Homework Answers
1) Disclosure notes for Employee pension benefit is
- Contributions from employers (and by other governments and entities on behalf of the employers) are irrevocable
- Assets in the trust are dedicated to providing pension benefits to the plan members
- Assets in the trust are protected from the creditors of the employers (and other contributing governments and entities), the plan administrator, and the plan members (for defined benefit pensions).
2) Types of pension plans that a company can offer is
a) Defined Benefit Plan
b) Defined contribution plan
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Answer the following questions about Google? 1. From the Annual Report (search for this under "Investor...
QUESTION 3 Field Corp has the following balances as of January 1, 2020 related to its...
QUESTION 3 Field Corp has the following balances as of January 1, 2020 related to its defined benefit pension plan: Projected benefit obligation Fair value of plan assets $3,600,000 3,700,000 Additional data related to the pension plan for 2020 are: Service cost Amortization of prior service costs Contributions Benefits paid Actual return on plan assets Amortization of net gain Settlement rate Expected rate of return on plan assets $220,000 54,000 170,000 292,000 264,000 18,000 5% 8% The balance of the...
Question 4 --/1 View Policies Current Attempt in Progress Sunland Inc. has sponsored a noncontributory, defined...
Question 4 --/1 View Policies Current Attempt in Progress Sunland Inc. has sponsored a noncontributory, defined benefit pension plan for its employees since 1997. Prior to 2020, cumulative net pension expense recognized equaled cumulative contributions to the plan. Other relevant information about the pension plan on January 1, 2020, is as follows. 1. The company has 200 employees. All these employees are expected to receive benefits under the plan. The average remaining service life per employee is 12 years. 2....
Kingbird Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. January 1, 2017 $1,400 2,080 2,420 1,610 December 31, 2017 $...
Kingbird Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. January 1, 2017 $1,400 2,080 2,420 1,610 December 31, 2017 $2,080 2,970 3,550 2,520 Vested benefit obligation Accumulated benefit obligation Projected benefit obligation Plan assets (fair value) Settlement rate and expected rate of return Pension asset/liability Service cost for Contributions (funding in 2017) Benefits paid in 2017 10% 810 the year 2017 410 650 190 (a) Compute the actual return on the...
Problem 20-3 (Part Level Submission) Cullumber Company sponsors a defined benet plan for its 100 employees....
Problem 20-3 (Part Level Submission) Cullumber Company sponsors a defined benet plan for its 100 employees. On January 1, 2017, the company's actuary provided the following information Accumulated other comprehensive loss (PSC) $152,900 Pension plan assets (fair value and market-related asset value) 196,600 Accumulated benefit obligation 256,600 Projected benefit obligation 380,500 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31, 2017, the actuary calculated...
1. True or False: Under IFRS ,valuation allowances for deferred tax assets are not recorded. 2. True or False: To improv...
1. True or False: Under IFRS ,valuation allowances for deferred tax assets are not recorded. 2. True or False: To improve usefulness of defined pension plans, GAAP requires disclosure of reconciliations of the beginning and ending amounts of the projected benefit obligation, including the amounts of the service cost, interest cost, actuarial gains and losses, benefits paid, and plan amendments. 3. Which of the following pension-related definitions is not correct? a. Present value is the current worth of an amount...
Exercise 20-12 Windsor Company received the following selected information from its pension plan trustee concerning the...
Exercise 20-12 Windsor Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2017 Projected benefit obligation Market-related and fair value of plan assets Accumulated benefit obligation Accumulated OCI (G/L)-Net gain January 1, 2017 $1,525,000 794,000 1,605,000 0 December 31, 2017 $1,553,000 1,124,400 1,724,400 (202,500) The service cost component pension expense for employee services rendered in the current year amounted to $78,000 and...
Question 1 Sandhill Corporation received the following report from its actuary at the end of the...
Question 1 Sandhill Corporation received the following report from its actuary at the end of the year: December 31, 2021 $4200000 December 31, 2020 Projected benefit obligation Accumulated benefit obligation Fair value of pension plan assets $3808000 2404000 2764000 2564000 2684000 The amount reported as the pension liability at December 31, 2021 is $1516000 $2764000 $4200000 $1436000 Click if you would like to Show Work for this question Open Show Work
Riverbed Company received the following selected information from its pension plan trustee concerning the operation of...
Riverbed Company received the following selected information
from its pension plan trustee concerning the operation of the
company’s defined benefit pension plan for the year ended December
31, 2017.
January 1, 2017
December 31, 2017
Projected benefit obligation
$1,523,000
$1,550,000
Market-related and fair value of plan assets
794,000
1,128,400
Accumulated benefit obligation
1,597,000
1,716,400
Accumulated OCI (G/L)—Net gain
0
(202,300
)
The service cost component of pension expense for employee services
rendered in the current year amounted to $77,000 and...
