

A: Plan assets are the assets/investments held by a long-term employee benefit fund for the purpose of…

Q: Charlton Company provided the following information concerning a defined benefit plan at the…

A: Fair Value Plan Asset (FVPA) as of December 31=Fair value of plan assets+Projected benefit…

Q: What is the pension expense at the end of 2021? What is the projected benefit obligation at the end…

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

Q: ual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000…

A: The components of defined benefit cost are recognized as follows Service cost attributable to the…

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

A:

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

A: Pension worksheet: This worksheet involves two sections namely general journal section and a memo…

Q: he following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 Service…

A: STATEMENT SHOWING CALCULATION OF BENEFIT OBLIGATION AS ON DEC 31, 2021   PARTICULARS AMOUNT PBO…

Q: U.S. Metallurgical Incorporated reported the following balances in its financial statements and…

A: Pension expense refers to the amount of money which the business charges to the expenses against the…

Q: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…

A: Plan Asset at December 31, 2021 = Beginning Fair value of plan assets + Actual return on plan assets…

Q: A Company provided the following pension plan information: Projected benefit obligation – January…

A: The fair value of the funds invested to pay pension obligations is said to be the fair value of plan…

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…

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.