Homework Answers
Answer-
| General journal entries | Memo record | |||||||||
| items | pension expense | cash | Pension Asset / liability | Projected benefit obligation | Plan Assets | |||||
| 1/1/17 | 279,700 | Cr | 279,700 | Dr | ||||||
| Service cost | 28,100 | Dr | 28,100 | Cr | ||||||
| Interest cost [10%*279,700] | 27,970 | Dr | 27,970 | Cr | ||||||
| Actual return | 25,200 | Cr | 25,200 | Dr | ||||||
| Conrtibution | 20,800 | Cr | 20,800 | Dr | ||||||
| Benefit | 17,100 | Dr | 17,100 | Cr | ||||||
| Jounral entry , 12/31/17 | 30870 | Dr | 20,800 | Cr | 10,070 | Cr | ||||
| Balance ,12/31/17 | 318,670 | Cr | 308,600 | Dr | ||||||
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i n of the same 2017, the Brief Exercise 20-3 At sy 1. 2017, Shamrock Corry...
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...
of the amount. During 2017, at e the n d Brief Exercise 20-3 At January 1,...
of the amount. During 2017, at e the n d Brief Exercise 20-3 At January 1, 2017, Vaughn Company had plan assets of $273,200 and a projected benefit $23,800, contributions were $19, 100, and benes padres 000 Prepare a pension worksheet for Vaughn Company for 2017. VAUGHN COMPANY General Journal Entries Actual return Contributions Boretts Journal entry, 12/11/17 12/31/17
At January 1, 2017, Blue Company had plan assets of $303,400 and a projected benefit obligation...
At January 1, 2017, Blue Company had plan assets of $303,400 and
a projected benefit obligation of the same amount. During 2017,
service cost was $26,700, the settlement rate was 10%, actual and
expected return on plan assets were $24,500, contributions were
$19,700, and benefits paid were $16,900.
Prepare a pension worksheet for Blue Company for 2017.
BLUE COMPANY neral Journal Entrie Memo Record Projected Benefit Plan Assets Pension Pension Items Expense Cash Asset/Liability Obligation Service cost Interest cost Actual...
Exercise 20-7 The following defined pension data of Crane Corp. apply to the year 2017. Projected...
Exercise 20-7 The following defined pension data of Crane Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) Plan assets, 1/1/17 Pension liability On January 1, 2017, Crane Corp., through plan amendment, grants prior service benefits having a present value of Settlement rate $504,000 489,500 14,500 Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2017 109,000 10 % 63,600 61,100 49,200 39,900 18,400 For 2017, prepare...
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...
At January 1, 2017, Flint Company had plan assets of $254,500 and a projected benefit obligation...
At January 1, 2017, Flint Company had plan assets of $254,500
and a projected benefit obligation of the same amount. During 2017,
service cost was $26,600, the settlement rate was 10%, actual and
expected return on plan assets were $24,500, contributions were
$20,800, and benefits paid were $16,800.
Prepare a pension worksheet for Flint Company for 2017.
FLINT COMPANY
General Journal Entries
Memo Record
Items
Pension
Expense
Cash
Pension
Asset/Liability
Projected
Benefit
Obligation
Plan
Assets
1/1/17
$
Dr.Cr.
$...
Exercise 20-1 (Part Level Submission) The following information is available for the pension plan of Larkspur...
Exercise 20-1 (Part Level Submission) The following information is available for the pension plan of Larkspur Company for the year 2017 Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2017 Service cost $15,300 40,500 92,900 11 % 7,300 474,000 58,500 Compute pension expense for the year 2017 Pension expense for 2017 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE...
I need assistance with the Pension Asset/Liability Balance at Jan. 1, 2017, Journal entry for 2017....
I need assistance with the Pension Asset/Liability Balance at
Jan. 1, 2017, Journal entry for 2017. Could you kindly assist me
with calculations? I figured everything else, however, I'm unsure
what I missed for that above-named sections. Could someone kindly
assist me?
