Homework Answers
| Answer |
| Actual Return on Plan Assets = (1,994,000 - 1,770,000) - (128,000 - 189,000) |
| Actual Return on Plan Assets = 224,000 - (-61000) |
| Actual Return on Plan Assets = 285,000 |
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Brief Exercise 20-02 For Cheyenne Corporation, year-end plan assets were $1,994,000. At the beginning of the...
Brief Exercise 20-2 For Whispering Corporation, year-end plan assets were $1,999,000. At the beginning of the...
Brief Exercise 20-2 For Whispering Corporation, year-end plan assets were $1,999,000. At the beginning of the year, plan assets were $1,773,000. During the year, contributions to the pension fund were $112,000, and benefits paid were $203,000. Compute Whispering's actual return on plan assets. Actual etun on plan assets g Click if you would like to Show Work for this question: Open Show Work
Brief Exercise 20-3 At January 1, 2017, Marin Company had plan assets of $279,700 and a...
Brief Exercise 20-3 At January 1, 2017, Marin Company had plan assets of $279,700 and a projected benefit obligation of the same amount. During 2017, service cost was $28,100, the settlement rate was 10%, actual and expected return on plan assets were $25,200, contributions were $20,800, and benefits paid were $17,100 Prepare a pension worksheet for Marin Company for 2017 MARIN COMPANY General Journal Entries emo Recor Pension Expense Pension Asset/Liability Projected Benefit obligation Plan Assets Items Cash Service cost...
Pension plan assets were $200 million at the beginning of the year. The return on plan...
Pension plan assets were $200 million at the beginning of the year. The return on plan assets was 5%. At the end of the year, retiree benefits paid by the trustee were $8 million and cash invested in the pension fund was $12 million. What was the amount of the pension plan assets at year-end? Pension plan assets plan assets million
Exercise 20-4 The following facts apply to the pension plan of Metlock Inc. for the year 2017. Plan assets, January 1...
Exercise 20-4
The following facts apply to the pension plan of Metlock Inc.
for the year 2017.
Plan assets, January 1, 2017
$515,100
Projected benefit obligation, January 1, 2017
515,100
Settlement rate
8
%
Service cost
36,800
Contributions (funding)
26,700
Actual and expected return on plan assets
50,200
Benefits paid to retirees
36,700
Using the preceding data, compute pension expense for the year
2017. As part of your solution, prepare a pension worksheet that
shows the journal entry for pension...
Exercise 20-6 Bridgeport Importers provides the following pension plan information. Fair value of pension plan assets,...
Exercise 20-6 Bridgeport Importers provides the following pension plan information. Fair value of pension plan assets, January 1, 2017 Fair value of pension plan assets, December 31, 2017 Contributions to the plan in 2017 Benefits paid retirees in 2017 $2,411,000 2,735,000 304,000 376,000 From the data above, compute the actual return on the plan assets for 2017 Actual return on plan assets for 2017 LINK TO TEXT VIDEO: SIMILAR EXERCISE
The following data relate to Voltaire Company’s defined benefit pension plan: ($ in millions) Plan assets...
The following data relate to Voltaire Company’s defined benefit pension plan: ($ in millions) Plan assets at fair value, January 1 $ 730 Expected return on plan assets 73 Actual return on plan assets 58 Contributions to the pension fund (end of year) 126 Amortization of net loss 14 Pension benefits paid (end of year) 18 Pension expense 98 Required: Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to...
Exercise 20-4 The following facts apply to the pension plan of Coronado Inc. for the year...
Exercise 20-4 The following facts apply to the pension plan of Coronado Inc. for the year 2017. Plan assets, January 1, 2017 $511,800 Projected benefit obligation, January 1, 2017 511,800 Settlement rate 8 % Service cost 36,500 Contributions (funding) 23,500 Actual and expected return on plan assets 50,300 Benefits paid to retirees 33,400 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension...
Exercise 20-4 The following facts apply to the pension plan of Boudreau Inc. for the year...
Exercise 20-4 The following facts apply to the pension plan of Boudreau Inc. for the year 2017 Plan assets, January 1, 2017 Projected benefit obligation, January 1, 2017 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees $490,000 490,000 896 40,000 25,000 49,700 33,400 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense...
Interest (Cost) Rate Expected rate of return on plan assets Actual rate of return on plan...
Interest (Cost) Rate Expected rate of return on plan assets Actual rate of return on plan assets Beginning of year balance in CASH 3% 3% 4% 120,000 Projected benefit obligation at the beginning of 2017 Service cost, 2017 Interest Cost Loss (gain) on PBO for assumption changes Less: Benefits paid to retirees during the year $ $ 350,000 40,000 $ $ 3,500 (45,000) Projected benefit obligation at the end of 2017 $ 250,000 Plan assets at the beginning of the...
