Which of the following local governments is least likely to report a net pension liability for...
Which of the following local governments is least likely to report a net pension liability for underfunded pension obligations? Multiple Choice None of the above, local governments do not report net pension liabilities. A local government participating in a state sponsored defined benefit pension plan. A local government acting as trustee for a defined benefit pension plan. A local government participating in a state sponsored defined contribution pension plan.
Homework Answers
A local government participating in a state sponsored defined contribution pension plan
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Which of the following local governments is least likely to
report a net pension liability for...
Which of the following is true regarding pension accounting and reporting? Multiple Choice Local governments include...
Which of the following is true regarding pension accounting and reporting? Multiple Choice Local governments include only the pension plans for which it is trustee in pension trust funds Statement of Fiduciary Net Position. The Net Pension Liability reported by local governments include only the pension plans for which the local government is trustee. no liability needs to be reported for state sponsored plans in which the local government participates. Both of the above Neither of the above.
When governmental entities provide defined benefit pension plans to governmental employees, a pension trust fund is...
When governmental entities provide defined benefit pension plans to governmental employees, a pension trust fund is used by the governmental entity that is acting as a trustee on behalf of current and future retirees to manage the funds at the "plan" level. The pension trust fund reports liabilities on its Statement of Fiduciary Net Position that primarily are related to pension benefits currently due to retired employees. The statement does not report a long-term liability for an unfunded portion, if...
When governmental entities provide defined benefit pension plans to governmental employees, a pension trust fund is...
When governmental entities provide defined benefit pension plans to governmental employees, a pension trust fund is used by the governmental entity that is acting as a trustee on behalf of current and future retirees to manage the funds at the "plan" level. The pension trust fund reports liabilities on its Statement of Fiduciary Net Position that primarily are related to pension benefits currently due to retired employees. The statement does not report a long-term liability for an unfunded portion, if...
Assume YUM! Brands, Inc., discloses the following pension footnote in its 10-K report. Pension benefit ($...
Assume YUM! Brands, Inc., discloses the following pension footnote in its 10-K report. Pension benefit ($ millions) 2016 2015 Ben. obligation at beginning of year $700 $629 Service cost 33 32 Interest cost 43 39 Plan amendments - 1 Curtailment gain (2) (2) Settlements lost 1 - Benefits and expenses paid (33) (26) Actual (gain) loss 73 27 Ben. Obligation end of year $815 $700 The fair market value of YUM!’s plan assets is $610 million, as of 2016. What...
Which of the following is true of a city government's pension activities? Multiple Choice Ο O...
Which of the following is true of a city government's pension activities? Multiple Choice Ο O Pension trust funds are reported in the fiduciary funds of the government only if the city acts as trustee for the retirement plan. Ο The net pension liability for a city administered pension plan is reported in the Statement of Fiduciary Net Position. Ο C) Both of the choices are true. Neither of the choice is true.
Information regarding the defined benefit pension plan of Amber Beverages included the following for 2021($ in...
Information regarding the defined benefit pension plan of Amber Beverages included the following for 2021($ in millions): Service cost Interest cost Actual and expected return on plan assets Amortization of net loss-AOCI Prior service cost-AOCI Employer contributions to the pension plan (end of year) $ 490 380 220 30 none 500 Amber should report pension expense for 2021 in the amount of: Multiple Choice O $870 million $680 million O $650 million $180 million
The following data relates to CheeseFactory Inc's pension plan for the year 2020: Defined benefit obligation...
The following data relates to CheeseFactory Inc's pension plan for the year 2020: Defined benefit obligation at January 1, 2020 - $627,000 Fair value of plan assets at January 1, 2020 - $600,000 Current service cost - $82,000 Cost of past service benefits granted effective December 31, 2020 - $34,000 Actual return on plan assets - $70,000 Contributions to plan - $87,000 Benefits paid - $ 45,000 Actuarial loss - $39,000 Interest (discount) rate - 8% Instructions: (a) Prepare a...
A B Blossom Co. had the following amounts related to its pension plan in 2017. Actuarial...
