ABC Inc. received the following report from its actuary at the end of the fiscal year:...
ABC Inc. received the following report from its actuary at the end of the fiscal year: Ending PBO: $110,000; benefits paid to retirees: $10,000; interest cost: $7,200. The discount rate applied by the actuary was 9%. What was the beginning PBO? A) $80,000. B) $90,000. C) $107,200. D) $112,000.
Homework Answers
Answer- The beginning PBO was= $80000 (Option B).
Explanation- Beginning PBO = Interest cost/Discount rate
= $7200/9%
= $80000
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ABC Inc. received the following report from its actuary at the
end of the fiscal year:...
Mars Inc. has a defined benefit pension plan. On December 31 (the end of the fiscal year), the company received the PBO...
Mars Inc. has a defined benefit pension plan. On December 31 (the end of the fiscal year), the company received the PBO report from the actuary. The following information was included in the report: ending PBO, $112,000; benefits paid to retirees, $13,500; interest cost, $9,100. The discount rate applied by the actuary was 10%. What was the beginning PBO?
22. Hunter Company has a defined benefit pension plan. On December 31 (the end of the fiscal year), the company receive...
22. Hunter Company has a defined benefit pension plan. On December 31 (the end of the fiscal year), the company received the projected benefit obligation (PBO) report from the actuary. The following information was included in the report: beginning PBO, $100,000; ending PBO, $110,000; benefits paid to retirees, $10,000; interest cost, $8,000. The discount rate applied by the actuary was 8%. What was the service cost for the year? a. $2,000. b. $12,000. c. $18,000. d. $92,000.
Question 1 Sandhill Corporation received the following report from its actuary at the end of the...
Question 1 Sandhill Corporation received the following report from its actuary at the end of the year: December 31, 2021 $4200000 December 31, 2020 Projected benefit obligation Accumulated benefit obligation Fair value of pension plan assets $3808000 2404000 2764000 2564000 2684000 The amount reported as the pension liability at December 31, 2021 is $1516000 $2764000 $4200000 $1436000 Click if you would like to Show Work for this question Open Show Work
1 On January 1, 2018, B Company had a Projected Benefit Obligation of $375,000, Plan Assets of $2...
1 On January 1, 2018, B Company had a Projected Benefit Obligation of $375,000, Plan Assets of $200,000, AOCI: PSC of $160,000, and AOCI: Loss of $250,00. The following additional information is available Annual service cost Settlement/Discount rate Expected earnings rate Actual return on assets Funding Benefits paid to retirees Gain or loss, if necessary, is amortized over 10 yrs. PSC is being amortized $20,000 per year Instructions: a. Prepare the journal entries to record the pension expense. It might...
The following information is taken from the 2020 annual report of Wildhorse, Inc. Wildhorse’s fiscal year...
The following information is taken from the 2020 annual report
of Wildhorse, Inc. Wildhorse’s fiscal year ends December 31 of each
year. Wildhorse’s December 31, 2020, balance sheet is as
follows.
Wildhorse, Inc.
Balance Sheet
December 31, 2020
Assets
Cash
$420
Inventory
1,770
Total current assets
2,190
Plant and equipment
1,800
Accumulated depreciation
(144)
Total assets
3,846
Liabilities
Bonds payable (net of discount)
$1,426
Stockholders’ equity
Common stock
1,500
Retained earnings
920
Total liabilities and
stockholders’ equity
$3,846
Note X:...
The following information is taken from the 2020 annual report of Wildhorse, Inc. Wildhorse’s fiscal year...
The following information is taken from the 2020 annual report
of Wildhorse, Inc. Wildhorse’s fiscal year ends December 31 of each
year. Wildhorse’s December 31, 2020, balance sheet is as
follows.
Wildhorse, Inc.
Balance Sheet
December 31, 2020
Assets
Cash
$420
Inventory
1,770
Total current assets
2,190
Plant and equipment
1,800
Accumulated depreciation
(144)
Total assets
3,846
Liabilities
Bonds payable (net of discount)
$1,426
Stockholders’ equity
Common stock
1,500
Retained earnings
920
Total liabilities and
stockholders’ equity
$3,846
Note X:...
The following information is taken from the 2020 annual report of Wildhorse, Inc. Wildhorse’s fiscal year...
The following information is
taken from the 2020 annual report of Wildhorse, Inc. Wildhorse’s
fiscal year ends December 31 of each year. Wildhorse’s December 31,
2020, balance sheet is as follows.
Wildhorse,
Inc.
