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Describe the diference between a defined benefit pension fund and a defined contribution pension fund. Describe...
Describe the difference between a defined benefit pension fund and a defined contribution pension fund. Describe...
Describe the difference between a defined benefit pension fund and a defined contribution pension fund. Describe the difference between an insured pension and a noninsured pension fund What type of financial institutions would administer of these?
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...
Preparing a Pension Work Sheet The following data relate to the defined benefit pension plan of...
Preparing a Pension Work Sheet The following data relate to the defined benefit pension plan of Haan Company Balances at January 1. 2013: PBO $3.500 Prior service cost C $150 Fair value of pension assets $3.000 ABO $2,800 Expected return on plan assets 7% Obligation discount rate 10% Activity for 2013 Service cost $400 Benefit payments to retirees 170 Contributions to pension fund 230 Actual return on plan assets 130 Prior service cost amortization 40 rt Draw Design Layout References...
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 - $39,000 Interest (discount) rate - 8% Instructions: (a) Prepare a...
What is the difference between a defined benefit and a defined contribution retirement plan? Multiple Choice...
What is the difference between a defined benefit and a defined contribution retirement plan? Multiple Choice Defined benefit plans allow employees to set aside money on a tax-exempt basis. Defined contribution plans allow employees to determine a specific amount of money they wish to receive upon retirement. Defined contribution plans allow employees to contribute a set amount toward their retirement plan while employed. Defined benefit plans limit employee contributions while employed.
Micro Computers Inc. sponsors a defined benefit pension plan for its employees. It is now the...
Micro Computers Inc. sponsors a defined benefit pension plan for its employees. It is now the 20x2 11scal year. Long-term corporate borrowing rates for companies with this risk profile are 4%. Information with respect to the pension plan is as follows: S 182,200 1,971,000 221,900 411,000 2,940,000 Current service cost for 20X2 Fair value of plan assets, 31 December 20X1 Benefits paid to retirees during 20X2 Funding payment at 1 February 20X2 Defined benefit obligation, 31 December 20X1 Past service...
3-Explain at least two differences between a defined benefit and a defined contribution pension plan? 4-A...
3-Explain at least two differences between a defined benefit and a defined contribution pension plan? 4-A corporation declares a dividend of s50,000 on December 1 payable to owners of record on Dec. 15, and then payable in cash on Jan 2. What transaction, if any, is recorded on Dec. 1? Show any journal entries needed on Dec. 1. 5-What other journal entries are needed for the transaction above? Show the entries. 6-Why do companies issue bonds? What other alternatives does...
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($...
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($ in 000s) Jan. 1 Dec. 31 Projected benefit obligation $ 4,800 $ 5,080 Accumulated benefit obligation 3,750 4,020 Plan assets (fair value) 5,580 6,025 Interest (discount) rate, 7% Expected return on plan assets, 10% Prior service cost?AOCI (from Dec. 31, 2017, amendment) 910 Net loss?AOCI 578 Average remaining service life: 10 years Gain due to changes in actuarial assumptions 52 Contributions to pension fund...
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($...
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($ in 200s) Jan. 1 Dec. 31 $4,900 $5,180 3,755 4,030 5,730 6,175 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 8% Expected return on plan assets, 10% Prior service cost-AOCI (from Dec. 31, 2017, amendment) Net loss-AOCI Average remaining service life: 10 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits...
The funded status of blank inc.’s defined benefit pension plan and the balances in prior service...
The funded status of blank inc.’s defined benefit pension plan and the balances in prior service cost and the net gain-pensions, are displayed ($ = thousands) 2025 beginning balances 2025 ending balances PBO 2,300 2,501 Plan assets 2,400 2,591 *Funded status 100 90 Prior service cost-AOCI 325 300 Net gain-AOCI 330 300 The retirees were paid $2,700 and the employer contribution to the pension fund was $245,000 at the end of 2025. The expected rate of return on plan assets...
Preparing a Pension Work Sheet The following data relate to the defined benefit pension plan of Haan Company Balances at January 1. 2013: PBO $3.500 Prior service cost C $150 Fair value of pension assets $3.000 ABO $2,800 Expected return on plan assets 7% Obligation discount rate 10% Activity for 2013 Service cost $400 Benefit payments to retirees 170 Contributions to pension fund 230 Actual return on plan assets 130 Prior service cost amortization 40 rt Draw Design Layout References...
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 - $39,000 Interest (discount) rate - 8% Instructions: (a) Prepare a...
Micro Computers Inc. sponsors a defined benefit pension plan for its employees. It is now the 20x2 11scal year. Long-term corporate borrowing rates for companies with this risk profile are 4%. Information with respect to the pension plan is as follows: S 182,200 1,971,000 221,900 411,000 2,940,000 Current service cost for 20X2 Fair value of plan assets, 31 December 20X1 Benefits paid to retirees during 20X2 Funding payment at 1 February 20X2 Defined benefit obligation, 31 December 20X1 Past service...
3-Explain at least two differences between a defined benefit and a defined contribution pension plan? 4-A corporation declares a dividend of s50,000 on December 1 payable to owners of record on Dec. 15, and then payable in cash on Jan 2. What transaction, if any, is recorded on Dec. 1? Show any journal entries needed on Dec. 1. 5-What other journal entries are needed for the transaction above? Show the entries. 6-Why do companies issue bonds? What other alternatives does...
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($ in 200s) Jan. 1 Dec. 31 $4,900 $5,180 3,755 4,030 5,730 6,175 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 8% Expected return on plan assets, 10% Prior service cost-AOCI (from Dec. 31, 2017, amendment) Net loss-AOCI Average remaining service life: 10 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits...
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