A
B
Blossom Co. had the following amounts related to its pension plan in 2017. Actuarial liability loss for 2017 Unexpected asset gain for 2017 Accumulated other comprehensive income (G/L) (beginning balance) $29,000 19,700 6,800 Cr. Determine for 2017: (a) Blossom's other comprehensive income (loss), and (b) comprehensive income. Net income for 2017 is $25,500; no amortization of gain or loss is necessary in 2017. (Enter loss using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).)...
Analyzing and Interpreting Pension Disclosures Assume E.I. Du Pont De Nemours and Co.'s 10-K report has...
Analyzing and Interpreting Pension Disclosures Assume E.I. Du Pont De Nemours and Co.'s 10-K report has the following disclosures related to its retirement plans ($ millions). Pension Benefits ($ millions) 2010 2009 Change in benefit obligation Benefit obligation at beginning of year $ 22,849 $ 22,935 Service cost 383 388 Interest cost 1,228 1,192 Plan participants' contributions 13 9 Acturarial loss (gain) (728) (244) Benefits paid (1,544) (1,506) Amendments -- (1) Net effects of acquisitions/divestitures 5 76 Benefit obligation at...
QUESTION 7 The following information relates to the defined benefit pension plan of Nelson, Inc.: Projected...
QUESTION 7 The following information relates to the defined benefit pension plan of Nelson, Inc.: Projected benefit obligation Fair value of plan assets Accumulated OCI - net actuarial gain Settlement rate (for year) Expected rate of return (for year) 12/31/19 2,644,000 3,118,000 432,000 12/31/20 4,002,000 3,328,000 480,000 6% 6% 8% 7% For 2020, Nelson estimates that the average remaining service life of its current employees is 8 years. Nelson's contribution to the plan was $364,000 in 2020 and benefits paid...
Which of the following is true regarding pension accounting and reporting? Multiple Choice Local governments include only the pension plans for which it is trustee in pension trust funds Statement of Fiduciary Net Position. The Net Pension Liability reported by local governments include only the pension plans for which the local government is trustee. no liability needs to be reported for state sponsored plans in which the local government participates. Both of the above Neither of the above.
Which of the following is true of a city government's pension activities? Multiple Choice Ο O Pension trust funds are reported in the fiduciary funds of the government only if the city acts as trustee for the retirement plan. Ο The net pension liability for a city administered pension plan is reported in the Statement of Fiduciary Net Position. Ο C) Both of the choices are true. Neither of the choice is true.
Information regarding the defined benefit pension plan of Amber Beverages included the following for 2021($ in millions): Service cost Interest cost Actual and expected return on plan assets Amortization of net loss-AOCI Prior service cost-AOCI Employer contributions to the pension plan (end of year) $ 490 380 220 30 none 500 Amber should report pension expense for 2021 in the amount of: Multiple Choice O $870 million $680 million O $650 million $180 million
The following data relates to CheeseFactory Inc's pension plan for the year 2020: Defined benefit obligation at January 1, 2020 - $627,000 Fair value of plan assets at January 1, 2020 - $600,000 Current service cost - $82,000 Cost of past service benefits granted effective December 31, 2020 - $34,000 Actual return on plan assets - $70,000 Contributions to plan - $87,000 Benefits paid - $ 45,000 Actuarial loss - $39,000 Interest (discount) rate - 8% Instructions: (a) Prepare a...
A
B
Blossom Co. had the following amounts related to its pension plan in 2017. Actuarial liability loss for 2017 Unexpected asset gain for 2017 Accumulated other comprehensive income (G/L) (beginning balance) $29,000 19,700 6,800 Cr. Determine for 2017: (a) Blossom's other comprehensive income (loss), and (b) comprehensive income. Net income for 2017 is $25,500; no amortization of gain or loss is necessary in 2017. (Enter loss using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).)...
QUESTION 7 The following information relates to the defined benefit pension plan of Nelson, Inc.: Projected benefit obligation Fair value of plan assets Accumulated OCI - net actuarial gain Settlement rate (for year) Expected rate of return (for year) 12/31/19 2,644,000 3,118,000 432,000 12/31/20 4,002,000 3,328,000 480,000 6% 6% 8% 7% For 2020, Nelson estimates that the average remaining service life of its current employees is 8 years. Nelson's contribution to the plan was $364,000 in 2020 and benefits paid...
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