A pension plan's ________ represents the time at which rights to assets that have accumulated in...
A pension plan's ________ represents the time at which rights to assets that have accumulated in the employee's pension cannot be taken away.
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Homework Answers
b.vesting schedule.
A pension plan's vesting schedule represents the time at which rights to assets that have accumulated in the employee's pension cannot be taken away.
Guaranteed benefit schedule lays down the benefit the employee's dependents receive in case of death of the employee.
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A pension plan's ________ represents the time at which rights to
assets that have accumulated in...
A fully insured pension plan is one in which the plan's assets are invested in which...
A fully insured pension plan is one in which the plan's assets are invested in which of the following? A) Common stock B) Fixed income securities C) Fully insured insurance contracts D) Guaranteed interest contracts
The interest cost included in the annual pension cost recorded by an employer sponsoring a defined benefit pension plan...
The interest cost included in the annual pension cost recorded by an employer sponsoring a defined benefit pension plan represents the a) difference between the expected and actual return on plan assets. b) increase in the defined benefit obligation due to the passage of time. c) increase in the fair value of plan assets due to the passage of time. d) interest earned on the plan assets for the year. An experience gain or loss (adjustment) is a) additional...
P19.3 D'Eon Corporation reports the following January 1, 2020 balances for its defined benefit pension plan, which it accounts for under IFRS: plan assets, $460,000; defined benefit obligation, $460,000. Other data relating to three years of operation of
P19.3 D'Eon Corporation reports the following January 1, 2020 balances for its defined benefit pension plan, which it accounts for under IFRS: plan assets, $460,000; defined benefit obligation, $460,000. Other data relating to three years of operation of the plan are as follows: 2020 2021 2022 Annual service cost $36,800 $ 43,700 $ 59,800 Discount rate 10% 10% 10% Actual return on plan assets 39,100 50,370 55,200 Funding of current service cost 36,800 43,700 59,800 Funding of past service cost...
22. In accounting for compensated absences, the difference between vested rights and accumulated rights is that:...
22. In accounting for compensated absences, the difference between vested rights and accumulated rights is that: A) vested rights are normally for a longer period of employment than are accumulated rights. B) vested rights are not contingent upon an employee's future service. C) vested rights are a legal and binding obligation on the company, whereas accumulated rights expire at the end of the accounting period in which they arose. D) vested rights carry a stipulated dollar amount that is owed...
Exercise 20-17 Blossom Company sponsors a defined benefit pension plan for its 600 employees. The company's...
Exercise 20-17 Blossom Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided the following information about the plan. Projected benefit obligation Accumulated benefit obligation Plan assets (fair value and market-related asset value) Accumulated net (gain) or loss (for purposes of the corridor calculation) Discount rate (current settlement rate) Actual and expected asset return rate Contributions January 1, 2017 $2,810,000 1,910,000 1,710,000 0 December 31, 2017 2018 $3,665,900 $4,209,172 2,411,000 2,900,000 2,904,000 3,779,000 199,000 (25,000)...
There have nine questions. Plz！ 1 Which of the following would not be classified as a...
There have nine questions. Plz！
1 Which of the following would not be classified as a current liability in the balance sheet? (a) accounts payable (b) accounts receivable (c) accrued expenses (d) unerned income (e) bank overdraft 2. Which of the following items should be classed as capital expenditure? (a) (b) (c) (d) (e) software maintenance depreciation of equipment purchase of raw materials purchase of an automobile capitalisation of interest 3. A firm sells goods on credit. The effect will...
Whispering Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided...
Whispering Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided the following information about the plan. January December 31, 2017 2017 2018 $2,810,000 $3,661,900 2,413,000 $4,202,852 2,901,000 1,880,000 1,690,000 2,898,000 3,799,000 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value and market-related asset value) Accumulated net (gain) or loss (for purposes of the corridor calculation) Discount rate (current settlement rate) Actual and expected asset return rate Contributions 0 198,000 (24,000) 9% 104 1,039,000...
Term Answer Description ERISA A. This pension plan meets specified criteria established by the Internal Revenue Code. V...