USE THE FOLLOWING INFORMATION FOR # 11-20 Interest (Cost) Rate Expected rate of return on plan...
USE THE FOLLOWING INFORMATION FOR # 11-20 Interest (Cost) Rate Expected rate of return on plan assets Actual rate of return on plan assets Beginning of year balance in CASH 3% 3% 49% $ 120,000 e beginning of 2017 Projected benefit obligation at the beginning of 2017 Service cost, 2017 Interest Cost Loss (gain) on PBO for assumption changes Less: Benefits paid to retirees during the year S $ 350,000 40,000 $ $ 3.500 (45,000) Projected benefit obligation at the...
Brief Exercise 20-2 For Whispering Corporation, year-end plan assets were $1,999,000. At the beginning of the year, plan assets were $1,773,000. During the year, contributions to the pension fund were $112,000, and benefits paid were $203,000. Compute Whispering's actual return on plan assets. Actual etun on plan assets g Click if you would like to Show Work for this question: Open Show Work
Brief Exercise 20-3 At January 1, 2017, Marin Company had plan assets of $279,700 and a projected benefit obligation of the same amount. During 2017, service cost was $28,100, the settlement rate was 10%, actual and expected return on plan assets were $25,200, contributions were $20,800, and benefits paid were $17,100 Prepare a pension worksheet for Marin Company for 2017 MARIN COMPANY General Journal Entries emo Recor Pension Expense Pension Asset/Liability Projected Benefit obligation Plan Assets Items Cash Service cost...
Pension plan assets were $200 million at the beginning of the year. The return on plan assets was 5%. At the end of the year, retiree benefits paid by the trustee were $8 million and cash invested in the pension fund was $12 million. What was the amount of the pension plan assets at year-end? Pension plan assets plan assets million
Exercise 20-4
The following facts apply to the pension plan of Metlock Inc.
for the year 2017.
Plan assets, January 1, 2017
$515,100
Projected benefit obligation, January 1, 2017
515,100
Settlement rate
8
%
Service cost
36,800
Contributions (funding)
26,700
Actual and expected return on plan assets
50,200
Benefits paid to retirees
36,700
Using the preceding data, compute pension expense for the year
2017. As part of your solution, prepare a pension worksheet that
shows the journal entry for pension...
Exercise 20-6 Bridgeport Importers provides the following pension plan information. Fair value of pension plan assets, January 1, 2017 Fair value of pension plan assets, December 31, 2017 Contributions to the plan in 2017 Benefits paid retirees in 2017 $2,411,000 2,735,000 304,000 376,000 From the data above, compute the actual return on the plan assets for 2017 Actual return on plan assets for 2017 LINK TO TEXT VIDEO: SIMILAR EXERCISE
Exercise 20-4 The following facts apply to the pension plan of Coronado Inc. for the year 2017. Plan assets, January 1, 2017 $511,800 Projected benefit obligation, January 1, 2017 511,800 Settlement rate 8 % Service cost 36,500 Contributions (funding) 23,500 Actual and expected return on plan assets 50,300 Benefits paid to retirees 33,400 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension...
Exercise 20-4 The following facts apply to the pension plan of Boudreau Inc. for the year 2017 Plan assets, January 1, 2017 Projected benefit obligation, January 1, 2017 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees $490,000 490,000 896 40,000 25,000 49,700 33,400 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense...
Interest (Cost) Rate Expected rate of return on plan assets Actual rate of return on plan assets Beginning of year balance in CASH 3% 3% 4% 120,000 Projected benefit obligation at the beginning of 2017 Service cost, 2017 Interest Cost Loss (gain) on PBO for assumption changes Less: Benefits paid to retirees during the year $ $ 350,000 40,000 $ $ 3,500 (45,000) Projected benefit obligation at the end of 2017 $ 250,000 Plan assets at the beginning of the...
USE THE FOLLOWING INFORMATION FOR # 11-20 Interest (Cost) Rate Expected rate of return on plan assets Actual rate of return on plan assets Beginning of year balance in CASH 3% 3% 49% $ 120,000 e beginning of 2017 Projected benefit obligation at the beginning of 2017 Service cost, 2017 Interest Cost Loss (gain) on PBO for assumption changes Less: Benefits paid to retirees during the year S $ 350,000 40,000 $ $ 3.500 (45,000) Projected benefit obligation at the...
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