Homework Answers
Please find the attached image for detailed answer,
Please comment for any explanation pertaining to question.
Summary-
Long term service leave is part of long term employee benefits.Which becomes payable after a specified period.Any payment made out of provision is treated as payment for long term leave and adjusted balance after calculating all expected long term leave expenses,are reported as provison at year end.
Add Answer to:
Exercise 10.14 ACCOUNTING FOR LONG SERVICE LEAVE * Victoria plc provides long service leave entitlement of...
Ella Ltd provides its employees with long service leave (LSL) entitlements of 13 weeks of paid...
Ella Ltd provides its employees with long service leave (LSL) entitlements of 13 weeks of paid leave for every 10 years of continuous service. As the company has been operating for only 2 years, no employees have become entitled to long service leave. However, the company recognises a provision for long service leave in accordance with AASB 119/IAS 19. The following information is obtained from Ella Ltd’s payroll records and actuarial reports for the employees at 30 June 2020. Total...
Sydney Bay Ltd has five employees. According to their particular employment award, long-service leave can be...
Sydney Bay Ltd has five employees. According to their particular employment award, long-service leave can be taken after 12 years, at which time the employee is entitled to 10 weeks' leave. If an employee were to leave before the completion of 12 years' service, no entitlement would be paid. Years until LSL vests 2 10 Name of employee Black White Brown Green Purple Current salary ($) Years of service 40 000 40 000 50 000 60 0008 70 000 41...
Sydney Ltd provides its employees with long service leave entitlements of 13 weeks of paid leave...
Sydney Ltd provides its employees with long service leave entitlements of 13 weeks of paid leave for every 10 years of continuous service. The company recognises a provision for long service leave using the projected unit credit approach as required by AASB 119. No employees have become entitled to long service leave as the company has only been operating for 6 years. The number of employees working for the company is 80 The employees have worked for the company for...
Question 5: Sydney Bay Ltd has five employees. According to their particular employment award, long-service leave...
Question 5: Sydney Bay Ltd has five employees. According to their particular employment award, long-service leave can be taken after 12 years, at which time the employee is entitled to 10 weeks' leave. If an employee were to leave before the completion of 12 years' service, no entitlement would be paid. 6. Name of employee Current salary ($) Years of service Years until LSL vests Black 40 000 2 10 White 40 000 4 8 Brown 50 000 6 Green...
Question 4 a) IAS 19 Employee Benefits (amended 2011) deals with accounting for pensions. Briefly explain...
Question 4 a) IAS 19 Employee Benefits (amended 2011) deals with accounting for pensions. Briefly explain the principles behind a Defined Contributions Scheme and a Defined Benefits Scheme. (6 marks) b) Discuss the problems companies are facing in providing Defined Benefit plans for their employees in relation to the assumptions and estimates that have to be made in relation to the employees' pension obligations. (6 marks) c) Salvatori plc operates a Defined Benefits pension scheme. The following information relates to...
Exercise 10.13 ACCOUNTING FOR SICK LEAVE Huang Ltd has 100 employees who each eam a gross...
Exercise 10.13 ACCOUNTING FOR SICK LEAVE Huang Ltd has 100 employees who each eam a gross wage of $150 per day. In an attempt to reduce absen- teeism, Huang Ltd modified its employee contracts to provide all employees with entitlement to 5 days of non-vesting, accumulating sick leave per annum, effective from 1 January 2016, Under the previous work- place agreement, all sick leave was non-cumulative. During the year ended 31 December 2016, 300 days of paid sick leave were...
Exercise 19-3 Sandhill Corporation provides the following information about its defined benefit pension plan for the...
Exercise 19-3 Sandhill Corporation provides the following information about its defined benefit pension plan for the year 2017: Current service cost Contribution to the plan Past service cost, effective December 31, 2017 Actual return on plan assets Benefits paid Net defined benefit liability at January 1, 2017 Plan assets at January 1, 2017 Defined benefit obligation at January 1, 2017 Interest/discount rate on the DBO and plan assets $226,000 263,500 26,000 160,000 110,000 401,000 1,600,000 2,001,000 10% Sandhill follows IFRS...
Ayayai Company provides the following selected information related to its defined benefit pension plan for 2020....
Ayayai Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) $26,800 Cr. Accumulated benefit obligation (December 31) 397,500 Actual and expected return on plan assets 10,900 Contributions (funding) in 2020 150,200 Fair value of plan assets (December 31) 793,000 Settlement rate 10% Projected benefit obligation (January 1) 699,000 Service cost 79,300 Indicate the pension-related amounts that would be reported in the company's income statement and balance sheet for 2020. Ayayal...
Exercise 20-3 (Part Level Submission) Splish Company provides the following information about its defined benefit pension...
Exercise 20-3 (Part Level Submission) Splish Company provides the following information about its defined benefit pension plan for the year 2017. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Projected benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Interest/discount settlement) rate $91,300 102,900 9,500 64,800 39,400 648,700 694,400 150,900 9% (a) Prepare a pension worksheet inserting January 1,...
Exercise 20-13 Wildhorse Company sponsors a defined benefit pension plan. The corporation's actuary provides the following...