Balance Sheet
December 31, 2020
Assets
Cash
$420
Inventory
1,770
Total current assets
2,190
Plant and equipment
1,800
Accumulated depreciation
(144)
Total assets
3,846
Liabilities
Bonds payable (net of
discount)
$1,426
Stockholders’
equity
Common stock
1,500
Retained earnings
920
Total liabilities and
stockholders’ equity
$3,846
Note X:...
U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosur...
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The following information is taken from the 2017 annual report of Metlock, Inc. Metlock's fiscal year...
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Mars Inc. has a defined benefit pension plan. On December 31 (the end of the fiscal year), the company received the PBO report from the actuary. The following information was included in the report: ending PBO, $112,000; benefits paid to retirees, $13,500; interest cost, $9,100. The discount rate applied by the actuary was 10%. What was the beginning PBO?
22. Hunter Company has a defined benefit pension plan. On December 31 (the end of the fiscal year), the company received the projected benefit obligation (PBO) report from the actuary. The following information was included in the report: beginning PBO, $100,000; ending PBO, $110,000; benefits paid to retirees, $10,000; interest cost, $8,000. The discount rate applied by the actuary was 8%. What was the service cost for the year? a. $2,000. b. $12,000. c. $18,000. d. $92,000.
Question 1 Sandhill Corporation received the following report from its actuary at the end of the year: December 31, 2021 $4200000 December 31, 2020 Projected benefit obligation Accumulated benefit obligation Fair value of pension plan assets $3808000 2404000 2764000 2564000 2684000 The amount reported as the pension liability at December 31, 2021 is $1516000 $2764000 $4200000 $1436000 Click if you would like to Show Work for this question Open Show Work
1 On January 1, 2018, B Company had a Projected Benefit Obligation of $375,000, Plan Assets of $200,000, AOCI: PSC of $160,000, and AOCI: Loss of $250,00. The following additional information is available Annual service cost Settlement/Discount rate Expected earnings rate Actual return on assets Funding Benefits paid to retirees Gain or loss, if necessary, is amortized over 10 yrs. PSC is being amortized $20,000 per year Instructions: a. Prepare the journal entries to record the pension expense. It might...
The following information is taken from the 2020 annual report
of Wildhorse, Inc. Wildhorse’s fiscal year ends December 31 of each
year. Wildhorse’s December 31, 2020, balance sheet is as
follows.
Wildhorse, Inc.
Balance Sheet
December 31, 2020
Assets
Cash
$420
Inventory
1,770
Total current assets
2,190
Plant and equipment
1,800
Accumulated depreciation
(144)
Total assets
3,846
Liabilities
Bonds payable (net of discount)
$1,426
Stockholders’ equity
Common stock
1,500
Retained earnings
920
Total liabilities and
stockholders’ equity
$3,846
Note X:...
The following information is taken from the 2020 annual report
of Wildhorse, Inc. Wildhorse’s fiscal year ends December 31 of each
year. Wildhorse’s December 31, 2020, balance sheet is as
follows.
Wildhorse, Inc.
Balance Sheet
December 31, 2020
Assets
Cash
$420
Inventory
1,770
Total current assets
2,190
Plant and equipment
1,800
Accumulated depreciation
(144)
Total assets
3,846
Liabilities
Bonds payable (net of discount)
$1,426
Stockholders’ equity
Common stock
1,500
Retained earnings
920
Total liabilities and
stockholders’ equity
$3,846
Note X:...
The following information is
taken from the 2020 annual report of Wildhorse, Inc. Wildhorse’s
fiscal year ends December 31 of each year. Wildhorse’s December 31,
2020, balance sheet is as follows.
Wildhorse,
Inc.
Balance Sheet
December 31, 2020
Assets
Cash
$420
Inventory
1,770
Total current assets
2,190
Plant and equipment
1,800
Accumulated depreciation
(144)
Total assets
3,846
Liabilities
Bonds payable (net of
discount)
$1,426
Stockholders’
equity
Common stock
1,500
Retained earnings
920
Total liabilities and
stockholders’ equity
$3,846
Note X:...
The following information is taken from the 2017 annual report of Metlock, Inc. Metlock's fiscal year ends December 31 of each year, Metlock's December 31, 2017, balance sheet is as follows 3490 Metlock Inc Balance sheet December 31, 2017 Assets Cash Inventory Total current assets Plant and equipment Accumulated depreciation Total assets Liabilities Bonds payable (net of discount) Stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity 1.700 2.190 2.000 (1601 4,030 $1.426, $4.030 Note X: Long Term...
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