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Question 24 Tamarisk Company has five employees participating in its defined benefit pension plan. Expected years...
Skysong Company has five employees participating in its defined benefit pension plan. Expected years of future...
Skysong Company has five employees participating in its defined
benefit pension plan. Expected years of future service for these
employees at the beginning of 2017 are as follows.
Employee
Future Years of Service
Jim
3
Paul
4
Nancy
5
Dave
6
Kathy
6
On January 1, 2017, the company amended its pension plan,
increasing its projected benefit obligation by $82,800.
Compute the amount of prior service cost amortization for the years
2017 through 2022 using the years-of-service method, setting up...
E20-5 (L03) (Application of Years-of-Service Method) Andrews Company has five employees participating in its defined benefit...
E20-5 (L03) (Application of Years-of-Service Method) Andrews Company has five employees participating in its defined benefit pension plan. Expected years of future service for these employees at the beginning of 2017 are as follows. Future Employee Years of Service Tim Paul Nancy Dave Kathy On January 1, 2017, the company amended its pension plan, increasing its projected benefit obligation by $72,000, 1164 Chapter 20 Accounting for Pensions and Postretirement Benefits Instructions Compute the amount of prior service cost amortization for...
Fannie’s Funnel Cakes has five employees participating in its defined-benefit pension plan. Expected years of future...
Fannie’s Funnel Cakes has five employees participating in its defined-benefit pension plan. Expected years of future service for these employees at the beginning of 2018 are as follows: Employee Future Years of Service Fran 6 Frank 1 Fang 3 Franklin 6 Felix 4 On Jan. 1, 2018, the company amended its pension plan increasing its PBO by $210,000. Compute the amount of prior service cost amortization table for the years 2018 –...
Exercise 20-11 (Part Level Submission) Culver Company sponsors a defined benefit pension plan for its employees....
Exercise 20-11 (Part Level Submission) Culver Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017 in which no benefits were paid. 1. The actuarial present value of future benefits earned by employees for services rendered in 2017 amounted to $56,200. 2. The company's funding policy requires a contribution to the pension trustee amounting to $146,676 for 2017. 3. As of January 1, 2017, the company...
On January 1, 2016, Baznik Company adopted a defined benefit pension plan. At that time, Baznik a...
On January 1, 2016, Baznik Company adopted a defined benefit pension plan. At that time, Baznik awarded retroactive benefits to certain employees. These retroactive benefits resulted in a prior service cost of $1,200,000 on that date (which it did not fund). Baznik has six participating employees who are expected to receive the retroactive benefits. Following is a schedule that identifies the participating employees and their expected years of future service as of January 1, 2016: Employee Expected Years of Future...
Problem 20-3 (Part Level Submission) Cullumber Company sponsors a defined benefit plan for its 100 employees. On J...
Problem 20-3 (Part Level Submission) Cullumber Company sponsors a defined benefit 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...
Tamarisk Company sponsors a defined benefit pension plan for its employees. The following data relate to...
Tamarisk Company sponsors a defined benefit pension plan for
its employees. The following data relate to the operation of the
plan for the years 2020 and 2021.
2020
2021
Projected benefit obligation, January 1
$602,200
Plan assets (fair value and market-related value), January
1
411,200
Pension asset/liability, January 1
191,000
Cr.
Prior service cost, January 1
159,200
Service cost
39,800
$58,700
Settlement rate
10
%
10
%
Expected rate of return
10
%
10
%
Actual return on plan assets...
QUESTION 5 Bathworks Corp. has a defined benefit pension plan covering its 75 employees. Bathworks agrees...
QUESTION 5 Bathworks Corp. has a defined benefit pension plan covering its 75 employees. Bathworks agrees to amend its pension benefits as of January 1, 2020. As a result, the projected benefit obligation increased by $2,475,000. Bathworks projects that 20% of its current employees will turnover each of the next five years (i.e., Bathworks expects to have all 75 of its current employees for 2020, but only 60 remaining for 2021, 45 for 2022, 30 for 2023, and 15 for...
* Question 6 Cheyenne Inc. has sponsored a noncontributory, defined benefit pension plan for its employees...
* Question 6
Cheyenne 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.
The projected benefit obligation amounted to...
Problem 5. Pension Worksheet. Howard Corp, sponsors a defined benefit pension plan for its employees. On...
Problem 5. Pension Worksheet. Howard Corp, sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances related to this plan. Plan assets (market-related value) $450,000 Projected benefit obligation 600,000 Prior service cost 100,000 OCI - Gain 65,000 Average remaining service life in years 10 As a result of the operation of the plan during 2017, the actuary provided the following additional data at December 31, 2017 Service cost for 2017 $75,000 Actual return on...
Skysong Company has five employees participating in its defined
benefit pension plan. Expected years of future service for these
employees at the beginning of 2017 are as follows.
Employee
Future Years of Service
Jim
3
Paul
4
Nancy
5
Dave
6
Kathy
6
On January 1, 2017, the company amended its pension plan,
increasing its projected benefit obligation by $82,800.
Compute the amount of prior service cost amortization for the years
2017 through 2022 using the years-of-service method, setting up...
E20-5 (L03) (Application of Years-of-Service Method) Andrews Company has five employees participating in its defined benefit pension plan. Expected years of future service for these employees at the beginning of 2017 are as follows. Future Employee Years of Service Tim Paul Nancy Dave Kathy On January 1, 2017, the company amended its pension plan, increasing its projected benefit obligation by $72,000, 1164 Chapter 20 Accounting for Pensions and Postretirement Benefits Instructions Compute the amount of prior service cost amortization for...
Exercise 20-11 (Part Level Submission) Culver Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017 in which no benefits were paid. 1. The actuarial present value of future benefits earned by employees for services rendered in 2017 amounted to $56,200. 2. The company's funding policy requires a contribution to the pension trustee amounting to $146,676 for 2017. 3. As of January 1, 2017, the company...
Problem 20-3 (Part Level Submission) Cullumber Company sponsors a defined benefit 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...
Tamarisk Company sponsors a defined benefit pension plan for
its employees. The following data relate to the operation of the
plan for the years 2020 and 2021.
2020
2021
Projected benefit obligation, January 1
$602,200
Plan assets (fair value and market-related value), January
1
411,200
Pension asset/liability, January 1
191,000
Cr.
Prior service cost, January 1
159,200
Service cost
39,800
$58,700
Settlement rate
10
%
10
%
Expected rate of return
10
%
10
%
Actual return on plan assets...
QUESTION 5 Bathworks Corp. has a defined benefit pension plan covering its 75 employees. Bathworks agrees to amend its pension benefits as of January 1, 2020. As a result, the projected benefit obligation increased by $2,475,000. Bathworks projects that 20% of its current employees will turnover each of the next five years (i.e., Bathworks expects to have all 75 of its current employees for 2020, but only 60 remaining for 2021, 45 for 2022, 30 for 2023, and 15 for...
* Question 6
Cheyenne 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.
The projected benefit obligation amounted to...
Problem 5. Pension Worksheet. Howard Corp, sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances related to this plan. Plan assets (market-related value) $450,000 Projected benefit obligation 600,000 Prior service cost 100,000 OCI - Gain 65,000 Average remaining service life in years 10 As a result of the operation of the plan during 2017, the actuary provided the following additional data at December 31, 2017 Service cost for 2017 $75,000 Actual return on...
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