Exercise 20-13 Wildhorse Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. January 1, 2017 $1,560 2,010 2,260 1,540 Vested benefit obligation Accumulated benefit obligation Projected benefit obligation Plan assets (fair value) Settlement rate and expected rate of return Pension asset/liability Service cost for the year 2017 Contributions (funding in 2017) Benefits paid in 2017 December 31, 2017 $2,010 2,820 3,630 2,560 10 % 720 400 730 200 (a) Compute the actual...
Sydney Bay Ltd has five employees. According to their particular employment award, long-service leave can be taken after 12 years, at which time the employee is entitled to 10 weeks' leave. If an employee were to leave before the completion of 12 years' service, no entitlement would be paid. Years until LSL vests 2 10 Name of employee Black White Brown Green Purple Current salary ($) Years of service 40 000 40 000 50 000 60 0008 70 000 41...
Question 5: Sydney Bay Ltd has five employees. According to their particular employment award, long-service leave can be taken after 12 years, at which time the employee is entitled to 10 weeks' leave. If an employee were to leave before the completion of 12 years' service, no entitlement would be paid. 6. Name of employee Current salary ($) Years of service Years until LSL vests Black 40 000 2 10 White 40 000 4 8 Brown 50 000 6 Green...
Question 4 a) IAS 19 Employee Benefits (amended 2011) deals with accounting for pensions. Briefly explain the principles behind a Defined Contributions Scheme and a Defined Benefits Scheme. (6 marks) b) Discuss the problems companies are facing in providing Defined Benefit plans for their employees in relation to the assumptions and estimates that have to be made in relation to the employees' pension obligations. (6 marks) c) Salvatori plc operates a Defined Benefits pension scheme. The following information relates to...
Exercise 10.13 ACCOUNTING FOR SICK LEAVE Huang Ltd has 100 employees who each eam a gross wage of $150 per day. In an attempt to reduce absen- teeism, Huang Ltd modified its employee contracts to provide all employees with entitlement to 5 days of non-vesting, accumulating sick leave per annum, effective from 1 January 2016, Under the previous work- place agreement, all sick leave was non-cumulative. During the year ended 31 December 2016, 300 days of paid sick leave were...
Exercise 19-3 Sandhill Corporation provides the following information about its defined benefit pension plan for the year 2017: Current service cost Contribution to the plan Past service cost, effective December 31, 2017 Actual return on plan assets Benefits paid Net defined benefit liability at January 1, 2017 Plan assets at January 1, 2017 Defined benefit obligation at January 1, 2017 Interest/discount rate on the DBO and plan assets $226,000 263,500 26,000 160,000 110,000 401,000 1,600,000 2,001,000 10% Sandhill follows IFRS...
Ayayai Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) $26,800 Cr. Accumulated benefit obligation (December 31) 397,500 Actual and expected return on plan assets 10,900 Contributions (funding) in 2020 150,200 Fair value of plan assets (December 31) 793,000 Settlement rate 10% Projected benefit obligation (January 1) 699,000 Service cost 79,300 Indicate the pension-related amounts that would be reported in the company's income statement and balance sheet for 2020. Ayayal...
Exercise 20-3 (Part Level Submission) Splish Company provides the following information about its defined benefit pension plan for the year 2017. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Projected benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Interest/discount settlement) rate $91,300 102,900 9,500 64,800 39,400 648,700 694,400 150,900 9% (a) Prepare a pension worksheet inserting January 1,...
Exercise 20-13 Wildhorse Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. January 1, 2017 $1,560 2,010 2,260 1,540 Vested benefit obligation Accumulated benefit obligation Projected benefit obligation Plan assets (fair value) Settlement rate and expected rate of return Pension asset/liability Service cost for the year 2017 Contributions (funding in 2017) Benefits paid in 2017 December 31, 2017 $2,010 2,820 3,630 2,560 10 % 720 400 730 200 (a) Compute the actual...
Most questions answered within 3 hours.
-
Write a chemical equation for these reactions. (Use
the lowest possible whole number coefficients.) Include
states-of-matter...
asked 15 minutes ago -
For each of the Z-scores below, determine two probabilities
(show four three decimal places): (1) the...
asked 50 minutes ago -
Oxidative phosphorylation is achieved through chemiosmotic
coupling, which turns chemical energy into osmotic potential energy
that...
asked 3 hours ago -
Hollywood Shoes would like to maintain their cash account at a
minimum level of $64,000, but...
asked 3 hours ago -
Proteins CtrA-P, DnaA, and GcrA behave similarly to what
molecule in the Eukaryotic Cell Cycle?
asked 3 hours ago -
TRUE OR FALSE
In case of a competitive tender procedure, in the request for
quotation, the...
asked 3 hours ago -
I am a little behind please provide some explanation, will
provide thumbs up.
This question considers...
asked 3 hours ago -
Let say the utility function as U(X,Y) = lnX + Y. Show that the
marginal rate...
asked 3 hours ago -
A current of I=8.0A is flowing in a typical extension cord of
length L=3.00m. The cord...
asked 3 hours ago -
1. When balancing the equation H2SO4 (aq) + NaOH (aq) →
Na2SO4(aq) + H2O(aq), would you...
asked 4 hours ago -
Provide a definition of “classification hierarchy” and
illustrate your definition with an example of how and...
asked 4 hours ago -
1. Describe the four main green solvents. Provide one example of
the use of each solvent....
asked 4 hours ago