Homework Answers
1. Pension Expense A/c Dr $ 26,400 (= 3% of Salaries Eligible for defined cont. plan[viz. $880,000])
To Defined benefit pension liability A/c $ 26,400
(being Pension contribution equivalent to (3% of salaries eligible for defined contributiuon plan )recorded)
2. Defined Employer contribution Expense A/c Dr $ 15000
To Defined Employer contribution liability A/c $ 15,000
(being Employer contribution equivalent to $15,000 recorded)
Add Answer to:
Recording Entries for Defined Contribution Plan Hewlatt Inc. sponsors a defined contribution plan for its employees....
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...
Sweet Corp. sponsors a defined benet pension plan for its employees. On January 1, 2020, the...
Sweet Corp. sponsors a defined benet pension plan for its employees. On January 1, 2020, the following balances related to this plan Plan assets (market-related value Prajected benefit obligation Pension asset/liability Prior service cost Nct gain or loss (dcbit) $522,000 738,000 216,000 Cr. 83,000 99,000 As a result of the aperation of the plan during 2020, the actuary provided the following additional data for 2020 $97,000 Service cost Settlement rate, 9%, expected retumrate, 10% Actual return on plan assets Amortization...
Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan...
Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021. 2020 2021 Plan assets (fair value), December 31 $699,000 $849,000 Projected benefit obligation, January 1 700,000 800,000 Pension asset/liability, January 1 140,000 Cr. ? Prior service cost, January 1 250,000 240,000 Service cost 60,000 90,000 Actual and expected return on plan assets 24,000 30,000 Amortization of prior service cost 10,000 12,000 Contributions (funding) 115,000 120,000 Accumulated benefit obligation,...
Part IV: Watt Inc. sponsors a defined benefit pension plan for its employees. On January 1,...
Part IV: Watt Inc. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets 4,316,000 Projected benefit obligation 4,300,000 Prior service cost (OCT) 840,000 Accumulated OCI - Loss 656,000 As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost for 2017 523,000 Settlement & expected return rate 10% 510,000 12 Actual return on plan assets Average...
Part IV: Watt Inc. sponsors a defined benefit pension plan for its employees. On January 1,...
Part IV: Watt Inc. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets 4,316,000 Projected benefit obligation 4,300,000 Prior service cost (OCT) 840,000 Accumulated OCI - Loss 656,000 As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost for 2017 523,000 Settlement & expected return rate 10% Actual return on planets 510,000 Average service life...
in excel please Part IV: Watt Inc. sponsors a defined benefit pension plan for its employees....
in excel please
Part IV: Watt Inc. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets 4,316,000 Projected benefit obligation 4,300,000 Prior service cost (OCT) 840,000 Accumulated OCI - Loss 656,000 As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost for 2017 523,000 Settlement & expected return rate 10% Actual return on plan assets...
Coronado Company sponsors a defined benefit pension plan for its employees. The following data relate to...
Coronado Company sponsors a defined benefit pension plan for its
employees. The following data relate to the operation of the plan
for the year 2020 in which no benefits were paid. 1. The actuarial
present value of future benefits earned by employees for services
rendered in 2020 amounted to $56,100. 2. The company’s funding
policy requires a contribution to the pension trustee amounting to
$136,572 for 2020. 3. As of January 1, 2020, the company had a
projected benefit obligation...
P19.12 You are the auditor of Beaton and Gunter Inc., the Canadian subsidiary of a public multinational engineering company that offers a defined benefit pension plan to its eligible employees. Employees are permitted to join the plan after two years of e
P19.12 You are the auditor of Beaton and Gunter Inc., the Canadian subsidiary of a public multinational engineering company that offers a defined benefit pension plan to its eligible employees. Employees are permitted to join the plan after two years of employment, and benefits vest immediately. You have received the following information from the fund trustee for the year ended December 31, 2020: Discount rate 5% Rate of compensation increase 3.5% Defined Benefit Obligation Defined benefit obligation at January 1,...
Howard Corp. sponsors a defined benefit pension plan for its employees. On january 1, 2011, the...
Howard Corp. sponsors a defined benefit pension plan for its employees. On january 1, 2011, the following balances are related to its defined benefit pension plan: Plan assets (market-related value) 520,000 Projected benefit obligation 660,000 Pension assetliability 140,000 Prior service cost 60,000 VEGL - Loss 95,000 On December 31, 2011, the actuary provides the following additional data: Service cost for 2011 72,000 Actual return on plan assets in 2011 42,000 Amortization of prior service cost 8,000 Contributions in 2011 60,000...
