Medical care and life insurance benefits are provided to employees who render 10 years service and...
Medical care and life insurance benefits are provided to employees who render 10 years service and attain age 55 while in service. At the end of 2018, Jim Lukawitz is 36. He was hired by Prince at age 29 (7 years ago) and is expected to retire at age 61. The expected postretirement benefit obligation for Lukawitz at the end of 2018 is $48,000 and $54,000 at the end of 2019.
| APBO | Service Cost | |
| 2018 | ||
| 2019 |
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Medical care and life insurance benefits are provided to
employees who render 10 years service and...
Prince Distribution Inc. has an unfunded postretirement benefit plan. Medical care and life insurance benefits are...
Prince Distribution Inc. has an unfunded postretirement benefit plan. Medical care and life insurance benefits are provided to employees who render 10 years service and attain age 55 while in service. At the end of 2018, Jim Lukawitz is 40. He was hired by Prince at age 35 (5 years ago) and is expected to retire at age 61. The expected postretirement benefit obligation for Lukawitz at the end of 2018 is 6$56,000 and $59,000 at the end of 2019...
Prince Distribution Inc. has an unfunded postretirement benefit plan. Medical care and life insurance benefits are...
Prince Distribution Inc. has an unfunded postretirement benefit plan. Medical care and life insurance benefits are provided to employees who render 10 years service and attain age 55 while in service. At the end of 2018, Jim Lukawitz is 31. He was hired by Prince at age 23 years ago) and is expected to retire at age 60. The expected postretirement benefit obligation for Lukawitz at the end of 2018 is $38.000 and $43.000 at the end of 2019. Calculate...
Prince Distribution Inc. has an unfunded postretirement benefit plan. Medical care and life insurance benefits are...
Prince Distribution Inc. has an unfunded postretirement benefit plan. Medical care and life insurance benefits are provided to employees who render 10 years service and attain age 55 while in service. At the end of 2021, Jim Lukawitz is 37. He was hired by Prince at age 29 (8 years ago) and is expected to retire at age 62. The expected postretirement benefit obligation for Lukawitz at the end of 2021 is $50,000 and $53,000 at the end of 2022....
Bernard Corporation has an unfunded postretirement health care benefit plan. Life insurance and medical care benefits...
Bernard Corporation has an unfunded postretirement health care benefit plan. Life insurance and medical care benefits are provided to employees who render 12 years of service and attain age 55 while in service to the company. At the end of 2018, Teri Clark is 35. She was hired by Bernard five years ago at age 30 and is expected to retire at the age of 62. The expected postretirement benefit obligation for Teri is $44,000 at the end of 2018...
Century-Fox Corporation's employees are eligible for postretirement health care benefits after both being employed at the...
Century-Fox Corporation's employees are eligible for postretirement health care benefits after both being employed at the end of the year in which age 60 is attained and having worked 20 years. Jason Snyder was hired at the end of 1998 by Century-Fox at age 29 and is expected to retire at the end of 2026 (age 60). His retirement is expected to span five years (unrealistically short in order to simplify calculations). The company's actuary has estimated the net cost...
Lorin Management Services has an unfunded postretirement benefit plan. On December 31, 2018, the following data...
Lorin Management Services has an unfunded postretirement benefit plan. On December 31, 2018, the following data were available concerning changes in the plan's accumulated postretirement benefit obligation with respect to one of Lorin's employees: APBO at the beginning of 2018 Interest cost: ($36,036 x 11%) Service cost: ($34,000 ~ 1/17) Portion of EPBO attributed to 2018 APBO at the end of 2018 $36,036 3,964 2,000 $42,000 Required: 1. Over how many years is the expected postretirement benefit obligation being expensed...
Lorin Management Services has an unfunded postretirement benefit plan. On December 31, 2018, the following data...
Lorin Management Services has an unfunded postretirement benefit plan. On December 31, 2018, the following data were available concerning changes in the plan's accumulated postretirement benefit obligation with respect to one of Lorin's employees: APBO at the beginning of 2018 $ 37,946 Interest cost: ($37,946 × 12%) 4,554 Service cost: ($42,500 × 1/17) 2,500 Portion of EPBO attributed to 2018 APBO at the end of 2018 $ 45,000 Required: 1. Over how many years is the expected postretirement benefit obligation...
ABC employees are eligible with benefits that provide 15 years’ reimbursement for health care services of...