Term Answer Description ERISA A. This pension plan meets specified criteria established by the Internal Revenue Code. Vested rights B. The employee bears part of the contribution cost in this pension plan. c. Noncontributory pension plan Based on a formula, it computes the benefits, not contributions, to be paid out. Contributory pension plan D. Under this plan, the employer not only makes the contributions (based on a percentage of an employee's salary), controls the investment, and guarantees a given payout...
Whispering Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided...
Whispering Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided the following information about the plan. January December 31, 1, 2017 2017 2018 Projected benefit obligation $2,810,000 $3,661,900 $4,202,852 Accumulated benefit obligation 1,880,000 2,413,000 2,901,000 Plan assets (fair value and market-related asset value) 2,898,000 1,690,000 3,799,000 Accumulated net (gain) or loss (for purposes of the corridor calculation) 198,000 (24,000) Discount rate (current settlement rate) 9 % 8% Actual and expected asset return rate 10...
P19.4 The following information is available for HTM Corporation's defined benefit pension plan: 2020 2021 2022 Defined benefit obligation, opening balance, accounting basis $175,000 ? ? Fair value of plan assets 165,000 ? ? Current service cost
P19.4 The following information is available for HTM Corporation's defined benefit pension plan: 2020 2021 2022 Defined benefit obligation, opening balance, accounting basis $175,000 ? ? Fair value of plan assets 165,000 ? ? Current service cost 35,000 $47,250 $52,500 Discount rate 7% 7% 7% Actual return earned on plan assets 8% 6% 7% Contributions (funding) 44,000 44,000 44,000 Benefits paid to retirees 24,000 26,000 28,000 On January 1, 2020, HTM Corp. amended its pension plan, resulting in past service...
22. In accounting for compensated absences, the difference between vested rights and accumulated rights is that: A) vested rights are normally for a longer period of employment than are accumulated rights. B) vested rights are not contingent upon an employee's future service. C) vested rights are a legal and binding obligation on the company, whereas accumulated rights expire at the end of the accounting period in which they arose. D) vested rights carry a stipulated dollar amount that is owed...
Exercise 20-17 Blossom Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided the following information about the plan. Projected benefit obligation Accumulated benefit obligation Plan assets (fair value and market-related asset value) Accumulated net (gain) or loss (for purposes of the corridor calculation) Discount rate (current settlement rate) Actual and expected asset return rate Contributions January 1, 2017 $2,810,000 1,910,000 1,710,000 0 December 31, 2017 2018 $3,665,900 $4,209,172 2,411,000 2,900,000 2,904,000 3,779,000 199,000 (25,000)...
There have nine questions. Plz！
1 Which of the following would not be classified as a current liability in the balance sheet? (a) accounts payable (b) accounts receivable (c) accrued expenses (d) unerned income (e) bank overdraft 2. Which of the following items should be classed as capital expenditure? (a) (b) (c) (d) (e) software maintenance depreciation of equipment purchase of raw materials purchase of an automobile capitalisation of interest 3. A firm sells goods on credit. The effect will...
Whispering Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided the following information about the plan. January December 31, 2017 2017 2018 $2,810,000 $3,661,900 2,413,000 $4,202,852 2,901,000 1,880,000 1,690,000 2,898,000 3,799,000 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value and market-related asset value) Accumulated net (gain) or loss (for purposes of the corridor calculation) Discount rate (current settlement rate) Actual and expected asset return rate Contributions 0 198,000 (24,000) 9% 104 1,039,000...
Term Answer Description ERISA A. This pension plan meets specified criteria established by the Internal Revenue Code. Vested rights B. The employee bears part of the contribution cost in this pension plan. c. Noncontributory pension plan Based on a formula, it computes the benefits, not contributions, to be paid out. Contributory pension plan D. Under this plan, the employer not only makes the contributions (based on a percentage of an employee's salary), controls the investment, and guarantees a given payout...
Whispering Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided the following information about the plan. January December 31, 1, 2017 2017 2018 Projected benefit obligation $2,810,000 $3,661,900 $4,202,852 Accumulated benefit obligation 1,880,000 2,413,000 2,901,000 Plan assets (fair value and market-related asset value) 2,898,000 1,690,000 3,799,000 Accumulated net (gain) or loss (for purposes of the corridor calculation) 198,000 (24,000) Discount rate (current settlement rate) 9 % 8% Actual and expected asset return rate 10...
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