Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $35,000 for the period. The pension formula calculated a pension cost of $201,250. Only $175,000 was contributed to the pension plan administrator.Provide the journal entry for the (a) vacation pay and (b) pension benefit.

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

A:

Q: Marigold Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the…

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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: Larson Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the…

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Q: CBA Co. has established a defined benefit pension plan for its employees. Annual payments under the…

A: Defined benefit obligation can be computed as follows

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A: Expected rate of return:- The expected rate of return, or yield to maturity, on a bond is the return…

Q: Prepare the journal entry to record the pension expense and the company's funding of the pension…

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Q: King, Inc. started a pension plan on January 1, 2019. At that date, prior service cost of $1,100,000…

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Q: Pension data for David Emerson Enterprises include the following:    ($ in millions) Discount…

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Q: For the current year, Casimira Travel Agency provided the following information relating to the…

A: Interest cost = Beginning Defined benefit obligation x discount rate  = P7,200,000 x 10% = P720,000

Q: Nakajima Company provides its employees with vacation benefits and a defined contribution pension…

A:

Q: Louie Company has.a defined benefit pension plan. On December 31 (the end of the fiscal year), the…

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Q: Strum Corp. has maintained a defined benefit pension plan for its employees for a number of years.…

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Q: In pension accounting, the employer's net pension liability:

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Q: Lawrence Company has a defined benefit pension plan. On December 31 of the current year (the end of…

A: Given the following information: Ending PBO: $115,000 Benefits paid to retirees: $15,000 Interest…

Q: Big Corporation offers a defined benefit pension plan to all its eligible employees. The company…

A: 1) Big Corporation offers a defined benefit pension plan to all its eligible employees. The company…

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Q: At the start of the year,Boy had the following balances in its pension benefit memo records: Fair…

A: Interest costs = Accrued benefit obligations x Discount rate = 3,200,000 x 9% = 288,000

Q: A company sponsors a defined benefit plan for 100 employees. On January 1, 2020 the company's…

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Q: 499,000 Benefits paid 294,350 Amortization of prior service costs 111,000 In the journal entry…

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Q: The following information is related to the defined benefit pension plan of Melissa Larson Company…

A: Pension expense = Service cost + Interest cost + Expected return on plan assets

Q: Compute the amount of the 2020 increase/decrease in gains or losses and the amount to be amortized…

A: Pension plan: Pension plan can be defined as the plan that provides benefits to the investor in the…

Q: Martin Services Company provides its employees vacation benefits and a defined contribution pension…

A: Solution:- a) Preparation of the journal entry for the vacation pay as follows under:-

Q: Scott Hobson Enterprises has a defined benefit pension plan. At the end of the reporting year, the…

A: Pension expense = Service cost + Interest cost + Expected return on plan assets

Q: Pearsall Company has a defined benefit pension plan. On December 31 (the end of the fiscal year),…

A: Given: Ending PBO =$115000Benefits paid to retires =$14500 Interest cost =$7500Discount rate =10%

Q: Ridley Corporation is a manufacturing company in the Caribbean. The company sponsors a defined…

A: A pension plan amount is refers to as a amount that is promised by the employer under the pension…

Q: Harvey Company provides its employees with vacation benefits and a defined benefit pension plan.…

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Q: Louie Company has a defined benefit pension plan. On December 31 (the end of the fiscal year), the…

A: Beginning PBO = Interest cost / discount rate = $8000/8% = $100,000

Q: Harvey Hotels has provided a defined benefit pension plan for its employees for several years. At…

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Q: The following information is related to the defined benefit pension plan of Avalanche Corporation…

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Q: Pension data for Millington Enterprises include the following: (S in millions) Discount rate, 10%…

A: Interest cost = Projected benefit obligation at the beginning of the year x Discount rate = $360…

Q: The following information regarding Buffalo Ltd.’s defined benefit pension plan was taken from the…

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Q: The following information is related to the defined benefit pension plan of Xavier Company for 2012:…

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Q: Pearsall Company has a defined benefit pension plan. On December 31 (the end of the fiscal year),…

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Q: Louie Company has a defined benefit pension plan. On December 31 (the end of the fiscal year), the…

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

Q: Ridley Corporation is a manufacturing company in the Caribbean. The company sponsors a defined…

A: A pension plan amount is refers to as a amount that is promised by the employer under the pension…

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

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Q: Putnam Company provides its employees vacation benefits and a defined contribution pension plan.…

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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.