ABC employees are eligible with benefits that provide 15 years’ reimbursement for health care services of $20,000 annually, beginning one year from the date of retirement. The plan is unfunded. Young Ma was hired at the beginning of 1995 and is expected to retire at the end of 2023. The discount rate is 4%. The PV of an ordinary annuity of $1 where n = 15 and i = 4% is 11.11839. The PV of $1 where n = 2...
Southeast Technology provides postretirement health care benefits to employees. On January 1, 2021, the following plan-related...
Southeast Technology provides postretirement health care benefits to employees. On January 1, 2021, the following plan-related data were available: Prior service cost-originated in 2016 Accumulated postretirement benefit obligation Fair value of plan assets Average remaining service period to retirement Average remaining service period to fall eligibility (Sin thousands) $ 53 560 hone 20 years (same in previous 10 years) 15 years in previous 10 years) On January 1, 2021, Southeast amends the plan in response to spiraling health care costs....
Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.6% × service years × fin...
Sachs Brands' defined benefit pension plan specifies annual
retirement benefits equal to: 1.6% × service years × final year's
salary, payable at the end of each year. Angela Davenport was hired
by Sachs at the beginning of 2004 and is expected to retire at the
end of 2038 after 35 years' service. Her retirement is expected to
span 18 years. Davenport's salary is $94,000 at the end of 2018 and
the company's actuary projects her salary to be $300,000 at...
Prince Distribution Inc. has an unfunded postretirement benefit plan. Medical care and life insurance benefits are provided to employees who render 10 years service and attain age 55 while in service. At the end of 2018, Jim Lukawitz is 40. He was hired by Prince at age 35 (5 years ago) and is expected to retire at age 61. The expected postretirement benefit obligation for Lukawitz at the end of 2018 is 6$56,000 and $59,000 at the end of 2019...
Prince Distribution Inc. has an unfunded postretirement benefit plan. Medical care and life insurance benefits are provided to employees who render 10 years service and attain age 55 while in service. At the end of 2018, Jim Lukawitz is 31. He was hired by Prince at age 23 years ago) and is expected to retire at age 60. The expected postretirement benefit obligation for Lukawitz at the end of 2018 is $38.000 and $43.000 at the end of 2019. Calculate...
Prince Distribution Inc. has an unfunded postretirement benefit plan. Medical care and life insurance benefits are provided to employees who render 10 years service and attain age 55 while in service. At the end of 2021, Jim Lukawitz is 37. He was hired by Prince at age 29 (8 years ago) and is expected to retire at age 62. The expected postretirement benefit obligation for Lukawitz at the end of 2021 is $50,000 and $53,000 at the end of 2022....
Century-Fox Corporation's employees are eligible for postretirement health care benefits after both being employed at the end of the year in which age 60 is attained and having worked 20 years. Jason Snyder was hired at the end of 1998 by Century-Fox at age 29 and is expected to retire at the end of 2026 (age 60). His retirement is expected to span five years (unrealistically short in order to simplify calculations). The company's actuary has estimated the net cost...
Lorin Management Services has an unfunded postretirement benefit plan. On December 31, 2018, the following data were available concerning changes in the plan's accumulated postretirement benefit obligation with respect to one of Lorin's employees: APBO at the beginning of 2018 Interest cost: ($36,036 x 11%) Service cost: ($34,000 ~ 1/17) Portion of EPBO attributed to 2018 APBO at the end of 2018 $36,036 3,964 2,000 $42,000 Required: 1. Over how many years is the expected postretirement benefit obligation being expensed...
Southeast Technology provides postretirement health care benefits to employees. On January 1, 2021, the following plan-related data were available: Prior service cost-originated in 2016 Accumulated postretirement benefit obligation Fair value of plan assets Average remaining service period to retirement Average remaining service period to fall eligibility (Sin thousands) $ 53 560 hone 20 years (same in previous 10 years) 15 years in previous 10 years) On January 1, 2021, Southeast amends the plan in response to spiraling health care costs....
Sachs Brands' defined benefit pension plan specifies annual
retirement benefits equal to: 1.6% × service years × final year's
salary, payable at the end of each year. Angela Davenport was hired
by Sachs at the beginning of 2004 and is expected to retire at the
end of 2038 after 35 years' service. Her retirement is expected to
span 18 years. Davenport's salary is $94,000 at the end of 2018 and
the company's actuary projects her salary to be $300,000 at...
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