Exercise 20-3 (Part Level Submission) Martinez Company provides the following information about its defined benefit pension plan for the year 2017. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets...
Exercise 20-3 (Part Level Submission) Splish Company provides the following information about its defined benefit pension...
Exercise 20-3 (Part Level Submission) Splish Company provides the following information about its defined benefit pension plan for the year 2017. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Projected benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Interest/discount settlement) rate $91,300 102,900 9,500 64,800 39,400 648,700 694,400 150,900 9% (a) Prepare a pension worksheet inserting January 1,...
*Exercise 20-1 The following information is available for the pension plan of Radcliffe Company for the...
*Exercise 20-1 The following information is available for the pension plan of Radcliffe Company for the year 2017 15,000 40,000 90,000 Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2017 Service cost 1096 8,000 500,000 60,000 Compute pension expense for the year 2017 Pension expense for 2017 Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in...
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...
of the amount. During 2017, at e the n d Brief Exercise 20-3 At January 1, 2017, Vaughn Company had plan assets of $273,200 and a projected benefit $23,800, contributions were $19, 100, and benes padres 000 Prepare a pension worksheet for Vaughn Company for 2017. VAUGHN COMPANY General Journal Entries Actual return Contributions Boretts Journal entry, 12/11/17 12/31/17
At January 1, 2017, Blue Company had plan assets of $303,400 and
a projected benefit obligation of the same amount. During 2017,
service cost was $26,700, the settlement rate was 10%, actual and
expected return on plan assets were $24,500, contributions were
$19,700, and benefits paid were $16,900.
Prepare a pension worksheet for Blue Company for 2017.
BLUE COMPANY neral Journal Entrie Memo Record Projected Benefit Plan Assets Pension Pension Items Expense Cash Asset/Liability Obligation Service cost Interest cost Actual...
Exercise 20-7 The following defined pension data of Crane Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) Plan assets, 1/1/17 Pension liability On January 1, 2017, Crane Corp., through plan amendment, grants prior service benefits having a present value of Settlement rate $504,000 489,500 14,500 Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2017 109,000 10 % 63,600 61,100 49,200 39,900 18,400 For 2017, prepare...
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...
At January 1, 2017, Flint Company had plan assets of $254,500
and a projected benefit obligation of the same amount. During 2017,
service cost was $26,600, the settlement rate was 10%, actual and
expected return on plan assets were $24,500, contributions were
$20,800, and benefits paid were $16,800.
Prepare a pension worksheet for Flint Company for 2017.
FLINT COMPANY
General Journal Entries
Memo Record
Items
Pension
Expense
Cash
Pension
Asset/Liability
Projected
Benefit
Obligation
Plan
Assets
1/1/17
$
Dr.Cr.
$...
Exercise 20-1 (Part Level Submission) The following information is available for the pension plan of Larkspur Company for the year 2017 Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2017 Service cost $15,300 40,500 92,900 11 % 7,300 474,000 58,500 Compute pension expense for the year 2017 Pension expense for 2017 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE...
I need assistance with the Pension Asset/Liability Balance at
Jan. 1, 2017, Journal entry for 2017. Could you kindly assist me
with calculations? I figured everything else, however, I'm unsure
what I missed for that above-named sections. Could someone kindly
assist me?
Exercise 20-3 (Part Level Submission) Martinez Company provides the following information about its defined benefit pension plan for the year 2017. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets...
Exercise 20-3 (Part Level Submission) Splish Company provides the following information about its defined benefit pension plan for the year 2017. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Projected benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Interest/discount settlement) rate $91,300 102,900 9,500 64,800 39,400 648,700 694,400 150,900 9% (a) Prepare a pension worksheet inserting January 1,...
*Exercise 20-1 The following information is available for the pension plan of Radcliffe Company for the year 2017 15,000 40,000 90,000 Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2017 Service cost 1096 8,000 500,000 60,000 Compute pension expense for the year 2017 Pension expense for 2017 Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in...
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