Indicate the accounting treatment for differences between expected return on pension assets and actual return on pension assets.
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Indicate the accounting treatment for differences between expected return on pension assets and actual return on...
Assume that the current year actual return on plan assets is greater than the expected return on plan assets. The difference between the two will increase total pension plan assets. True or false? Why?
Gains and Losses on Pension Liabilities can be caused by: Select one: a. Differences between expected and actual returns, but not actuarial assumptions b. Actuarial assumptions , but not differences between expected and actual returns c. Either differences between expected and actual returns or actuarial assumptions d. Neither differences between expected and actual returns, nor actuarial assumptions
What account is used to reconcile the differences between the estimated and actual returns on pension plan assets? Cash Pension Expense OCI - Prior Service Costs OCI - Actuarial Gains and Losses
Interest (Cost) Rate Expected rate of return on plan assets Actual rate of return on plan assets Beginning of year balance in CASH 3% 3% 4% 120,000 Projected benefit obligation at the beginning of 2017 Service cost, 2017 Interest Cost Loss (gain) on PBO for assumption changes Less: Benefits paid to retirees during the year $ $ 350,000 40,000 $ $ 3,500 (45,000) Projected benefit obligation at the end of 2017 $ 250,000 Plan assets at the beginning of the...
Interest (Cost) Rate Expected rate of return on plan assets Actual rate of return on plan assets Beginning of year balance in CASH 3% 3% 4% $ 120,000 $ 40,000 Projected benefit obligation at the beginning of 2017 Service cost, 2017 Interest Cost Loss (gain) on PBO for assumption changes Less: Benefits paid to retirees during the year $ 3,500 (45,000) Projected benefit obligation at the end of 2017 $ 250,000 Plan assets at the beginning of the year Actual...
Discount rate, 7% Expected return on plan assets, 11% Actual return on plan assets, 10% Service cost, 2021 $ 410 January 1, 2021: Projected benefit obligation 2,800 Accumulated benefit obligation 2,500 Plan assets (fair value) 2,900 Prior service cost—AOCI (2021 amortization, $45) 375 Net gain—AOCI (2021 amortization, $10) 430 There were no changes in actuarial assumptions. December 31, 2021: Cash contributions to pension fund, December 31, 2021 345 Benefit payments to retirees, December 31, 2021 370 Required: 1. Determine pension...
3% Interest (Cost) Rate Expected rate of return on plan assets Actual rate of return on plan assets Beginning of year balance in CASH 3% 120,000 $ $ Projected benefit obligation at the beginning of 2017 Service cost, 2017 Interest Cost Loss (gain) on PBO for assumption changes Less: Benefits paid to retirees during the year 350,000 40,000 $ $ 3,500 (45,000) Projected benefit obligation at the end of 2017 $ 250,000 Plan assets at the beginning of the year...
Pension data for the Ben Franklin Company include the following for the current calendar year:Discount rate, 8%Expected return on plan assets, 10%Actual return on plan assets, 9%Service cost, $260,000January 1:PBO$ 1,460,000ABO1,060,000Plan assets1,560,000Amortization of prior service cost26,000Amortization of net gain4,600December 31:Cash contributions to pension fund$ 226,000Benefit payments to retirees246,000Required:Determine pension expense for the year.Prepare the journal entries to record pension expense and funding for the year.
Pension data for Manu Services Inc. include the following: Discount rate Expected return on plan assets Actual return on plan assets 9% 10% Service cost, 2016 Accumulated benefit obligation 1/1/16 Projected benefit obligation 1/1/16 Plan assets (fair value) 1/1/16 Prior service cost-AOCI 1/1/16 Net gain-AOCI 1/1/16 2016 Cash contributions to pension fund 2016 Benefit payments to retirees 226,800 1.959 410 2.456,710 2,926,570 281, 102 269,342 301,782 265,759 On average, employees' remaining service life with the company is 10 years When...
Pension data for Manu Services Inc. include the following: Discount rate Expected return on plan assets 8% Actual return on plan assets 19% Service cost, 2016 Accumulated benefit obligation 1/1/16 Projected benefit obligation 1/1/16 Plan assets (fair value) 1/1/16 Prior service cost AOCI 1/1/16 Netloss AOCI 1/1/16 2016 Cash contributions to pension fund 2016 Benefit payments to retirees 258,400 1,746,380 2,394,990 2,520,610 305,815 268.050 274.402 253.601 On average, employees' remaining service life with the company is 10 years When recording...