Exercise 20-10 (Part Level Submission) Novak Corp. sponsors a defined benefit pension plan for its employees....
Exercise 20-10 (Part Level Submission) Novak Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/liability Accumulated OCI (PSC) $469,800 607,000 137,200 97,100 Dr. As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost $91,100 Settlement rate, 8% Actual return on plan assets Amortization of prior service cost Expected return...
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...
Sweet Corp. sponsors a defined benet pension plan for its employees. On January 1, 2020, the following balances related to this plan Plan assets (market-related value Prajected benefit obligation Pension asset/liability Prior service cost Nct gain or loss (dcbit) $522,000 738,000 216,000 Cr. 83,000 99,000 As a result of the aperation of the plan during 2020, the actuary provided the following additional data for 2020 $97,000 Service cost Settlement rate, 9%, expected retumrate, 10% Actual return on plan assets Amortization...
Part IV: Watt Inc. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets 4,316,000 Projected benefit obligation 4,300,000 Prior service cost (OCT) 840,000 Accumulated OCI - Loss 656,000 As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost for 2017 523,000 Settlement & expected return rate 10% 510,000 12 Actual return on plan assets Average...
Part IV: Watt Inc. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets 4,316,000 Projected benefit obligation 4,300,000 Prior service cost (OCT) 840,000 Accumulated OCI - Loss 656,000 As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost for 2017 523,000 Settlement & expected return rate 10% Actual return on planets 510,000 Average service life...
in excel please
Part IV: Watt Inc. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets 4,316,000 Projected benefit obligation 4,300,000 Prior service cost (OCT) 840,000 Accumulated OCI - Loss 656,000 As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost for 2017 523,000 Settlement & expected return rate 10% Actual return on plan assets...
Coronado Company sponsors a defined benefit pension plan for its
employees. The following data relate to the operation of the plan
for the year 2020 in which no benefits were paid. 1. The actuarial
present value of future benefits earned by employees for services
rendered in 2020 amounted to $56,100. 2. The company’s funding
policy requires a contribution to the pension trustee amounting to
$136,572 for 2020. 3. As of January 1, 2020, the company had a
projected benefit obligation...
Howard Corp. sponsors a defined benefit pension plan for its employees. On january 1, 2011, the following balances are related to its defined benefit pension plan: Plan assets (market-related value) 520,000 Projected benefit obligation 660,000 Pension assetliability 140,000 Prior service cost 60,000 VEGL - Loss 95,000 On December 31, 2011, the actuary provides the following additional data: Service cost for 2011 72,000 Actual return on plan assets in 2011 42,000 Amortization of prior service cost 8,000 Contributions in 2011 60,000...
Exercise 20-10 (Part Level Submission) Novak Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/liability Accumulated OCI (PSC) $469,800 607,000 137,200 97,100 Dr. As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost $91,100 Settlement rate, 8% Actual return on plan assets Amortization of prior service cost Expected return...
Most questions answered within 3 hours.
-
Name the following coordination compounds using systematic
nomenclature.
1. [Co(H2O)6]Cl2:
2. [Cr(NH3)6](NO3)3:
3. K4[Fe(CN)6]:
4. Na[Au(CN)4]:...
asked 59 minutes ago -
Propose an efficient synthesis of 2-Bromo-5-nitrotoluene from
benzene. Hint: 3 steps. Consider directing effects of substituents....
asked 3 hours ago -
This assignment will explore the impact of corporate decisions
on a local versus a global perspective....
asked 2 hours ago -
Given the function below, F(w,x,y,z)= x’z+w’z’+w’y
a) draw a logic diagram for an implementation which uses...
asked 1 hour ago -
The sandwich maker of the EE-Cole-Eye Sandwich Truck was just
fired (for a reason described below)...
asked 1 hour ago -
Most political philosophers believe we have a duty to obey laws,
even if the laws in...
asked 2 hours ago -
Which of the following are common negotiation outcome
mistakes?
a. Leave money on the table b....
asked 2 hours ago -
Convert the following quantities:
a) 0.819 atm to torr b) 512 mmHg to bar c) 11.2...
asked 3 hours ago -
C ++ Implement cat command
The purpose of this assignment is to provide practice using the...
asked 3 hours ago -
we
convert sugars into another form of stored potential energy. This
is called?
asked 4 hours ago -
The manufacturers of Oriental Spice Sauce are concerned that the
sodium levels in their product vary...
asked 4 hours ago -
PLEASE DON'T ANSWER IF YOU CAN'T ANSWER ALL OF THE QUESTIONS. I
DESPERATELY NEED HELP
Consider...
asked 4 hours ago