Homework Answers
| EVENT | |||
| 1 | Interest cost. | Increase | |
| 2 | Amortization of prior service cost. | No Effect | |
| 3 | A decrease in the average life expectancy of employees. | Decrease | |
| 4 | An increase in the average life expectancy of employees. | Increase | |
| 5 | A plan amendment that increases benefits is made retroactive to prior years | Increase | |
| 6 | An increase in the actuary’s assumed discount rate. | Decrease | |
| 7 | Cash contributions to the pension fund by the employer | No Effect | |
| 8 | Benefits are paid to retired employees. | Decrease | |
| 9 | Service Cost | Increase | |
| 10 | Return on plan assets during the year are lower than expected. | No Effect | |
| 11 | Return on plan assets during the year are lower than expected. | No Effect |
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Indicate by letter whether each of the events listed below increases (1), decreases (D), or has...
For each of the following, indicate whether the item would increase pension expense for the current...
For each of the following, indicate whether the item would increase pension expense for the current year, decrease pension expense for the current year, or have no effect on pension expense for the current year. Assume a defined benefit pension plan, and that IFRS is followed. (a) Service cost for the current year. (b) Past service costs granted during the year. (c) Benefits paid to retired employees. (d) Actuaries have made changes that lower their estimates of future benefit costs....
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Using the following key, identify the effects of the following transactions or conditions on the various...
Using the following key, identify the effects of the following
transactions or conditions on the various financial statement
elements: I = increases; D = decreases; NE = no effect.
Note that the questions pertain to the employer’s financial
statements, not to the pension plan’s financial statements. Analyze
effects on the current year only.
DO NOT LEAVE ANY ITEM BLANK
Will someone please confirm all entries are
correct?
Not sure about SE, and those reflecting no effect in
assets/liabilities (for example...
Using the following key, identify the effects of the following transactions or conditions on the various...
Using the following key, identify the effects of the following
transactions or conditions on the various financial statement
elements: I = increases; D = decreases; NE = no effect.
Note that the questions pertain to the employer’s financial
statements, not to the pension plan’s financial statements. Analyze
effects on the current year only.
DO NOT LEAVE ANY CELL BLANK - MEANING, ALL BOXES
MUST BE FILLED IN WITH AN I, D, OR NE.
Will someone please confirm all entries are...
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The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: Projected...
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The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $ 600,000 540,000 60,000 150,000 Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1 - credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets...
For each of the following, indicate whether the item would increase pension expense for the current year, decrease pension expen current year, or have no effect on pension expense for the current year. Assume a defined benefit pension plan, and that ASPE is fo (a) The discount rate is applied to plan assets. (b) Past service costs granted during the year. (c) Benefits paid to retired employees. (d) Current statistics used by the actuary indicate more employees are retiring at...
Using the following key, identify the effects of the following
transactions or conditions on the various financial statement
elements: I = increases; D = decreases; NE = no effect.
Note that the questions pertain to the employer’s financial
statements, not to the pension plan’s financial statements. Analyze
effects on the current year only.
DO NOT LEAVE ANY ITEM BLANK
Will someone please confirm all entries are
correct?
Not sure about SE, and those reflecting no effect in
assets/liabilities (for example...
Using the following key, identify the effects of the following
transactions or conditions on the various financial statement
elements: I = increases; D = decreases; NE = no effect.
Note that the questions pertain to the employer’s financial
statements, not to the pension plan’s financial statements. Analyze
effects on the current year only.
DO NOT LEAVE ANY CELL BLANK - MEANING, ALL BOXES
MUST BE FILLED IN WITH AN I, D, OR NE.
Will someone please confirm all entries are...
Chapter 20 - Pensions On January 1, 2011, Newlin Co. has the following balances: Projected benefit obligation $1,600,000 credit balance Pension is $300,000 underfunded at Jan 1, 2011 oCI- G/L has a debit balance of $250,000 on Jan 1, 2011 Additional information: Service life of employees is 50 years The settlement rate is 8%. Other data related to the pension plan for 2011 are: $280,000 Amortization of prior service costs due to increase in benefits 75,000 105,000 300,000 237,000 245,000...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $ 600,000 540,000 60,000 150,000 Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1 - credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets...
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The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $ 600,000 540,000 60,000 150,000 Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1 - credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets...
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