Exercise 20-12 Ferreri Company received the following selected information from its pension plan trustee concerning the...
Exercise 20-12 Ferreri Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2017.January 1, 2017 $1,500,000 800,000 1,600,000 December 31, 2017 Projected benefit obligation $1,527,000 Market-related and fair value of plan assets Accumulated benefit obligation 1,130,000 1,720,000 (200,000) Accumulated OCI (G/L)-Net gain The service cost component of pension expense for employee services rendered in the current year amounted to $77,000 and the amortization of...
Problem 20-1 On January 1, 2017, Pronghorn Company has the following defined benefit pension plan balances....
Problem 20-1 On January 1, 2017, Pronghorn Company has the following defined benefit pension plan balances. Projected benefit obligation $4,463,000 Fair value of plan assets 4,190,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2018, the company amends its pension agreement so that prior service costs of $505,000 are created. Other data related to the pension plan are as follows. 2017 2018 Service cost $148,000 $177,000 Prior service cost amortization 0 90,000 Contributions (funding) to...
QUESTION 3 Field Corp has the following balances as of January 1, 2020 related to its defined benefit pension plan: Projected benefit obligation Fair value of plan assets $3,600,000 3,700,000 Additional data related to the pension plan for 2020 are: Service cost Amortization of prior service costs Contributions Benefits paid Actual return on plan assets Amortization of net gain Settlement rate Expected rate of return on plan assets $220,000 54,000 170,000 292,000 264,000 18,000 5% 8% The balance of the...
Question 4 --/1 View Policies Current Attempt in Progress Sunland Inc. has sponsored a noncontributory, defined benefit pension plan for its employees since 1997. Prior to 2020, cumulative net pension expense recognized equaled cumulative contributions to the plan. Other relevant information about the pension plan on January 1, 2020, is as follows. 1. The company has 200 employees. All these employees are expected to receive benefits under the plan. The average remaining service life per employee is 12 years. 2....
Kingbird Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. January 1, 2017 $1,400 2,080 2,420 1,610 December 31, 2017 $2,080 2,970 3,550 2,520 Vested benefit obligation Accumulated benefit obligation Projected benefit obligation Plan assets (fair value) Settlement rate and expected rate of return Pension asset/liability Service cost for Contributions (funding in 2017) Benefits paid in 2017 10% 810 the year 2017 410 650 190 (a) Compute the actual return on the...
Problem 20-3 (Part Level Submission) Cullumber Company sponsors a defined benet plan for its 100 employees. On January 1, 2017, the company's actuary provided the following information Accumulated other comprehensive loss (PSC) $152,900 Pension plan assets (fair value and market-related asset value) 196,600 Accumulated benefit obligation 256,600 Projected benefit obligation 380,500 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31, 2017, the actuary calculated...
Exercise 20-12 Windsor Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2017 Projected benefit obligation Market-related and fair value of plan assets Accumulated benefit obligation Accumulated OCI (G/L)-Net gain January 1, 2017 $1,525,000 794,000 1,605,000 0 December 31, 2017 $1,553,000 1,124,400 1,724,400 (202,500) The service cost component pension expense for employee services rendered in the current year amounted to $78,000 and...
Question 1 Sandhill Corporation received the following report from its actuary at the end of the year: December 31, 2021 $4200000 December 31, 2020 Projected benefit obligation Accumulated benefit obligation Fair value of pension plan assets $3808000 2404000 2764000 2564000 2684000 The amount reported as the pension liability at December 31, 2021 is $1516000 $2764000 $4200000 $1436000 Click if you would like to Show Work for this question Open Show Work
Riverbed Company received the following selected information
from its pension plan trustee concerning the operation of the
company’s defined benefit pension plan for the year ended December
31, 2017.
January 1, 2017
December 31, 2017
Projected benefit obligation
$1,523,000
$1,550,000
Market-related and fair value of plan assets
794,000
1,128,400
Accumulated benefit obligation
1,597,000
1,716,400
Accumulated OCI (G/L)—Net gain
0
(202,300
)
The service cost component of pension expense for employee services
rendered in the current year amounted to $77,000 and...
Exercise 20-12 Ferreri Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2017.January 1, 2017 $1,500,000 800,000 1,600,000 December 31, 2017 Projected benefit obligation $1,527,000 Market-related and fair value of plan assets Accumulated benefit obligation 1,130,000 1,720,000 (200,000) Accumulated OCI (G/L)-Net gain The service cost component of pension expense for employee services rendered in the current year amounted to $77,000 and the amortization of...
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